Asbury Automotive Q3 Profit Falls Short of Estimates as Revenue Misses Forecasts

Asbury Automotive Group Inc. (ABG) reported third-quarter net income of $105.1 million on Tuesday, with earnings and revenue both missing Wall Street expectations. The Atlanta-based auto dealership chain posted earnings of $6.16 per share excluding non-recurring costs, below the $6.46 average estimate from four analysts surveyed by Zacks Investment Research. Revenue totaled $4.41 billion, short of the $4.43 billion three analysts had forecast. Net income per share was $5.84. Asbury shares have declined 26% since the start of the year and are down 28% over the past 12 months.