Asbury Automotive Group misses analyst Q3 estimates
Asbury Automotive Group, Inc. (NYSE: ABG) shares are down after the vehicle retailer reported third-quarter income of $19 million, or $0.57 per share, below analyst estimates of $0.63 per share and compared with $17.2 million, or $0.51 per share, a year earlier.
"The soft retail vehicle environment presented a significant challenge for Asbury in the third quarter,” CEO Charles R. Oglesby said in a statement. “The decline we experienced in used vehicles weighed heavily on our overall results, while the performance in the remaining three business lines remained relatively strong.”
Quarterly revenue fell to $1.49 billion, below Wall Street projections of $1.54 billion and compared with $1.50 billion during the same period of 2006.
The firm said it has one million shares still available for repurchase under Asbury’s current share buyback plan.
In afternoon trading, ABG shares are down 7.56%, or $1.47, at $17.98. Over the last 52 weeks, shares have ranged from $17.75 to $30.06.
