Penske Automotive Q1 EPS $3.21 vs $4.31 YoY; net income down 28% on higher interest and lower PTS earnings

PENSKE AUTOMOTIVE GROUP, INC.

2024-Q1 EPS reported $3.21 revenue$7,447,800,000

Revenue $7.4B (+1.5%), EPS $3.21 vs $4.31; net income fell to $215.2M from $298.3M.
Higher interest costs of $17.4M and lower PTS equity earnings ($32.5M vs $80.8M) drove profit decline.
Same-store retail auto revenue -1%, gross profit -4%; service & parts revenue +9% to record $746M.
Acquired Rybrook Group in UK (16 franchises, ~$1B annualized revenue); signed Australia deal for 2 Porsche & 1 Ducati (~$140M).
Repurchased 0.2M shares for ~$32.9M; liquidity $1.7B, leverage ratio 1.1x.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PENSKE AUTOMOTIVE GROUP, INC. reported the first quarter of 2024 results: revenue $7.4 billion, net income $215.2 million, EPS $3.21.

Period: the first quarter of 2024
Revenue: $7.4 billion
Net income: $215.2 million
EPS: $3.21
Result: reported results

Exact text from the filing

For the quarter, revenue increased 1.5% to $7.4 billion. Net income attributable to common stockholders was $215.2 million compared to $298.3 million in the prior year period, and related earnings per share was $3.21 compared to $4.31 for the same period in 2023.

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PENSKE AUTOMOTIVE GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001019849-24-000056

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