Asbury Automotive Group Inc. (ABG) posted a surge in its profit for the first quarter on a gain from sale of a mid-line import store, with revenues registering a double digit growth.
The company reported net income for the quarter of $32.5 million or $1.04 per share, compared to $17.6 million or $0.56 per share in the last year. The results included an after tax gain of $8.9 million, or $0.29 per share, as discontinued operations from the sale of a mid-line import store.
Earnings from continuing operations was $23.9 million or $0.77 per share, compared with $17.2 million or $0.54 per share in the year-ago quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings per share of $0.67 for the quarter. Analysts' estimates typically exclude one-time items.
For the first quarter, total revenues rose 15 percent to $1.2 billion. New vehicle retail revenues were up 16 percent and used vehicle retail revenues rose 16 percent. Finance and insurance revenues were up 25 percent.
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