Asbury Automotive reports Q3 EPS $6.35, consensus $6.58

Reports Q3 revenue $4.2B, consensus $4.3B. Same store SG&A as a percentage of gross profit of 64.5%; same store adjusted SG&A as a percentage of gross profit, a non-GAAP measure, of 63.8%.”Against the backdrop of normalizing inventory levels, certain brand challenges and a hurricane, I am proud of the way our team members rose to the challenge delivering sequential improvements in many of our key operating metrics,” said David Hult, Asbury’s President and Chief Executive Officer. “We were also pleased with the progress in our Parts & Service operations, and in particular the strength we saw in Customer Pay – the largest and most profitable portion of this business. Our SG&A costs declined sequentially, and we executed against our strategic capital allocation framework, repurchasing nearly 400,000 shares in the quarter.”