Penske Automotive Reports Record Second Quarter And Record First-Half 2018 Results
PR Newswire
BLOOMFIELD HILLS, Mich., July 26, 2018
BLOOMFIELD HILLS, Mich., July 26, 2018 /PRNewswire/ --
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Second Quarter 2018 |
Six Months 2018 | ||
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Penske Automotive Group, Inc. PAG, an international transportation services company consisting of franchised retail automotive dealerships, stand-alone used vehicle supercenters, heavy and medium duty retail truck dealerships, and distribution of commercial trucks and power systems, today announced record second quarter and record first-half 2018 results. For the three months ended June 30, 2018, income from continuing operations attributable to common shareholders increased 27.0% to $134.6 million, and related earnings per share increased 28.5% to $1.58 when compared to the same period last year. Retail unit sales increased 3.1% to 134,214. Total revenue increased 10.3% to $5.9 billion. Excluding foreign exchange, total revenue increased 7.4%, while same-store retail revenue increased 5.8%. Foreign exchange rates positively impacted earnings per share attributable to common shareholders by $0.03. As a result of tax reform enacted in 2017, the company's effective tax rate in the second quarter of 2018 was 23.3% compared to 32.0% in the second quarter of 2017.
"Our business produced outstanding results in the second quarter, demonstrating the strength of our diversified transportation services model," said Penske Automotive Group Chairman Roger S. Penske. "The retail automotive dealership business remains strong, generating same-store increases in new, used, and finance & insurance gross profit per unit retailed. I am particularly pleased with the performance of the stand-alone used vehicle supercenter operations which retailed 18,832 vehicles, generated $346.7 million in revenue, and returned over 4.3% on sales during the quarter. Contributing to the company's record second quarter was a 45.5% same-store retail revenue increase in the company's North American retail commercial truck business and our investment in Penske Truck Leasing."
For the six months ended June 30, 2018, total revenue increased 11.7% to $11.7 billion, with an 8.3% increase in same-store retail revenue. Income from continuing operations attributable to common shareholders increased 28.2% to $242.6 million and related earnings per share increased 29.1% to $2.84 when compared to the same period last year. Excluding foreign exchange, total revenue increased 7.3%, while same-store retail revenue increased 3.9%. Foreign exchange rates positively impacted earnings per share attributable to common shareholders by $0.10. As a result of tax reform enacted in 2017, the company's effective tax rate for the six months ended June 30, 2018 was 24.2% compared to 32.4% for the six months ended June 30, 2017.
Automotive Retail Highlights of the Second Quarter
- Same-Store Retail Unit Sales +1.6% to 126,484
- New unit retail sales +0.1%
- Used unit retail sales +3.1%
- Same-Store Retail Revenue +8.8%; Excluding Foreign Exchange +5.8%
- New +7.3%; Used +11.7%; Finance & Insurance +9.7%; Service and Parts +6.0%
- Same-Store Average Gross Profit Per Unit
- New $3,127, +$32/unit; Gross Margin 7.5%, -40 basis points
- Used $1,574, +$151/unit; Gross Margin 5.8%, +10 basis points
- Finance & Insurance $1,247, +$90/unit
- Same-Store Average Variable Gross Profit Per Unit $3,562, +$174
- Excluding Foreign Exchange, $3,464, +$76/unit
Retail Commercial Truck Operations
Penske Automotive Group operates twenty-one medium and heavy-duty truck dealership locations in the U.S. and Canada offering primarily Freightliner and Western Star brands. For the three months ended June 30, 2018, the company retailed 2,504 units, generated $338.8 million in revenue and $52.4 million in gross profit. For the six months ended June 30, 2018, the company retailed 4,609 units, generated $631.2 million in revenue and $99.0 million in gross profit. Same-store revenue increased 45.5% and 41.5% for the three and six months ended June 30, 2018, respectively.
Penske Truck Leasing
Penske Truck Leasing Co., L.P. ("PTL") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. During the third quarter of 2017, the company increased its ownership interests in PTL by 5.5%, bringing our total ownership interest in PTL to 28.9%. The company accounts for its ownership interest in PTL using the equity method of accounting. For the three and six months ended June 30, 2018, the company recorded $35.0 million and $51.0 million in earnings from this investment compared to $24.9 million and $36.8 million for the same periods last year, respectively.
Dividend and Share Repurchases
On July 18, 2018, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.36 per share, the twenty-ninth consecutive increase in the quarterly dividend.
During the three months ended June 30, 2018, the company repurchased 119,608 shares for $5.8 million, or an average of $48.61 per share. For the six months ended June 30, 2018, the company repurchased 1,252,624 shares for $55.8 million. Approximately $150.0 million remains available to repurchase shares under the company's existing share repurchase authorization.
