Penske 2nd Quarter & 1st Half Show Significant Rise

PR Newswire

Inter­na­tion­al auto­mo­tive retail­er Penske Auto­mo­tive Group (PAG) reports a record send quar­ter and an increase of 9.6 per­cent for the first half of 2013.

Get the facts and fig­ures on PAG’s earn­ings so far this year.

Penske Auto­mo­tive Group (PAG), an inter­na­tion­al auto­mo­tive retail­er, announced today record sec­ond quar­ter income from con­tin­u­ing oper­a­tions and relat­ed earn­ings per share. For the sec­ond quar­ter 2013, income from con­tin­u­ing oper­a­tions attrib­ut­able to com­mon share­hold­ers increased 27.4% to $64.0 mil­lion and relat­ed earn­ings per share increased 26.8% to $0.71 per share. This com­pares to income from con­tin­u­ing oper­a­tions attrib­ut­able to com­mon share­hold­ers of $50.2 mil­lion, or $0.56 per share in the same peri­od last year.

Total rev­enue increased 11.6% to $3.7 bil­lion, includ­ing a same-store retail rev­enue increase of 11.5%. The rev­enue increase was dri­ven by a 14.1% increase in total retail unit sales, includ­ing a 12.3% increase on a same-store basis. Gross prof­it improved 12.7% to $569.0 mil­lion while oper­at­ing income increased 24.9% to $113.7 mil­lion.

“Our busi­ness pro­duced an out­stand­ing quar­ter,” said Chair­man Roger Penske.  “We deliv­ered sol­id growth across each area of our busi­ness, increased our ser­vice and parts mar­gin by 160 basis points, lever­aged sell­ing, gen­er­al and admin­is­tra­tive expens­es by 190 basis points and improved our oper­at­ing income by 40 basis points to 3.1%.  We con­tin­ue to expect the U.S. and U.K. auto­mo­tive mar­kets to per­form well, and we remain con­fi­dent in our abil­i­ty to con­tin­ue grow­ing our busi­ness.”

For the six months end­ed June 30, 2013, total rev­enue increased 9.6% to $7.1 bil­lion and income from con­tin­u­ing oper­a­tions attrib­ut­able to com­mon share­hold­ers increased 20.8% to $120.9 mil­lion and relat­ed earn­ings per share increased 20.7% to $1.34 per share. This com­pares to income from con­tin­u­ing oper­a­tions attrib­ut­able to com­mon share­hold­ers of $100.0 mil­lion, and earn­ings per share of $1.11 per share in the same peri­od last year.

Tags:


0 Comments

    Leave a Reply

    Your email address will not be published. Required field are marked *.