Penske Automotive Reports Record Second Quarter Results

BLOOMFIELD HILLS, Mich., July 27, 2017

Second Quarter 2017	Six Months 2017
-- Revenue Increases 2.5% to $5.4 Billion; Excluding Foreign Exchange +6.6%	-- Revenue Increases 3.8% to $10.5 Billion; Excluding Foreign Exchange +8.5%
-- Income from Continuing Operations Attributable to Common Shareholders Increases 11.9% to $106.0 Million; Excluding Foreign Exchange +15.7% to $109.6 Million	-- Income from Continuing Operations Attributable to Common Shareholders Increases 8.7% to $189.2 Million; Excluding Foreign Exchange +15.1% to $200.3 Million ARIVA.DE Börsen-Geflüster Kurse Penske Automotive Group 142,00 € 0,00%
-- Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 10.8% to $1.23; Excluding Foreign Exchange +14.4% to $1.27	-- Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 10.0% to $2.20; Excluding Foreign Exchange +16.5% to $2.33

Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today record results, including the highest quarterly income from continuing operations and earnings per share in company history. For the three months ended June 30, 2017, income from continuing operations attributable to common shareholders increased 11.9% to $106.0 million, and related earnings per share increased 10.8% to $1.23 when compared to the same period last year. Total automotive retail units increased 13.0% and total revenue increased 2.5% to $5.4 billion. Excluding foreign exchange, total revenue increased 6.6%. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.04 for the three months ended June 30, 2017.

Commenting on the company's results, Penske Automotive Group Chairman Roger S. Penske said, "I am pleased to report another quarter of record results, highlighting the diversity of our transportation services business model, driven by the solid performance of our U.S. and U.K. automotive markets, contribution from our used car super centers, and the benefit from the investment in Penske Truck Leasing. Further, I was particularly pleased to see the 130 basis-point improvement in our automotive retail service and parts gross margin to 59.5%."  Penske continued, "Our performance continues to demonstrate and reinforce the adaptability of our business to market conditions." 

Automotive Retail Highlights of the Second Quarter

• Retail Unit Sales +13.0% to 130,127
• New unit retail sales +2.8%
• Used unit retail sales +25.1%
• Same-Store Retail Unit Sales -1.9% to 112,796
• New unit retail sales -3.4%
• Used unit retail sales -0.1%
• Same-Store Retail Revenue -5.6%
• New -8.7%; Used -3.3%; Finance & Insurance +3.3%; Service and Parts +0.2%
• -1.5% in the United States; -11.7% Internationally
• Excluding f/x, same-store retail revenue -1.7%
• Average Transaction Price Per Unit
• New $37,575; -5.1%
• Used $24,772; -11.3%
• Average Gross Profit Per Unit
• New $2,977, -$129/unit; Gross Margin 7.9%, +10 basis points
• Excluding f/x $3,099, -$7/unit; Gross Margin 8.0%, +20 basis points
• Used $1,416, -$281/unit; Gross Margin 5.7%, -40 basis points
• Excluding f/x $1,485, -$212/unit; Gross Margin 5.7%, -40 basis points
• Finance & Insurance $1,131, +$39/unit
• Excluding f/x $1,182, +$90/unit

Note: f/x = foreign exchange

For the six months ended June 30, 2017, total revenue increased 3.8% to $10.5 billion, with a 4.0% decrease in same-store retail revenue. Excluding foreign exchange, total revenue increased 8.5%, while same-store retail revenue increased 0.9%. Total automotive retail unit volume increased 12.4%, with a 1.1% decrease on a same-store basis. Income from continuing operations attributable to common shareholders increased 8.7% to $189.2 million and related earnings per share increased 10.0% to $2.20 when compared to the same period last year. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.13.

Retail Commercial Truck Operations

Penske Automotive Group operates twenty medium and heavy-duty truck dealership locations in the U.S. and Canada under the "Premier Truck Group" brand name, offering primarily the Freightliner and Western Star brands. For the three and six months ended June 30, 2017, Premier Truck Group retailed 1,559 and 3,066 units, generated $228.5 million and $440.2 million of revenue, and $40.0 million and $76.4 million of gross profit, respectively, principally through the retail sale of new/used medium and heavy-duty trucks and service/parts sales. For the three months ended June 30, 2017, gross profit per used truck retailed improved to $6,503 from a loss of $2,096 per unit in the same period last year, as used truck prices stabilized. Service and parts gross profit represented approximately 75.8% and 77.4% of Premier Truck Group's gross profit for the three and six months ended June 30, 2017, respectively.

Penske Truck Leasing

Penske Truck Leasing Co., L.P. ("PTL") is a leading provider of full-service truck leasing, truck rental, contract maintenance and logistics services. During the third quarter of 2016, the company increased its ownership in PTL from 9.0% to 23.4%. For the three and six months ended June 30, 2017, the company recorded $24.9 million and $36.8 million as part of equity in earnings of affiliates compared to $9.3 million and $12.8 million for the three and six months ended June 30, 2016, respectively. The company accounts for its ownership interest in PTL using the equity method of accounting.

Dividend

On July 26, 2017, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.32 per share, the twenty-fifth consecutive increase in the quarterly dividend. 

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2017 on Thursday, July 27, 2017, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 288‑8961 – [International, please dial (612) 288‑0337]. The call will also be simultaneously broadcast over the Internet through the Investor Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2017 financial results has been posted to the company's website. To access the presentation or to listen to the company's webcast, please refer to www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 25,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company's website at www.penskeautomotive.com.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization ("EBITDA"). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company's disclosures and provide a meaningful presentation of the company's results from its core business operations excluding the impact of items not related to the company's ongoing core business operations, and improve the period-to-period comparability of the company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company's financial information that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales and earnings accretion potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10‑K for the year ended December 31, 2016, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.

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PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Millions, Except Per Share Data)
(Unaudited)
		Three Months Ended									Six Months Ended
		June 30,									June 30,
								Increase/									Increase/
		2017			2016			(Decrease)			2017			2016			(Decrease)
Revenue		$	5,383.4		$	5,254.1		2.5	%		$	10,464.5		$	10,078.7		3.8	%
Cost of Sales			4,566.1			4,482.8		1.9	%			8,872.9			8,583.6		3.4	%
Gross Profit		$	817.3		$	771.3		6.0	%		$	1,591.6		$	1,495.1		6.5	%
SG&A Expenses			622.0			582.7 Werbung Mehr Nachrichten zur Penske Automotive Group Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 06:39 - PR Newswire Pentwater Capital Management LP - Form 8.3 - Renalytix PLC 02:00 - PR Newswire Kasei Digital Assets Plc - Half-Year Results 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59