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2018 on Thursday, July 26, 2018, at 2:00 p.m.Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230‑1092 – [International, please dial (612) 234‑9959]. The call will also be simultaneously broadcast over the Internet through the Investor Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2018 financial results has been posted to the company's website. To access the presentation or to listen to the company's webcast, please refer to www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc., PAG headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 26,000 people worldwide and is a member of the Fortune 500 and Russell 2000, and is ranked among the World's Most Admired Companies by Fortune Magazine. For additional information, visit the company's website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization ("EBITDA"). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company's disclosures and provide a meaningful presentation of the company's results from its core business operations excluding the impact of items not related to the company's ongoing core business operations, and improve the period-to-period comparability of the company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company's financial information that is presented in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales and earnings potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters such as the recent hurricanes, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10‑K for the year ended December 31, 2017, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
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Inquiries should contact: | |||||||||||||
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J.D. Carlson |
Anthony R. Pordon | ||||||||||||
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PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Statements of Income Three Months Ended June 30 (Amounts In Millions, Except Per Share Data) (Unaudited) | ||||||||||||
|
Three Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
2018 |
2017 |
Change |
% Change | |||||||||
|
Revenue |
$ |
5,940.3 |
$ |
5,383.4 |
$ |
556.9 |
10.3 |
% | ||||
|
Cost of Sales |
5,050.5 |
4,566.1 |
484.4 |
10.6 |
% | |||||||
|
Gross Profit |
$ |
889.8 |
$ |
817.3 |
$ |
72.5 |
8.9 |
% | ||||
|
SG&A Expenses |
675.4 |
622.0 |
53.4 |
8.6 |
% | |||||||
|
Depreciation |
25.7 |
23.3 |
2.4 |
10.3 |
% | |||||||
|
Operating Income |
$ |
188.7 |
$ |
172.0 |
$ |
16.7 |
9.7 |
% | ||||
|
Floor Plan Interest Expense |
(19.9) |
(15.5) |
4.4 |
28.4 |
% | |||||||
|
Other Interest Expense |
(28.6) |
(26.4) |
2.2 |
8.3 |
% | |||||||
|
Equity in Earnings of Affiliates |
36.0 |
26.8 |
9.2 |
34.3 |
% | |||||||
|
Income from Continuing Operations Before Income Taxes |
$ |
176.2 |
$ |
156.9 |
$ |
19.3 |
12.3 |
% | ||||
|
Income Taxes |
(41.0) |
(50.2) |
(9.2) |
(18.3) |
% | |||||||
|
Income from Continuing Operations |
$ |
135.2 |
$ |
106.7 |
$ |
28.5 |
26.7 |
% | ||||
|
Income from Discontinued Operations, net of tax |
— |
0.2 |
(0.2) |
nm |
||||||||
|
Net Income |
$ |
135.2 |
$ |
106.9 |
$ |
28.3 |
26.5 |
% | ||||
|
Less: Income Attributable to Non-Controlling Interests |
0.6 |
0.7 |
(0.1) |
nm |
||||||||
|
Net Income Attributable to Common Shareholders |
$ |
134.6 |
$ |
106.2 |
$ |
28.4 |
26.7 |
% | ||||
|
Amounts Attributable to Common Shareholders: |
||||||||||||
|
Reported Income from Continuing Operations |
$ |
135.2 |
$ |
106.7 |
$ |
28.5 |
26.7 |
% | ||||
|
Less: Income Attributable to Non-Controlling Interests |
0.6 |
0.7 |
(0.1) |
nm |
||||||||
|
Income from Continuing Operations, net of tax |
$ |
134.6 |
$ |
106.0 |
$ |
28.6 |
27.0 |
% | ||||
|
Income from Discontinued Operations, net of tax |
— |
0.2 |
(0.2) |
nm |
||||||||
|
Net Income Attributable to Common Shareholders |
$ |
134.6 |
$ |
106.2 |
$ |
28.4 |
26.7 |
% | ||||
|
Income from Continuing Operations Per Share |
$ |
1.58 |
$ |
1.23 |
$ |
0.35 |
28.5 |
% | ||||
|
Income Per Share |
$ |
1.58 |
$ |
1.23 |
$ |
0.35 |
