STAMFORD, Conn., Oct 30 (Reuters) - Auto dealer conglomerate Asbury Automotive Group Inc. said on Wednesday its third-quarter earnings rose on higher new car sales.
Asbury said net income totaled $16.9 million, or 44 cents a share, while operating earnings were $16.9 million, or 50 cents a share. Revenue rose 13 percent to $1.2 billion.
The company said the results were not comparable to the same quarter a year earlier, before its initial public offering of shares. The average analyst forecast was for earnings of 49 cents a share, according to Thompson First Call.
Asbury and other publicly traded dealership chains have been increasing earnings by buying privately owned franchises and cutting overhead costs. U.S. new vehicle sales have also been running stronger than expected this year, thanks mostly to incentives led Detroit's Big Three automakers.
AutoNation Inc. , Sonic Automotive Inc. and UnitedAuto Group Inc. have all reported increases in earnings this quarter.