secwatch.observer — SEC 8-K summary
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Issuer:     PENSKE AUTOMOTIVE GROUP, INC. (PAG)
CIK:        0001019849
Form:       8-K
Filed at:   2024-04-30T23:59:59+00:00
Accession:  0001019849-24-000056
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1019849/000101984924000056/0001019849-24-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1019849/000101984924000056/pag-20240430.htm
  HTML page:      https://secwatch.observer/filing/0001019849-24-000056

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer