Asbury Automotive Group, Inc., one of the largest automotive retail and service companies in the U.S., today reported adjusted income from continuing operations for the third quarter 2015 of $37.3 million, or $1.43 per diluted share, versus income from continuing operations in the third quarter 2014 of $32.4 million, or $1.08 per diluted share, a 32% increase per diluted share. Income from continuing operations for the third quarter 2015 was adjusted for a $21.4 million pre-tax gain on divestitures, or $0.50 per diluted share, and a $0.8 million benefit from a lower effective tax rate, or $0.03 per diluted share. See attached reconciliation for reported adjustments related to the third quarter of 2015.  There were no adjustments for the third quarter of 2014.  Net income for the third quarter 2015 was $51.1 million, or $1.96 per diluted share, compared to $32.5 million, or $1.08 per diluted share in the prior year period.

Third Quarter 2015 Highlights (compared to the prior year period):

• Total revenues increased 14% to $1.7 billion

• New vehicle revenue up 17%; gross profit up 6%

• Used vehicle retail revenue up 10%; gross profit up 8%

• Finance and insurance revenue up 17%

• Parts and service revenue up 13%; gross profit up 12%

• Total gross profit increased 11%

• SG&A expense as a percent of gross profit improved 90 basis points to 69.2%

• Income from operations increased 16%

• Operating margin as a percentage of revenue improved 10 basis points to 4.5%

• Repurchased $104 million of common stock

"Asbury is pleased to announce another record third quarter," said Craig Monaghan, Asbury's President and Chief Executive Officer. "We continue to execute our two-part strategy: to drive operational excellence and to deploy capital to its highest returns.  During the last four quarters, we have acquired dealerships representing over $400 million in annualized revenues, reduced our share count by approximately 15% and improved our operating margins."

"Our current quarter results demonstrate, once again, the strength and diversity of our business model," said Asbury's Executive Vice President and Chief Operating Officer, David Hult. "Despite continued pressure on new vehicle margins, we increased  same store revenues 8%, grew same store gross profit 6% and delivered overall income from operations growth of 16%."