Asbury Automotive Group Inc. generated record net income in the first quarter that was fueled by its 2021 acquisitions and higher profits in all dealership business lines.
Asbury on Thursday reported first-quarter net income of $237.7 million, more than 2.5 times the $92.8 million it produced a year earlier. Asbury reported first-quarter revenue of $3.91 billion, up 78 percent. On a same-store basis, revenue rose 5 percent to $2.28 billion.
Shares in Asbury surged 10.5 percen to $174.79 in afternoon trading on Thursday.