PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS

In This Article:

Quarterly Revenue Increases 2% to $7.6 Billion

Record Quarterly Retail Automotive Service and Parts Revenue of $778.0 Million, up 14%

Same-Store Retail Automotive Service and Parts Revenue up 7% and Related Gross Profit up 6%

Earnings Before Taxes of $304.4 Million and Earnings Per Share of $3.39

BLOOMFIELD HILLS, Mich., Oct. 29, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced quarterly results for the third quarter of 2024. For the quarter, revenue increased 2% from the third quarter of 2023 to $7.6 billion. Net income attributable to common stockholders was $226.1 million compared to $263.4 million in the prior year period, and related earnings per share was $3.39 compared to $3.92 for the same period in 2023. Foreign currency exchange positively impacted revenue by $69.0 million, net income attributable to common stockholders by $1.7 million, and earnings per share by $0.03.

Third Quarter 2024 Operating Highlights Compared to Third Quarter 2023

  • New and Used Retail Automotive Units Delivered – decreased 4%

    • New Vehicle +5%; Used Vehicle -13%

  • Retail Automotive Same-Store Revenue – decreased 5%

    • New Vehicle -1%; Used Vehicle -12%; Finance & Insurance -9%; Service & Parts +7%

  • New and Used Retail Commercial Truck Units – increased 14%

    • New Vehicle +16%; Used Vehicle +5%

  • Retail Commercial Truck Same-Store Revenue – increased 5%

    • New Vehicle +11%; Used Vehicle -13%; Finance & Insurance -27%; Service & Parts -5%

Third Quarter 2024 Performance

During the third quarter, retail automotive service and parts revenue increased 14% to a record $778.0 million. New and used automotive gross profit per unit retailed remained strong, and variable gross profit per unit retailed increased sequentially when compared to the second quarter of 2024 by $8. In addition, when compared to the same sequential period, equity earnings from the Company's investment in Penske Transportation Solutions increased 14%.

Commenting on the Company's financial results, Chair and CEO Roger Penske said, "I am pleased with our financial performance during the third quarter, despite the impact from the stop sale of certain vehicles and the residual impact from the CDK Cyber Security incident. New and used retail automotive gross profit per unit remained strong, retail automotive service and parts performed at record levels, the retail commercial truck business performed well, selling, general, and administrative expenses remained well controlled, and the equity income from Penske Transportation Solutions increased 14% sequentially despite continued freight challenges."