Asbury Automotive Group Q2 net income down
Asbury Automotive Group has reported net income of $10.9 million, or $0.34 per diluted share, for the second quarter of 2008, compared to $20.6 million, or $0.62 per diluted share, in the same quarter of 2007.
Income from continuing operations for the second quarter of 2008 was $11.6 million, or $0.36 per diluted share, compared to $21.1 million, or $0.63 per diluted share, in the same quarter of 2007. For the first six months of 2008, income from continuing operations was $22.8 million, or $0.71 per diluted share, compared with $23.4 million, or $0.69 per diluted share, in the corresponding period last year. Net income was $21.4 million, compared to $21 million in the same quarter of 2007. Charles Oglesby, president and CEO, said: The economic environment and low consumer confidence levels in the second quarter presented a challenging backdrop for the automotive retail business. Soft retail sales in our key Florida markets, in particular, resulted in a disproportionate decline in our profitability. The dramatic increase in gas prices added further complexity to the business, causing a rapid shift in customer preference toward fuel-efficient cars, which placed pressure on our new and used vehicle operations.
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