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NEW YORK - Asbury Automotive Group (NYSE:ABG) reported fourth quarter earnings that surpassed analyst expectations, with revenue showing solid growth compared to the same period last year. The stock edged up 0.60% following the announcement.
The auto retailer posted adjusted earnings per share of $7.26, beating the analyst estimate of $6.08 by $1.18. Revenue for the quarter came in at $4.5 billion, topping the consensus estimate of $4.18 billion and representing a 7% increase YoY.
The company’s revenue growth was driven by robust demand across its dealership network, despite ongoing supply chain challenges in the automotive industry. Asbury’s diversified portfolio of brands and focus on used vehicle sales helped offset some of the new vehicle inventory constraints.
While Asbury did not provide specific guidance for the upcoming quarters or fiscal year in the released information, the better-than-expected results suggest a positive outlook for the company as it enters 2024.
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