Net income for Atlanta-based Asbury Automotive Group, one of the nation’s largest car retailers, almost doubled in the first quarter of 2013, the company reported in its earnings Wednesday.
The company said its net income was $32.5 million or $1.04 a share in the three months that ended March 31. That compares to $17.6 million or 56 cents a share during the same period last year.
Revenue from sales of new and used cars, as well as parts and financial services, were $1.2 billion in the quarter compared to $1.1 billion during period a year ago.
“Asbury is pleased to announce our fourth consecutive record quarterly results,” Craig Monaghan, the company’s president and chief executive officer, said in a statement. “I am thrilled with the success our stores are demonstrating in an extremely competitive industry that is benefiting from recovering sales volumes, attractive financing rates and the availability of great new products. With the right strategies and brands, our people are making the difference.”
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