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.