Asbury Automotive Group (NYSE:ABG), a leading U.S. automotive retail and service company, today reported its financial results for the first quarter ended March 31, 2025, showing a decrease in net income compared to the prior year.
For the first quarter of 2025, Asbury reported net income of $132 million, or $6.71 per diluted share.
This represents a 10% decrease from the $147 million, or $7.21 per diluted share, recorded in the first quarter of 2024.
Adjusted net income, a non-GAAP measure, for the first quarter of 2025 was $134 million, or $6.82 per diluted share, down 9% from $147 million, or $7.21 per diluted share, in the same period last year.
The company's revenue for the first quarter of 2025 was $4.1 billion, a 1% decrease compared to the first quarter of 2024.
Gross profit also saw a decrease, totalling $724 million, down 3% year-over-year.
Despite the overall dip in profitability and revenue, Asbury achieved an all-time record in its Parts & Service division, reporting a gross profit of $343 million for the first quarter of 2025.
Asbury also highlighted recent portfolio adjustments and future growth initiatives.
During the full year 2024, the company completed six divestitures, which contributed an estimated annualized revenue of $225 million.
This was followed by two additional divestitures in the first quarter of 2025, contributing an estimated annualized revenue of $79 million.