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EX - 99.1 2 a2021q1ex991.htm EXHIBIT 99.1 - PRESS RELEASE ASBURY AUTOMOTIVE GROUP clicklane Investors & Reporters May Contact : Karen Reid First quarter EPS of $ 4.78 per diluted share , up 373 % over prior year EPS Exhibit 99.1 ASBURY AUTOMOTIVE GROUP ANNOUNCES RECORD FIRST QUARTER 2021 FINANCIAL RESULTS First quarter revenue increased 36 % and gross profit increased 40 % over prior year quarter VP & Treasurer ( 770 ) 418-8211 ir@asburyauto.com First quarter adjusted EPS of $ 4.68 per diluted share ( a non - GAAP measure ) , up 160 % over prior year adjusted EPS DULUTH , GA , April 27 , 2021 - Asbury Automotive Group , Inc. ( NYSE : ABG ) , one of the largest automotive retail and service companies in the U.S. , reported net income for the first quarter 2021 of $ 92.8 million ( $ 4.78 per diluted share ) . This compares to net income of $ 19.5 million ( $ 1.01 per diluted share ) in the prior year quarter . The financial measures discussed below include both GAAP and adjusted ( non - GAAP ) financial measures . Please see reconciliations for our non - GAAP metrics included in the accompanying financial tables . " The first quarter of 2021 was very active for us . In addition to posting record performance , we successfully launched our online car buying platform , Clicklane , across our entire store base . Although we are only one quarter into our five - year plan , we feel more confident than ever in our strategic direction and the future growth of Asbury , " said David Hult , Asbury's President and Chief Executive Officer . The Company reported adjusted net income ( a non - GAAP measure ) for the first quarter 2021 of $ 90.7 million ( $ 4.68 per diluted share ) compared to $ 34.7 million ( $ 1.80 per diluted share ) in the prior year quarter . 1 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 ) . Net income for the first quarter 2020 was adjusted for the following pre - tax items : gain on dealership divestitures of $ 33.7 million ( $ 1.30 per diluted share ) , legal settlement gain of $ 0.9 million ( $ 0.03 per diluted share ) , gain on the sale of vacant property of $ 0.3 million or ( $ 0.01 per diluted share ) , franchise rights impairment of $ 23.0 million ( $ 0.89 per diluted share ) , loss on debt extinguishment of $ 20.7 million ( $ 0.79 per diluted share ) , and Park Place deal termination costs of $ 11.6 million ( $ 0.45 per diluted share ) .