28.5 |
% | ||||
|
Weighted Average Shares Outstanding |
85.0 |
86.1 |
(1.1) |
(1.3) |
% | |||||||
|
nm – not meaningful |
||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Statements of Income Six Months Ended June 30 (Amounts In Millions, Except Per Share Data) (Unaudited) | ||||||||||||
|
Six Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
2018 |
2017 |
Change |
% Change | |||||||||
|
Revenue |
$ |
11,687.2 |
$ |
10,464.5 |
$ |
1,222.7 |
11.7 |
% | ||||
|
Cost of Sales |
9,933.0 |
8,872.9 |
1,060.1 |
11.9 |
% | |||||||
|
Gross Profit |
$ |
1,754.2 |
$ |
1,591.6 |
$ |
162.6 |
10.2 |
% | ||||
|
SG&A Expenses |
1,338.5 |
1,223.7 |
114.8 |
9.4 |
% | |||||||
|
Depreciation |
51.3 |
45.7 |
5.6 |
12.3 |
% | |||||||
|
Operating Income |
$ |
364.4 |
$ |
322.2 |
$ |
42.2 |
13.1 |
% | ||||
|
Floor Plan Interest Expense |
(38.8) |
(29.2) |
9.6 |
32.9 |
% | |||||||
|
Other Interest Expense |
(58.4) |
(51.4) |
7.0 |
13.6 |
% | |||||||
|
Equity in Earnings of Affiliates |
53.3 |
40.0 |
13.3 |
33.3 |
% | |||||||
|
Income from Continuing Operations Before Income Taxes |
$ |
320.5 |
$ |
281.6 |
$ |
38.9 |
13.8 |
% | ||||
|
Income Taxes |
(77.6) |
(91.3) |
(13.7) |
(15.0) |
% | |||||||
|
Income from Continuing Operations |
$ |
242.9 |
$ |
190.3 |
$ |
52.6 |
27.6 |
% | ||||
|
Income (Loss) from Discontinued Operations, net of tax |
0.1 |
(0.4) |
0.5 |
nm |
||||||||
|
Net Income |
$ |
243.0 |
$ |
189.9 |
$ |
53.1 |
28.0 |
% | ||||
|
Less: Income Attributable to Non-Controlling Interests |
0.3 |
1.1 |
(0.8) |
nm |
||||||||
|
Net Income Attributable to Common Shareholders |
$ |
242.7 |
$ |
188.8 |
$ |
53.9 |
28.5 |
% | ||||
|
Amounts Attributable to Common Shareholders: |
||||||||||||
|
Reported Income from Continuing Operations |
$ |
242.9 |
$ |
190.3 |
$ |
52.6 |
27.6 |
% | ||||
|
Less: Income Attributable to Non-Controlling Interests |
0.3 |
1.1 |
(0.8) |
nm |
||||||||
|
Income from Continuing Operations, net of tax |
$ |
242.6 |
$ |
189.2 |
$ |
53.4 |
28.2 |
% | ||||
|
Income (Loss) from Discontinued Operations, net of tax |
0.1 |
(0.4) |
0.5 |
nm |
||||||||
|
Net Income Attributable to Common Shareholders |
$ |
242.7 |
$ |
188.8 |
$ |
53.9 |
28.5 |
% | ||||
|
Income from Continuing Operations Per Share |
$ |
2.84 |
$ |
2.20 |
$ |
0.64 |
29.1 |
% | ||||
|
Income Per Share |
$ |
2.84 |
$ |
2.20 |
$ |
0.64 |
29.1 |
% | ||||
|
Weighted Average Shares Outstanding |
85.5 |
85.9 |
(0.4) |
(0.5) |
% | |||||||
|
nm – not meaningful |
||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Balance Sheets (Amounts In Millions) (Unaudited) | ||||||
|
June 30, |
December 31, | |||||
|
2018 |
2017 | |||||
|
Assets: |
||||||
|
Cash and Cash Equivalents |
$ |
45.8 |
$ |
45.7 | ||
|
Accounts Receivable, Net |
919.6 |
954.9 | ||||
|
Inventories |
3,895.1 |
3,944.1 | ||||
|
Other Current Assets |
97.5 |
81.8 | ||||
|
Total Current Assets |
4,958.0 |
5,026.5 | ||||
|
Property and Equipment, Net |
2,144.9 |
2,108.6 | ||||
|
Intangibles |
2,174.8 |
2,134.5 | ||||
|
Other Long-Term Assets |
1,292.8 |
1,271.0 | ||||
|
Total Assets |
$ |
10,570.5 |
$ |
10,540.6 | ||
|
Liabilities and Equity: |
||||||
|
Floor Plan Notes Payable |
$ |
2,278.0 |
$ |
2,343.2 | ||
|
Floor Plan Notes Payable – Non-Trade |
1,325.7 |
1,418.6 | ||||
|
Accounts Payable |
680.0 |
641.6 | ||||
|
Accrued Expenses |
529.7 |
523.5 | ||||
|
Current Portion Long-Term Debt |
92.3 |
72.8 | ||||
|
Liabilities Held for Sale |
0.7 |
0.7 | ||||
|
Total Current Liabilities |
4,906.4 |
5,000.4 | ||||
|
Long-Term Debt |
2,059.6 |
2,090.4 | ||||
|
Other Long-Term Liabilities |
1,078.7 |
1,021.8 | ||||
|
Total Liabilities |
8,044.7 |
8,112.6 | ||||
|
Equity |
2,525.8 |
2,428.0 | ||||
|
Total Liabilities and Equity |
$ |
10,570.5 |
$ |
10,540.6 | ||
|
Supplemental Balance Sheet Information |
||||||
|
New vehicle days' supply |
72 |
67 | ||||
|
Used vehicle days' supply |
45 |
55 | ||||
|
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Operations Selected Data (Unaudited) | |||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||||
|
June 30, |
June 30, |
||||||||||||
