Asbury Automotive Group reported record fourth-quarter revenue of $4.5 billion, an 18% increase from the prior year. Gross profit rose 11% to $750 million, driven by a 19% growth in parts and service gross profit. However, new vehicle gross profit increased only 1%, and used vehicle retail gross profit declined by 2%. Adjusted EPS was $7.26, a slight 2% decline, while reported EPS increased significantly to $6.54 per diluted share, reflecting a 132% rise in net income.

For the full year 2024, total revenue reached a record $17.2 billion, a 16% increase. Adjusted net income was $545 million, a 16% decline, while reported net income fell 29% to $430 million. Adjusted EBITDA was $982 million, down 13% from the previous year. The company maintained strong liquidity at $828 million and a transaction-adjusted net leverage ratio of 2.85.

Asbury repurchased 830,000 shares for $183 million during the year and had $276 million remaining under its share repurchase authorization. The company continues to focus on operational efficiency, reducing SG&A expenses as a percentage of gross profit for the second consecutive quarter. Management remains confident in its long-term growth strategy, supported by investments in technology and expansion efforts.