Tag: Reports

Asbury Automotive Group Reports All-Time Record EPS of $10.38, for First Quarter 2022, up 117% Over Prior Year, and Announces Update to Strategic Growth Plan

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DULUTH, Ga.–(BUSINESS WIRE)–Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive retail and service companies in the U.S., reported record first quarter 2022 net income of $237.7 million ($10.38 per diluted share), an increase of 156% from $92.8 million ($4.78 per diluted share) in the prior year quarter.

“In the first quarter, our legacy Asbury and recently acquired stores contributed to the Company generating all-time record adjusted EBITDA, which increased 139% to $336 million. We are excited about our expanded dealership portfolio and our team members, all of whom have done an outstanding job. The strategic fit of the acquisitions we made in 2021 is clear and we believe that we are now on pace to generate $16 billion in revenue in 2022, a 63% increase over 2021. We have updated our strategic growth plan to reflect our new target of $32 billion in revenue in 2025. Our first quarter results reaffirm our belief that we can achieve our updated 2025 plan,” said David Hult, Asbury’s President and Chief Executive Officer.

“We see tremendous opportunity ahead of us as we roll out Clicklane to our acquired dealerships and integrate Total Care Auto, Powered by Landcar, or TCA, into the legacy Asbury stores. We expect these actions, along with a more optimized dealership portfolio, will allow Asbury to expand its market share, increase productivity and improve the purchasing, servicing and ownership experience of our guests.”

The financial measures discussed below include both GAAP and adjusted (non-GAAP) financial measures. Please see reconciliations for non-GAAP metrics included in the accompanying financial tables.

First quarter 2022 adjusted net income, a non-GAAP measure, increased 134% year-over-year to $212.2 million ($9.27 per diluted share) compared to adjusted net income of $90.7 million ($4.68 per diluted share) in first quarter 2021. Adjusted net income for first quarter 2022 excludes gains, net of tax, of $25.5 million ($1.11 per diluted share) related to a $33.1 million ($1.08 per diluted share) gain on the sale of four dealerships and a $0.9 million ($0.03 per diluted share) sale-leaseback real estate gain.

Net income for the first quarter 2021 was adjusted for the following pre-tax items: gain on legal settlements of $3.5 million ($0.14 per diluted share), gain on sale of real estate of $1.1 million ($0.03 per diluted share), and other real estate related charges of $1.8 million ($0.07 per diluted share).

First Quarter 2022 Operational Summary

Total company vs. 1st Quarter 2021:

  • Revenue of $3.9 billion, an increase of 78%
  • Gross profit increased 107%
  • Gross margin increased 270 bps to 20.2%
  • New vehicle unit volume increased 44%; new vehicle revenue increased 61%; gross profit increased 197%
  • Used vehicle retail unit volume increased 63%; used vehicle retail revenue increased 100%; gross profit increased 102%
  • Finance and insurance revenue increased 130%; gross profit increased 118%
  • Parts and service revenue increased 92%; gross profit increased 70%
  • SG&A as a percentage of gross profit fell to 57.5%, a decrease of 520 bps
  • Operating income increased 135%; adjusted
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Elon Musk on Consumer Reports – They’ve Wrecked Their Credibility

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Elon Musk on Client Reviews – They’ve Wrecked Their Reliability

With Elon’s most up-to-date Tweet (viewed down below), he calls into problem the credibility of Shopper Studies, which has been reliable by persons to have correct and dependable testimonials of merchandise and expert services.

I think Elon is contacting into dilemma they way Purchaser Reports is examining Tesla and if they are remaining sincere and precise in the way they are reviewing Tesla. Let us choose a search at the incident that I consider triggered Elon to Tweet this.

Consumer Reviews alleges:

“Motorists could even now use Autopilot if they are wanting absent from the highway and even even though utilizing their mobile phone

Even if one thing was obscuring the vehicle’s cabin camera, Autopilot remained energetic and did not prohibit the driver from applying the program

Drivers could however use Complete Self-Driving computer software when a little something was blocking the camera fully”

The testing took area following Tesla launched the most recent software updates to Autopilot end users in May well 2021. The application notes famous, “The cabin digital camera previously mentioned your rear see mirror can now detect and notify driver inattentiveness although Autopilot is engaged”.