|
2018 |
2017 |
2018 |
2017 |
||||||||||
|
Geographic Revenue Mix: |
|||||||||||||
|
North America |
55.4 |
% |
60.3 |
% |
54.2 |
% |
58.4 |
% | |||||
|
U.K. |
35.5 |
% |
32.0 |
% |
36.8 |
% |
33.9 |
% | |||||
|
Other International |
9.1 |
% |
7.7 |
% |
9.0 |
% |
7.7 |
% | |||||
|
Total |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% | |||||
|
Revenue: (Amounts in Millions) |
|||||||||||||
|
Retail Automotive |
$ |
5,455.5 |
$ |
5,040.7 |
$ |
10,751.5 |
$ |
9,797.1 |
|||||
|
Retail Commercial Trucks |
338.8 |
228.5 |
631.2 |
440.2 |
|||||||||
|
Commercial Vehicles Australia/Power Systems and Other |
146.0 |
114.2 |
304.5 |
227.2 |
|||||||||
|
Total |
$ |
5,940.3 |
$ |
5,383.4 |
$ |
11,687.2 |
$ |
10,464.5 |
|||||
|
Gross Profit: (Amounts in Millions) |
|||||||||||||
|
Retail Automotive |
$ |
798.0 |
$ |
746.0 |
$ |
1,576.3 |
$ |
1,454.3 |
|||||
|
Retail Commercial Trucks |
52.4 |
40.0 |
99.0 |
76.4 |
|||||||||
|
Commercial Vehicles Australia/Power Systems and Other |
39.4 |
31.3 |
78.9 |
60.9 |
|||||||||
|
Total |
$ |
889.8 |
$ |
817.3 |
$ |
1,754.2 |
$ |
1,591.6 |
|||||
|
Gross Margin: |
|||||||||||||
|
Retail Automotive |
14.6 |
% |
14.8 |
% |
14.7 |
% |
14.8 |
% | |||||
|
Retail Commercial Trucks |
15.5 |
% |
17.5 |
% |
15.7 |
% |
17.4 |
% | |||||
|
Commercial Vehicles Australia/Power Systems and Other |
27.0 |
% |
27.4 |
% |
25.9 |
% |
26.8 |
% | |||||
|
Total |
15.0 |
% |
15.2 |
% |
15.0 |
% |
15.2 |
% | |||||
|
Three Months Ended |
Six Months Ended |
||||||||||||
|
June 30, |
June 30, |
||||||||||||
|
2018 |
2017 |
2018 |
2017 |
||||||||||
|
Operating Items as a Percentage of Revenue: |
|||||||||||||
|
Gross Profit |
15.0 |
% |
15.2 |
% |
15.0 |
% |
15.2 |
% | |||||
|
Selling, General and Administrative Expenses |
11.4 |
% |
11.6 |
% |
11.5 |
% |
11.7 |
% | |||||
|
Operating Income |
3.2 |
% |
3.2 |
% |
3.1 |
% |
3.1 |
% | |||||
|
Income from Continuing Operations Before Income Taxes |
3.0 |
% |
2.9 |
% |
2.7 |
% |
2.7 |
% | |||||
|
Operating Items as a Percentage of Total Gross Profit: |
|||||||||||||
|
Selling, General and Administrative Expenses |
75.9 |
% |
76.1 |
% |
76.3 |
% |
76.9 |
% | |||||
|
Operating Income |
21.2 |
% |
21.0 |
% |
20.8 |
% |
20.2 |
% | |||||
|
Three Months Ended |
Six Months Ended | ||||||||||||
|
June 30, |
June 30, | ||||||||||||
|
(Amounts in Millions) |
2018 |
2017 |
2018 |
2017 |
|||||||||
|
EBITDA* |
$ |
230.5 |
$ |
206.6 |
$ |
430.2 |
$ |
378.7 |
|||||
|
Floorplan Credits |
$ |
10.3 |
$ |
10.1 |
$ |
18.8 |
$ |
18.4 |
|||||
|
Rent Expense |
$ |
59.0 |
$ |
55.4 |
$ |
116.9 |
$ |
108.8 |
|||||
|
Capital Expenditures |
$ |
54.1 |
$ |
76.5 |
$ |
118.8 |
$ |
113.4 |
|||||
|
Stock Repurchases |
$ |
5.8 |
$ |
5.8 |
$ |
55.8 |
$ |
8.5 |
|||||
|
_________________________ | |||||||||||||
|
* See the following Non-GAAP reconciliation table. | |||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Selected Data – Revenue and Gross Profit Mix (Unaudited) | |||||||||
|
Three Months Ended |
Six Months Ended |
||||||||
|
June 30, |
June 30, |
||||||||
|
2018 |
2017 |
2018 |
2017 |
||||||
|
Retail Automotive Revenue Mix: |
|||||||||
|
Premium: |
|||||||||
|
BMW / MINI |
23 |
% |
23 |
% |
22 |
% |
23 |
% | |
|
Audi |
13 |
% |
14 |
% |
14 |
% |
14 |
% | |
|
Mercedes-Benz |
9 |
% |
10 |
% |
9 |
% |
10 |
% | |
|
Land Rover / Jaguar |
9 |
% |
8 |
% |
9 |
% |
8 |
% | |
|
Porsche |
6 |
% |
6 |
% |
6 |
% |
6 |
% | |
|
Ferrari / Maserati |
3 |
% |
3 |
% |
3 |
% |
3 |
% | |
|
Lexus |
3 |
% |
3 |
% |
3 |
% |
3 |
% | |
|
Acura |
1 |
% |
1 |
% |
1 |
% |
1 |
% | |
|
Bentley |
1 |
% |
1 |
% |
1 |
% |
1 |
% | |
|
Others |
2 |
% |
1 |
% |
2 |
% |
1 |
% | |
|
Total Premium |
70 |
% |
70 |
% |
70 |
% |
70 |
% | |
|
Volume Non-U.S.: |
|||||||||
|
Toyota |
9 |
% |
10 |
% |
9 |
% |
10 |
% | |
|
Honda |
7 |
% |
7 |
% |
6 |
% |
7 |
% | |
|
Volkswagen |
4 |
% |
3 |
% |
4 |
% |
4 |
% | |
|
Nissan |
1 |
% |
1 |
% |
1 |
% |
1 |
% | |
|
Others |
1 |
% |
2 |
% |
2 |
% |
2 |
% | |
|
Total Volume Non-U.S. |
22 |
% |
23 |
% |
22 |
% |
24 |
% | |
|
U.S.: |
|||||||||
|
General Motors / Chrysler / Ford |
