Penske Automotive Group Stock Dips After Q3 Earnings Miss Amid Continued Freight Challenges
In This Article:
Penske Automotive Group, Inc. (NYSE:PAG) shares are trading lower after the company reported worse-than-expected third-quarter financial results.
The company reported earnings per share of $3.39, missing the street view of $3.42. Quarterly sales of $7.59 billion (+2%) missed the analyst consensus of $7.67 billion.
The company reported quarterly retail automotive service and parts revenue of $778.0 million, marking a 14% growth. Additionally, same-store retail automotive service and parts revenue rose by 7%, while related gross profit increased by 6%.
Also Read: McDonald’s Q3 Earnings: Revenue And Profit Beat, Global Comp Sales Dip, No Mention Of E.coli Impact
“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,” said Chair and CEO Roger Penske.
As of September 30, Premier Truck Group operated 46 North American retail commercial truck locations. For the three months ended September 30, retail unit sales increased 14% to 6,331.
Penske Automotive exited the quarter with cash and equivalents worth $91.9 million and inventories worth $4.822 billion. The company’s long-term debt as of quarter end totaled $1.132 billion.
Price Action: PAG shares are trading lower by 1.92% to $152.65 at last check Tuesday.
Read Next:
UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
This article Penske Automotive Group Stock Dips After Q3 Earnings Miss Amid Continued Freight Challenges originally appeared on Benzinga.com
? 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.