Extra details can be observed from Total Mars Blog site Twitter account:

From what I can convey to, it appears Consumer Studies is cherry buying its personal information that it wishes to use from a model of Tesla’s software that is really out dated. It truly is like declaring Tesla’s application from a yr back is essentially what is staying made use of currently and that just isn’t really genuine.

Added Information

If you additional read the Twitter thread and opinions, you will be aware the next:

“While it’s correct that before variations of the program were being much less stringent, it did not stand nevertheless. It is currently as well rigorous with wrong positives not as uncommon as they must be. The strategy that it wants to be additional rigorous is dangerous. Much too demanding and folks go to handbook driving.

Furthermore it will continue on to get much better. It will detect sleeping motorists, folks possessing a coronary heart attack / medical unexpected emergency, and almost everything else you’d want to cope with Tesla has now deployed a lot more autos with driver interest monitoring than any one. They’re foremost on this.”

Consumer Reports is reporting on an older variation of Tesla’s software and engineering. They are either not knowledgeable that Tesla is updating their computer software all the time, or they have an agenda. I’ll go away it for you to choose.

For Buyer Studies

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Lexus, Toyota, Mazda major Consumer Reports reliability survey all over again

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Japanese auto manufacturers Lexus, Mazda and Toyota after again snagged the top rated 3 places in Customer Reports’ yearly Car Reliability Report, with Lexus edging out Mazda as the most reputable.

Asian models accounted for eight of the leading 10, in accordance to Client Reports. Mazda, which held the major spot final calendar year, took 2nd. Toyota took third. The Japanese luxurious model Infiniti completed fourth, and Buick completed fifth — the only domestic brand to safe a prime 10 spot.

The study discovered challenging electronics techniques, not electric powertrains, tanked reliability in crossovers these types of as the Audi E-tron, Volkswagen ID4 and Tesla Design X and Model Y. Troubles in those designs stemmed from local climate controls, in-vehicle electronics and electricity gear, Consumer Reports stated.

The cars are technological tours de drive, but their dependability frequently can take a strike since they can turn out to be oversaturated with random machines, mentioned Jake Fisher, Client Reports’ senior director of car screening.

“It goes with no expressing: When you insert all these new styles of machines, there is certainly more opportunities for some thing to go wrong,” Fisher advised Automotive Information.

Hybrids and plug-in vehicles — the Honda Perception, Kia Niro and Toyota Prius, to title a several — proved specifically dependable mainly because they have not been through radical, constant variations over the several years, in accordance to the study.

Mini was the top-rated European model. It rose 13 places to No. 10, primarily mainly because of the trustworthiness of the Countryman compact crossover.

Domestic models Chrysler ranked 12th Chevrolet, 14th Cadillac, 16th and Ford, 18th. Ram slipped 12 spots to 21st on the record, the biggest drop.

Chrysler’s 300 massive sedan had “remarkable” dependability, but its Pacifica minivan did not mainly because of issues with its transmission and sliding doors. Chevrolet nameplates logged a wide variety of performances: the Trailblazer and Trax crossovers ended up “outstanding,” but the Bolt electric powered car fell to under-common reliability since of its documented battery troubles and electric powered-generate failures.

Cadillac jumped six places in 2021 thanks to the dependability of its XT5 midsize crossover, in accordance to the study.

The Ford’s Escape and the redesigned F-150 scored underneath typical, when its Mustang and Explorer ended up perfectly down below common. But Ford’s Bronco Activity, Mustang Mach-E and Ranger had been all at the prime of their lessons for dependability, the study located.

Jeep, Tesla and Lincoln concluded in the previous three brand places.

The Tesla Design 3’s trustworthiness was normal, according to the study. The Model Y had paint problems and physique hardware troubles with the tailgate and door alignment, Shopper Studies mentioned. In the meantime, the Design X crossover and Product S sedan reportedly both equally had entire body hardware, climate system and in-auto electronics issues.

Lincoln’s last tempo finish was a repeat of its rating very last 12 months. Lincoln’s a few autos in the study — the Aviator, Corsair and Nautilus crossovers — all apparently had

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