2 |
% |
3 |
% |
2 |
% |
3 |
% | |
|
Stand-Alone Used |
6 |
% |
4 |
% |
6 |
% |
3 |
% | |
|
Total |
100 |
% |
100 |
% |
100 |
% |
100 |
% | |
|
Retail Automotive Geographic Revenue Mix: |
|||||||||
|
U.S. |
54 |
% |
60 |
% |
53 |
% |
58 |
% | |
|
U.K. |
39 |
% |
34 |
% |
40 |
% |
36 |
% | |
|
Other International |
7 |
% |
6 |
% |
7 |
% |
6 |
% | |
|
Total |
100 |
% |
100 |
% |
100 |
% |
100 |
% | |
|
Retail Automotive Geographic Gross Profit Mix: |
|||||||||
|
U.S. |
59 |
% |
64 |
% |
58 |
% |
62 |
% | |
|
U.K. |
35 |
% |
31 |
% |
36 |
% |
32 |
% | |
|
Other International |
6 |
% |
5 |
% |
6 |
% |
6 |
% | |
|
Total |
100 |
% |
100 |
% |
100 |
% |
100 |
% | |
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Selected Data – Three Months Ended June 30 (Unaudited) | ||||||||||||
|
Three Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
2018 |
2017 |
Change |
% Change | |||||||||
|
Retail Automotive Units: |
||||||||||||
|
New Retail |
61,071 |
63,919 |
(2,848) |
(4.5) |
% | |||||||
|
Used Retail |
73,143 |
66,208 |
6,935 |
10.5 |
% | |||||||
|
Total |
134,214 |
130,127 |
4,087 |
3.1 |
% | |||||||
|
Retail Automotive Revenue: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
2,528.6 |
$ |
2,401.7 |
$ |
126.9 |
5.3 |
% | ||||
|
Used Vehicles |
1,896.9 |
1,640.1 |
256.8 |
15.7 |
% | |||||||
|
Finance and Insurance, Net |
162.9 |
147.2 |
15.7 |
10.7 |
% | |||||||
|
Service and Parts |
547.8 |
520.3 |
27.5 |
5.3 |
% | |||||||
|
Fleet and Wholesale |
319.3 |
331.4 |
(12.1) |
(3.7) |
% | |||||||
|
Total Revenue |
$ |
5,455.5 |
$ |
5,040.7 |
$ |
414.8 |
8.2 |
% | ||||
|
Retail Automotive Gross Profit: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
189.8 |
$ |
190.3 |
$ |
(0.5) |
(0.3) |
% | ||||
|
Used Vehicles |
112.5 |
93.8 |
18.7 |
19.9 |
% | |||||||
|
Finance and Insurance, Net |
162.9 |
147.2 |
15.7 |
10.7 |
% | |||||||
|
Service and Parts |
328.2 |
309.7 |
18.5 |
6.0 |
% | |||||||
|
Fleet and Wholesale |
4.6 |
5.0 |
(0.4) |
(8.0) |
% | |||||||
|
Total Gross Profit |
$ |
798.0 |
$ |
746.0 |
$ |
52.0 |
7.0 |
% | ||||
|
Retail Automotive Revenue Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
41,404 |
$ |
37,575 |
$ |
3,829 |
10.2 |
% | ||||
|
Used Vehicles |
25,934 |
24,772 |
1,162 |
4.7 |
% | |||||||
|
Retail Automotive Gross Profit Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
3,109 |
$ |
2,977 |
$ |
132 |
4.4 |
% | ||||
|
Used Vehicles |
1,538 |
1,416 |
122 |
8.6 |
% | |||||||
|
Finance and Insurance |
1,213 |
1,131 |
82 |
7.3 |
% | |||||||
|
Total Variable Gross Profit Per Vehicle (1) |
3,466 |
3,314 |
152 |
4.6 |
% | |||||||
|
Retail Automotive Gross Margin: |
||||||||||||
|
New Vehicles |
7.5 |
% |
7.9 |
% |
(0.4) |
% |
(5.1) |
% | ||||
|
Used Vehicles |
5.9 |
% |
5.7 |
% |
0.2 |
% |
3.5 |
% | ||||
|
Service and Parts |
59.9 |
% |
59.5 |
% |
0.4 |
% |
0.7 |
% | ||||
|
Fleet and Wholesale |
1.4 |
% |
1.5 |
% |
(0.1) |
% |
(6.7) |
% | ||||
|
Total Gross Margin |
14.6 |
% |
14.8 |
% |
(0.2) |
% |
(1.4) |
% | ||||
|
Retail Automotive Revenue Mix Percentages: |
||||||||||||
|
New Vehicles |
46.3 |
% |
47.7 |
% |
(1.4) |
% |
(2.9) |
% | ||||
|
Used Vehicles |
34.8 |
% |
32.5 |
% |
2.3 |
% |
7.1 |
% | ||||
|
Finance and Insurance, Net |
3.0 |
% |
2.9 |
% |
0.1 |
% |
3.4 |
% | ||||
|
Service and Parts |
10.0 |
% |
10.3 |
% |
(0.3) |
% |
(2.9) |
% | ||||
|
Fleet and Wholesale |
5.9 |
% |
6.6 |
% |
(0.7) |
% |
(10.6) |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
Retail Automotive Gross Profit Mix Percentages: |
||||||||||||
|
New Vehicles |
23.8 |
% |
25.5 |
% |
(1.7) |
% |
(6.7) |
% | ||||
|
Used Vehicles |
14.1 |
% |
12.6 |
% |
1.5 |
% |
11.9 |
% | ||||
|
Finance and Insurance, Net |
20.4 |
% |
19.7 |
% |
0.7 |
% |
3.6 |
% | ||||
|
Service and Parts |
41.1 |
% |
41.5 |
% |
(0.4) |
% |
(1.0) |
% | ||||
|
Fleet and Wholesale |
0.6 |
% |
0.7 |
% |
(0.1) |
% |
(14.3) |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
_________________________ | ||||||||||||
|
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales. | ||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Selected Data – Six Months Ended June 30 (Unaudited) | ||||||||||||
