DETROIT -- Auto dealer Asbury Automotive Group Inc. on Thursday said its quarterly profit rose 20 percent, buoyed by higher new-car sales.
Second-quarter net income climbed to $14.7 million, or 45 cents per share, up from $12.3 million, or 38 cents per share, in the quarter a year ago.
The company said damages from a severe hailstorm in St. Louis affected earnings by about 2 cents a share.
Net income from continuing operations increased to $15.2 million, or 47 cents a share, from $14.2 million, or 44 cents a share, a year ago.
Wall Street analysts on an average expected earnings of 47 cents a share, according to Reuters Estimates.
Asbury's revenues rose to $1.4 billion from $1.24 billion a year ago.
The company said it was comfortable with the average range of analyst expectations for the full year of between $1.70 and $1.75 per share.
Wall Street analysts on an average expect full-year earnings of $1.75 a share, according to Reuters Estimates.
Asbury is sixth on the Automotive News ranking of top dealer groups in the United States in 2003 with 161,000 total vehicles sold.