Asbury Automotive Group, Inc. has recently released its 10-Q report, providing a detailed insight into its financial condition and operations. Asbury Automotive operates as an automotive retailer in the United States, offering a range of automotive products and services, including new and used vehicles, vehicle repair and maintenance services, replacement parts, and finance and insurance products. The company was founded in 1996 and is based in Duluth, Georgia.
In its Management's Discussion and Analysis of Financial Condition and Results of Operations, Asbury Automotive Group, Inc. discusses forward-looking information, outlining its goals, plans, and projections regarding industry and general economic trends, expected financial position, and its business strategy. The company also provides insights into factors that may impact its future results, such as economic conditions, capital allocation strategy, revenue growth strategy, and disruptions in the production and supply of vehicles and parts from its manufacturers and suppliers.
The 10-Q report also highlights the company's performance and recent events. As of June 30, 2024, Asbury Automotive operated 204 new vehicle franchises, representing 31 brands of automobiles, and 37 collision centers within 15 states. The report also discusses the impact of the CDK Global cyber incident, which had a negative impact on the company's financial results during the quarter ended June 30, 2024.
Financial highlights from the report include consolidated revenue for the six months ended June 30, 2024, amounting to $8.45 billion, compared to $7.32 billion for the prior year. Additionally, the company's consolidated gross profit for the same period was $1.48 billion, compared to $1.41 billion for the prior year.
The report also provides a breakdown of the company's consolidated results of operations for the three and six months ended June 30, 2024, compared to the same periods in 2023. It outlines the revenue, gross profit, operating expenses, and income from operations, providing a comprehensive overview of the company's financial performance during the specified periods.
The market has reacted to these announcements by moving the company's shares -0.2% to a price of $233.92. For more information, read the company's full 10-Q submission here.