|
Six Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
2018 |
2017 |
Change |
% Change | |||||||||
|
Retail Automotive Units: |
||||||||||||
|
New Retail |
120,333 |
126,107 |
(5,774) |
(4.6) |
% | |||||||
|
Used Retail |
146,371 |
128,492 |
17,879 |
13.9 |
% | |||||||
|
Total |
266,704 |
254,599 |
12,105 |
4.8 |
% | |||||||
|
Retail Automotive Revenue: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
4,975.4 |
$ |
4,709.1 |
$ |
266.3 |
5.7 |
% | ||||
|
Used Vehicles |
3,763.7 |
3,181.1 |
582.6 |
18.3 |
% | |||||||
|
Finance and Insurance, Net |
323.7 |
284.6 |
39.1 |
13.7 |
% | |||||||
|
Service and Parts |
1,091.3 |
1,019.2 |
72.1 |
7.1 |
% | |||||||
|
Fleet and Wholesale |
597.4 |
603.1 |
(5.7) |
(0.9) |
% | |||||||
|
Total Revenue |
$ |
10,751.5 |
$ |
9,797.1 |
$ |
954.4 |
9.7 |
% | ||||
|
Retail Automotive Gross Profit: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
373.0 |
$ |
367.4 |
$ |
5.6 |
1.5 |
% | ||||
|
Used Vehicles |
222.2 |
187.9 |
34.3 |
18.3 |
% | |||||||
|
Finance and Insurance, Net |
323.7 |
284.6 |
39.1 |
13.7 |
% | |||||||
|
Service and Parts |
646.3 |
603.4 |
42.9 |
7.1 |
% | |||||||
|
Fleet and Wholesale |
11.1 |
11.0 |
0.1 |
0.9 |
% | |||||||
|
Total Gross Profit |
$ |
1,576.3 |
$ |
1,454.3 |
$ |
122.0 |
8.4 |
% | ||||
|
Retail Automotive Revenue Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
41,347 |
$ |
37,342 |
$ |
4,005 |
10.7 |
% | ||||
|
Used Vehicles |
25,713 |
24,757 |
956 |
3.9 |
% | |||||||
|
Retail Automotive Gross Profit Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
3,100 |
$ |
2,913 |
$ |
187 |
6.4 |
% | ||||
|
Used Vehicles |
1,518 |
1,463 |
55 |
3.8 |
% | |||||||
|
Finance and Insurance |
1,213 |
1,118 |
95 |
8.5 |
% | |||||||
|
Total Variable Gross Profit Per Vehicle (1) |
3,445 |
3,299 |
146 |
4.4 |
% | |||||||
|
Retail Automotive Gross Margin: |
||||||||||||
|
New Vehicles |
7.5 |
% |
7.8 |
% |
(0.3) |
% |
(3.8) |
% | ||||
|
Used Vehicles |
5.9 |
% |
5.9 |
% |
— |
% |
— |
% | ||||
|
Service and Parts |
59.2 |
% |
59.2 |
% |
— |
% |
— |
% | ||||
|
Fleet and Wholesale |
1.9 |
% |
1.8 |
% |
0.1 |
% |
5.6 |
% | ||||
|
Total Gross Margin |
14.7 |
% |
14.8 |
% |
(0.1) |
% |
(0.7) |
% | ||||
|
Retail Automotive Revenue Mix Percentages: |
||||||||||||
|
New Vehicles |
46.3 |
% |
48.1 |
% |
(1.8) |
% |
(3.7) |
% | ||||
|
Used Vehicles |
35.0 |
% |
32.5 |
% |
2.5 |
% |
7.7 |
% | ||||
|
Finance and Insurance, Net |
3.0 |
% |
2.9 |
% |
0.1 |
% |
3.4 |
% | ||||
|
Service and Parts |
10.2 |
% |
10.4 |
% |
(0.2) |
% |
(1.9) |
% | ||||
|
Fleet and Wholesale |
5.5 |
% |
6.1 |
% |
(0.6) |
% |
(9.8) |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
Retail Automotive Gross Profit Mix Percentages: |
||||||||||||
|
New Vehicles |
23.7 |
% |
25.3 |
% |
(1.6) |
% |
(6.3) |
% | ||||
|
Used Vehicles |
14.1 |
% |
12.9 |
% |
1.2 |
% |
9.3 |
% | ||||
|
Finance and Insurance, Net |
20.5 |
% |
19.6 |
% |
0.9 |
% |
4.6 |
% | ||||
|
Service and Parts |
41.0 |
% |
41.5 |
% |
(0.5) |
% |
(1.2) |
% | ||||
|
Fleet and Wholesale |
0.7 |
% |
0.7 |
% |
— |
% |
— |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
_________________________ | ||||||||||||
|
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales. | ||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Same-Store Selected Data – Three Months June 30 (Unaudited) | ||||||||||||
|
Three Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
2018 |
2017 |
Change |
% Change | |||||||||
|
Retail Automotive Same-Store Units: |
||||||||||||
|
New Retail |
60,324 |
60,272 |
52 |
0.1 |
% | |||||||
|
Used Retail |
66,160 |
64,185 |
1,975 |
3.1 |
% | |||||||
|
Total |
126,484 |
124,457 |
2,027 |
1.6 |
% | |||||||
|
Retail Automotive Same-Store Revenue: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
2,518.9 |
$ |
2,347.1 |
$ |
171.8 |
7.3 |
% | ||||
|
Used Vehicles |
1,790.5 |
1,603.3 |
187.2 |
11.7 |
% | |||||||
|
Finance and Insurance, Net |
157.8 |
143.9 |
13.9 |
9.7 |
% | |||||||
|
Service and Parts |
542.9 |
