Penske Automotive Q2 Results Beat Estimates - Penske Automotive Group (NYSE:PAG)

Penske Automotive Group Inc PAG reported second-quarter FY21 sales growth of 91.4% year-on-year, to $6.99 billion, beating the analyst consensus of $6.01 billion.
Same-store sales for new and used retail automotive units increased 81.7%. Same-store retail automotive revenue rose 97.5%.
Revenue from North America constituted 60.7% of total revenue, down from 67.2% last year. U.K. contribution to revenue increased to 31.4%.
Gross profit increased 113.9% Y/Y to $1.18 billion, while gross margin expanded 180 bps to 16.9%.
The operating margin was 5.8%, and operating income for the quarter more than quadrupled to $402.7 million.
The company held $165.2 million in cash and equivalents as of June 30, 2021.
EBITDA for the quarter amounted to $513.6 million, a 337% Y/Y growth.
Adjusted EPS of $4.47 beat the analyst consensus of $2.12.
"Despite the ongoing disruption to new vehicle supply, our performance in the quarter demonstrates the strength of the auto and commercial truck retail model and the benefit from our diversification," said Chair and CEO Roger Penske.
On July 21, 2021, Penske announced an increase in the quarterly dividend to $0.45 per share, payable on September 1, 2021, to shareholders of record as of August 10, 2021.
The company's Board of Directors had increased the share repurchase authority to $250 million. At the end of the quarter, it had $142.5 million available under the repurchase program.
Price action: PAG shares traded lower by 1.90% at $79.33 on Wednesday.