Asbury Automotive offers upbeat profit guidance for Q3

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Asbury Automotive Inc. said Wednesday it expects third-quarter per-share earnings to range from $4.88 to $4.96. The Duluth, Georgia-based car retailer said it expects adjusted EPS, excluding a $24.7 million gain on a dealership divestiture, a $1.3 million acquisition-related cost and a $700,000 real estate-related charge, to range from $4.00 to $4.08, well ahead of the $3.26 FactSet consensus. The company expects its store gross profit to climb 6% to 7%. The company will release full earnings on Oct. 27 before market open. Shares rose 0.7% premarket, and have gained 0.8% in the year to date through Tuesday, while the S&P 500 has gained 8.7%.
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