512.2 |
30.7 |
6.0 |
% | |||||||
|
Fleet and Wholesale |
306.5 |
320.5 |
(14.0) |
(4.4) |
% | |||||||
|
Total Revenue |
$ |
5,316.6 |
$ |
4,927.0 |
$ |
389.6 |
7.9 |
% | ||||
|
Retail Automotive Same-Store Gross Profit: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
188.6 |
$ |
186.5 |
$ |
2.1 |
1.1 |
% | ||||
|
Used Vehicles |
104.1 |
91.3 |
12.8 |
14.0 |
% | |||||||
|
Finance and Insurance, Net |
157.8 |
143.9 |
13.9 |
9.7 |
% | |||||||
|
Service and Parts |
322.9 |
303.9 |
19.0 |
6.3 |
% | |||||||
|
Fleet and Wholesale |
4.4 |
5.0 |
(0.6) |
(12.0) |
% | |||||||
|
Total Gross Profit |
$ |
777.8 |
$ |
730.6 |
$ |
47.2 |
6.5 |
% | ||||
|
Retail Automotive Same-Store Revenue Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
41,757 |
$ |
38,942 |
$ |
2,815 |
7.2 |
% | ||||
|
Used Vehicles |
27,064 |
24,980 |
2,084 |
8.3 |
% | |||||||
|
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
3,127 |
$ |
3,095 |
$ |
32 |
1.0 |
% | ||||
|
Used Vehicles |
1,574 |
1,423 |
151 |
10.6 |
% | |||||||
|
Finance and Insurance |
1,247 |
1,157 |
90 |
7.8 |
% | |||||||
|
Total Variable Gross Profit Per Vehicle (1) |
3,562 |
3,388 |
174 |
5.1 |
% | |||||||
|
Retail Automotive Same-Store Gross Margin: |
||||||||||||
|
New Vehicles |
7.5 |
% |
7.9 |
% |
(0.4) |
% |
(5.1) |
% | ||||
|
Used Vehicles |
5.8 |
% |
5.7 |
% |
0.1 |
% |
1.8 |
% | ||||
|
Service and Parts |
59.5 |
% |
59.3 |
% |
0.2 |
% |
0.3 |
% | ||||
|
Fleet and Wholesale |
1.4 |
% |
1.6 |
% |
(0.2) |
% |
(12.5) |
% | ||||
|
Total Gross Margin |
14.6 |
% |
14.8 |
% |
(0.2) |
% |
(1.4) |
% | ||||
|
Retail Automotive Revenue Mix Percentages: |
||||||||||||
|
New Vehicles |
47.4 |
% |
47.6 |
% |
(0.2) |
% |
(0.4) |
% | ||||
|
Used Vehicles |
33.7 |
% |
32.5 |
% |
1.2 |
% |
3.7 |
% | ||||
|
Finance and Insurance, Net |
3.0 |
% |
2.9 |
% |
0.1 |
% |
3.4 |
% | ||||
|
Service and Parts |
10.2 |
% |
10.4 |
% |
(0.2) |
% |
(1.9) |
% | ||||
|
Fleet and Wholesale |
5.7 |
% |
6.6 |
% |
(0.9) |
% |
(13.6) |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
Retail Automotive Gross Profit Mix Percentages: |
||||||||||||
|
New Vehicles |
24.2 |
% |
25.5 |
% |
(1.3) |
% |
(5.1) |
% | ||||
|
Used Vehicles |
13.4 |
% |
12.5 |
% |
0.9 |
% |
7.2 |
% | ||||
|
Finance and Insurance, Net |
20.3 |
% |
19.7 |
% |
0.6 |
% |
3.0 |
% | ||||
|
Service and Parts |
41.5 |
% |
41.6 |
% |
(0.1) |
% |
(0.2) |
% | ||||
|
Fleet and Wholesale |
0.6 |
% |
0.7 |
% |
(0.1) |
% |
(14.3) |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
_________________________ | ||||||||||||
|
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales. | ||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Same-Store Selected Data – Six Months June 30 (Unaudited) | ||||||||||||
|
Six Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
2018 |
2017 |
Change |
% Change | |||||||||
|
Retail Automotive Same-Store Units: |
||||||||||||
|
New Retail |
117,211 |
118,173 |
(962) |
(0.8) |
% | |||||||
|
Used Retail |
106,210 |
104,224 |
1,986 |
1.9 |
% | |||||||
|
Total |
223,421 |
222,397 |
1,024 |
0.5 |
% | |||||||
|
Retail Automotive Same-Store Revenue: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
4,851.3 |
$ |
4,532.7 |
$ |
318.6 |
7.0 |
% | ||||
|
Used Vehicles |
3,106.4 |
2,806.5 |
299.9 |
10.7 |
% | |||||||
|
Finance and Insurance, Net |
276.4 |
253.1 |
23.3 |
9.2 |
% | |||||||
|
Service and Parts |
1,049.7 |
981.0 |
68.7 |
7.0 |
% | |||||||
|
Fleet and Wholesale |
496.8 |
544.8 |
(48.0) |
(8.8) |
% | |||||||
|
Total Revenue |
$ |
9,780.6 |
$ |
9,118.1 |
$ |
662.5 |
7.3 |
% | ||||
|
Retail Automotive Same-Store Gross Profit: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
358.3 |
$ |
353.5 |
$ |
4.8 |
1.4 |
% | ||||
|
Used Vehicles |
173.3 |
157.2 |
16.1 |
10.2 |
% | |||||||
|
Finance and Insurance, Net |
276.4 |
253.1 |
23.3 |
9.2 |
% | |||||||
|
Service and Parts |
611.2 |
575.4 |
35.8 |
6.2 |
% | |||||||
|
Fleet and Wholesale |
7.7 |
9.9 |
(2.2) |
(22.2) |
% | |||||||
|
Total Gross Profit |
$ |
1,426.9 |
$ |
1,349.1 |
$ |
77.8 |
5.8 |
% | ||||
|
