Asbury Automotive Group reported third quarter 2024 net income of $126 million, or $6.37 per diluted share. This represents a 25% decrease from $169 million, or $8.19 per diluted share, in the third quarter of 2023. Adjusted net income for the quarter was $126 million, or $6.35 per diluted share, also a 25% decrease from the prior year.
Total company revenue for the third quarter increased by 16% to $4.236.7 billion compared to $3.666.2 billion in the same period last year. The company noted sequential improvements in several key operating metrics and strength in its Parts & Service operations, particularly in Customer Pay. SG&A costs declined sequentially during the quarter.
As of September 30, 2024, Asbury had $768 million in liquidity, including cash and floorplan offset accounts of $202 million and availability under its used vehicle floorplan line and revolver of $566 million. The company repurchased approximately 394,000 shares for $89 million during the quarter, with $276 million remaining on its share repurchase authorization.
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