Asbury Automotive Group Inc (ABG) has reported a 9.68 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $34 million, or $1.61 a share in the quarter, compared with $31 million, or $1.27 a share for the same period last year. On the other hand, adjusted net income from continuing operations for the quarter stood at $33.40 million, or $1.58 a share compared with $33.20 million or $1.36 a share, a year ago. Revenue during the quarter went up marginally by 0.06 percent to $1,551.70 million from $1,550.80 million in the previous year period. Gross margin for the quarter contracted 5 basis points over the previous year period to 16.76 percent. Total expenses were 95.34 percent of quarterly revenues, down from 95.56 percent for the same period last year. This has led to an improvement of 22 basis points in operating margin to 4.66 percent.
Operating income for the quarter was $72.30 million, compared with $68.90 million in the previous year period.
However, the adjusted operating income for the quarter stood at $71.40 million compared to $72.30 million in the prior year period. At the same time, adjusted operating margin contracted 6 basis points in the quarter to 4.60 percent from 4.66 percent in the last year period.
“Despite flat new vehicle industry sales and continued margin pressure, we are pleased to announce our 31st consecutive quarter of adjusted EPS growth,” said Craig Monaghan, Asbury's president and chief executive officer.
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