A month has gone by since the last earnings report for Asbury Automotive Group (ABG). Shares have added about 11.6% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Asbury Automotive due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Asbury's Q3 Earnings Miss Estimates

Asbury reported reported third-quarter 2024 adjusted earnings of $6.35 per share, which decreased 21.8% year over year and missed the Zacks Consensus Estimate of $6.65. In the reported quarter, revenues amounted to $4.24 billion, which increased 16% year over year but missed the Zacks Consensus Estimate of $4.36 billion.

Segment Details

In the quarter, new vehicle revenues rose 16% year over year to $2.16 billion, missing the Zacks Consensus Estimate of $2.21 billion. The underperformance could be attributed to lower-than-expected units sold. Retail units sold in the segment amounted to 42,607 (up 16% year over year), which missed the consensus mark of 44,380 units. New vehicles average selling price (ASP) was $50,778 (remained flat year over year), which surpassed the consensus mark of $49,089. Gross profit from the segment came in at $150.4 million, decreasing 11% from the prior-year quarter but surpassing the Zacks Consensus Estimate of $146 million.

Used-vehicle retail revenues rose 13% from the year-ago figure to $1.15 billion, which missed the Zacks Consensus Estimate of $1.16 billion. Retail used vehicle units sold in the quarter totaled 37,347 (up 16% year over year), missing the consensus mark of 40,884 units. Retail used vehicle ASP was $30,751 (down 3% year over year), beating the Zacks Consensus Estimate of $30,473. Gross profit from the segment came in at $56.1 million (down 6% year over year) and missed the Zacks Consensus Estimate of $58 million.

Revenues from used vehicle wholesale business jumped 54% to $146.2 million but missed the consensus mark of $149 million. Gross profit from the unit rose 45% to $3.3 million but missed the consensus mark of $4.27 million.

Net revenues from the finance and insurance business amounted to $185.4 million, up 12% from the year-ago quarter. The metric, however, missed the Zacks Consensus Estimate of $196 million. Gross profit was $171.2 million, which rose 13% year over year but missed the Zacks Consensus Estimate of $172 million.

Revenues from the parts and service business rose 13% from the prior-year quarter to $593.1 million but missed the Zacks Consensus Estimate of $637 million. Gross profit from this segment came in at $337.1 million, which rose 16% year over year. However, it missed the Zacks Consensus Estimate of $366 million.