By Owen Tucker-Smith
Asbury Automotive Group shares rose Thursday after a volume jump in the new vehicle unit drove up fourth-quarter sales and profit.
Shares were recently up 10% to $302.58 in midday trading. The stock has risen 24.5% this year and almost 30% over the past three months.
The automotive retail and service company reported a fourth-quarter profit of $128.8 million, or $6.54 a share, up from $55.5 million, or $2.70 a share, during the same period a year ago.
Adjusted earnings of $7.26 a share, compared with $7.12 a share a year ago. Analysts surveyed by FactSet expected $6.04.
Asbury said revenue during the fourth quarter was $4.5 billion, up 18% from $3.81 billion a year ago and a new high for quarterly revenue for the company. Analysts expected $4.16 billion.
Sales from new vehicles jumped 19% while sales from used vehicles rose 14%.
Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com
(END) Dow Jones Newswires
January 30, 2025 12:24 ET (17:24 GMT)
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