Asbury Automotive Group reported fourth quarter 2024 net income of $129 million, or $6.54 per diluted share, a significant increase of 132% from $56 million, or $2.70 per diluted share, in Q4 2023. Adjusted net income was $143 million, or $7.26 per diluted share, a 2% decrease from $146 million, or $7.12 per diluted share, in the prior year.
The company achieved record total revenue for the fourth quarter, and its Parts & Service gross profit grew by double digits. For the full year 2024, total revenue reached an all-time record of $17.2 billion, marking a 16% increase year-over-year. Adjusted EBITDA for the full year was $982 million, a 13% decrease from the prior year.
Asbury demonstrated operational efficiency, delivering lower SG&A costs as a percentage of gross profit for the second consecutive quarter. As of December 31, 2024, the company had $828 million in liquidity and a transaction-adjusted net leverage ratio of 2.85x. The company repurchased approximately 830,000 shares for $183 million during the full year 2024.
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