Tag: Strategic

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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SkyDrive and Suzuki Enter Strategic Collaboration on Propelling Traveling Motor vehicle Tech

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Ryan Epps, Tech Moments


Equally Suzuki and SkyDrive have alongside one another partnered up for strategic collaboration on the potential of traveling auto technological innovation. SkyDrive announced the fascinating news in a press release on the morning of Tuesday, March 22nd, with the highlighted emphasis on developing better and more stable comprehensive-scale manufacturing of authentic-earth, commercialized flying cars and trucks.

SkyDrive has been in this business for really some time, past viewed at CES 2022 with some exciting merchandise at its disposal, mostly the SD-03, which in the beginning debuted in 2020. The Japanese company has prolonged been increasing its influence, pushing bounds in the aerial car or truck arena with perfectly-produced, interesting engineering, which offers “zero-running-emission air vacation.”

 

Suzuki Motor Organization, on the other hand, has a long heritage of innovating and improving motor producing, most prominently in vehicles and bikes, but also boats. Recognized all the way back in 1920, Suzuki proves to be the best applicant for SkyDrive in forwarding the growth of flying automobile tech, particularly in the parts of the two R&D and business.

Connected Posting: Volocopter Expands to the US! The Urban Air Mobility Confirms Partnership With UML

SkyDrive anticipates offering on a full-fledged flying motor vehicle taxi support centered in japan by 2025’s Environment Exposition, which will consider location in Osaka. Suzuki’s hand in this effort will be in the facilitation of mass-output techniques, budding efforts in maximizing carbon neutrality, and broadened producing and mass-output systems. Both equally will also get the job done with each other in bridging a much better abroad market place aim, specially to start in India.

SkyDrive will not be the only company benefiting from the partnership, as Suzuki will likewise be privy to a entire new aspect of the transportation small business: “flying automobiles as a fourth mobility business,” reads the great print. To be distinct, however, even though SkyDrive does enhance and employ technology that straight is linked with flying autos, the idea itself is dependent on eVTOL plane, which fundamentally signifies electric powered vertical takeoff and landing.

By way of SkyDrive’s lengthy dedication to providing the most state-of-the-art and significant principles in traveling car or truck tech, Suzuki will only expand upon its very own mantra to “Create goods of remarkable benefit by concentrating on the customer.” SkyDrive’s main hope is not only to enlist much more commonalities to air mobility in day to day lifetime but also to lessen and thoroughly restrict carbon emissions in everyday travel, the two of which feel amazingly idealistic but absolutely not unachievable.

The organization, alongside Suzuki, will only ahead the expansion of the air car or truck enterprise for the foreseeable future of innovation. With SkyDrive’s prolonged record in drone engineering and excellent business practices on their aspect, with even Japan’s Public-Non-public Council for state-of-the-art air mobility as an entity behind the corporation, the long term of air travel and mobility would seem to be in the finest hands doable.

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