Asbury Automotive Group Q3 net income up

Asbury Automotive Group, an automotive retailer, has reported a net income of $7.4 million, or $0.22 per diluted share, for the third quarter ended September 30, 2009, compared to $5.5 million, or $0.17 per diluted share, for the third quarter of 2008.

For the third quarter of 2009, total revenues were $983 million, compared to $1.12 billion for the same quarter of 2008.

For the first nine months of 2009, total revenues were $2.71 billion, compared to $3.5 billion for the same period of 2008. Net income was $13.2 million, or $0.4 per diluted share, compared to $26 million, or $0.8 per diluted share, for the same period of 2008.

Charles Oglesby, Asbury Automotive Group's president and CEO, said: "We are pleased to report earnings increases for the third quarter - both year-over-year and sequentially - reflecting what we believe are the temporary benefits of the government's 'Cash for Clunkers' program, as well as the company's capitalizing on the dramatic expense reductions we've achieved over the past year."

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