Penske Automotive Q1 net income down 19% to $298.3M, revenue record $7.3B

PENSKE AUTOMOTIVE GROUP, INC.

2023-Q1 EPS reported $4.31 revenue$7,339,000,000

Net income $298.3M, EPS $4.31, down 19% and 9% YoY respectively.
Revenue record $7.3B, up 5% total; up 9% excluding $294M negative FX impact.
Same-store service & parts revenue up 10% in retail auto, 11% in commercial trucks.
SG&A as % of gross profit improved 140 bps sequentially to 67.5%.
Repurchased 0.9M shares for $110.2M; Board added $250M buyback authorization.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.97

PENSKE AUTOMOTIVE GROUP, INC. reported first quarter of 2023 results: revenue $7.3 billion, net income $298.3 million, EPS $4.31.

Period: first quarter of 2023
Revenue: $7.3 billion
Net income: $298.3 million
EPS: $4.31
Result: reported results

Exact text from the filing

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 first quarter of 2023. For the quarter, revenue increased 5% to $7.3 billion, a quarterly record. Net income attributable to common stockholders decreased 19% to $298.3 million from $367.9 million, and related earnings per share decreased 9% to $4.31 from $4.76 when compared to the same period last year.

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Source: SEC EDGAR

accession 0001019849-23-000064

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