Asbury says Q4 net income rises 6% to $22.8 million
Asbury Automotive Group Inc. reported a 6 percent gain in net income for the fourth quarter of 2012 as gross profits rose in all areas of the dealership group’s business.
Asbury’s net income in the fourth quarter was $22.8 million, up from $21.5 million in the year-earlier period. Total revenues for the quarter increased 15 percent to $1.2 billion.
“These results demonstrate the benefits of the operating leverage we have built into our business model, which we expect will continue yielding strong results as North American automotive sales continue to recover,” Asbury CEO Craig Monaghan said in a statement. “We expect the recovery of automotive sales to continue in 2013 due to the increasing average age of vehicles in the U.S., extremely attractive financing rates and the availability of exciting new products.”
For the full year, the Duluth, Ga., dealership group’s net income rose 21 percent to $82.2 million. Full-year revenue rose 12 percent to $4.6 billion.
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