Asbury Automotive reports Q1 EPS $5.37, consensus $5.62

Reports Q1 revenue $4.1B, consensus $4.37B. “We are making great strides towards meeting our strategic objectives, including the rollout of Tekion across our stores,” said David Hult, Asbury’s President and Chief Executive Officer. “We continued to be disciplined within our capital allocation framework during the quarter. We took opportunities to optimize our portfolio at attractive multiples, utilizing the proceeds to both reduce our debt and return capital to our shareholders. While adverse weather and the expected learning curve associated with the adoption and integration of the new DMS occurred in the quarter, we believe the foundational investments we’ve made position us to drive meaningful efficiency gains and improved performance as we progress through the year.”