Asbury Earnings Impacted by Hurricanes, CEO Transition
Oct. 24, 2017—Asbury Automotive Group, Inc. reported a net income for the third quarter 2017 of $30.7 million.
During the quarter, the Group had two non-recurring events that negatively impacted its results. Dealerships in Florida, Georgia, and Houston, Texas had various levels of business interruption due to Hurricanes Irma and Harvey.
The net impact of the hurricanes was a reduction in earnings of at least $0.10 per diluted share.
Another contributing factor is the Group's CEO transition, which was announced in August. This resulted in an accounting charge of $0.05 per diluted share.
For the nine-month period ending on Sept. 30, 2017, the Group reported net income of $96.6 million, or $4.60 per diluted share.