Retail Automotive Same-Store Revenue Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
41,389 |
$ |
38,356 |
$ |
3,033 |
7.9 |
% | ||||
|
Used Vehicles |
29,248 |
26,928 |
2,320 |
8.6 |
% | |||||||
|
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
3,057 |
$ |
2,992 |
$ |
65 |
2.2 |
% | ||||
|
Used Vehicles |
1,631 |
1,508 |
123 |
8.2 |
% | |||||||
|
Finance and Insurance |
1,237 |
1,138 |
99 |
8.7 |
% | |||||||
|
Total Variable Gross Profit Per Vehicle (1) |
3,616 |
3,434 |
182 |
5.3 |
% | |||||||
|
Retail Automotive Same-Store Gross Margin: |
||||||||||||
|
New Vehicles |
7.4 |
% |
7.8 |
% |
(0.4) |
% |
(5.1) |
% | ||||
|
Used Vehicles |
5.6 |
% |
5.6 |
% |
— |
% |
— |
% | ||||
|
Service and Parts |
58.2 |
% |
58.7 |
% |
(0.5) |
% |
(0.9) |
% | ||||
|
Fleet and Wholesale |
1.5 |
% |
1.8 |
% |
(0.3) |
% |
(16.7) |
% | ||||
|
Total Gross Margin |
14.6 |
% |
14.8 |
% |
(0.2) |
% |
(1.4) |
% | ||||
|
Retail Automotive Revenue Mix Percentages: |
||||||||||||
|
New Vehicles |
49.6 |
% |
49.7 |
% |
(0.1) |
% |
(0.2) |
% | ||||
|
Used Vehicles |
31.8 |
% |
30.8 |
% |
1.0 |
% |
3.2 |
% | ||||
|
Finance and Insurance, Net |
2.8 |
% |
2.8 |
% |
— |
% |
— |
% | ||||
|
Service and Parts |
10.7 |
% |
10.8 |
% |
(0.1) |
% |
(0.9) |
% | ||||
|
Fleet and Wholesale |
5.1 |
% |
5.9 |
% |
(0.8) |
% |
(13.6) |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
Retail Automotive Gross Profit Mix Percentages: |
||||||||||||
|
New Vehicles |
25.1 |
% |
26.2 |
% |
(1.1) |
% |
(4.2) |
% | ||||
|
Used Vehicles |
12.1 |
% |
11.7 |
% |
0.4 |
% |
3.4 |
% | ||||
|
Finance and Insurance, Net |
19.4 |
% |
18.8 |
% |
0.6 |
% |
3.2 |
% | ||||
|
Service and Parts |
42.8 |
% |
42.7 |
% |
0.1 |
% |
0.2 |
% | ||||
|
Fleet and Wholesale |
0.6 |
% |
0.6 |
% |
— |
% |
— |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
_________________________ | ||||||||||||
|
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales. | ||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations Selected Data – Three Months June 30 (Unaudited) | ||||||||||||
|
Three Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
2018 |
2017 |
Change |
% Change | |||||||||
|
Retail Commercial Truck Units: |
||||||||||||
|
New Retail |
2,018 |
1,174 |
844 |
71.9 |
% | |||||||
|
Used Retail |
486 |
385 |
101 |
26.2 |
% | |||||||
|
Total |
2,504 |
1,559 |
945 |
60.6 |
% | |||||||
|
Retail Commercial Truck Revenue: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
210.7 |
$ |
116.5 |
$ |
94.2 |
80.9 |
% | ||||
|
Used Vehicles |
27.3 |
23.2 |
4.1 |
17.7 |
% | |||||||
|
Finance and Insurance, Net |
3.6 |
2.3 |
1.3 |
56.5 |
% | |||||||
|
Service and Parts |
92.2 |
83.3 |
8.9 |
10.7 |
% | |||||||
|
Wholesale |
5.0 |
3.2 |
1.8 |
56.3 |
% | |||||||
|
Total Revenue |
$ |
338.8 |
$ |
228.5 |
$ |
110.3 |
48.3 |
% | ||||
|
Retail Commercial Truck Gross Profit: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
9.5 |
$ |
5.0 |
$ |
4.5 |
90.0 |
% | ||||
|
Used Vehicles |
3.1 |
2.5 |
0.6 |
24.0 |
% | |||||||
|
Finance and Insurance, Net |
3.6 |
2.3 |
1.3 |
56.5 |
% | |||||||
|
Service and Parts |
35.9 |
30.3 |
5.6 |
18.5 |
% | |||||||
|
Wholesale |
0.3 |
(0.1) |
0.4 |
nm |
||||||||
|
Total Gross Profit |
$ |
52.4 |
$ |
40.0 |
$ |
12.4 |
31.0 |
% | ||||
|
Retail Commercial Truck Revenue Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
104,418 |
$ |
99,225 |
$ |
5,193 |
5.2 |
% | ||||
|
Used Vehicles |
56,175 |
60,139 |
(3,964) |
(6.6) |
% | |||||||
|
Retail Commercial Truck Gross Profit Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
4,680 |
$ |
4,300 |
$ |
380 |
8.8 |
% | ||||
|
Used Vehicles |
6,469 |
6,503 |
(34) |
(0.5) |
% | |||||||
|
Finance and Insurance |
1,445 |
1,477 |
(32) |
(2.2) |
% | |||||||
|
Total Variable Gross Profit Per Vehicle (1) |
6,470 |
6,286 |
184 |
2.9 |
% | |||||||
|
Retail Commercial Truck Gross Margin: |
||||||||||||
|
New Vehicles |
4.5 |
% |
4.3 |
% |
0.2 |
% |
4.7 |
% | ||||
|
Used Vehicles |
11.4 |
% |
10.8 |
% |
0.6 |
% |
5.6 |
% | ||||
|
Service and Parts |
38.9 |
% |
36.4 |
% |
2.5 |
% |
6.9 |
% | ||||
|
Total Gross Margin |
15.5 |
% |
17.5 |
% |
(2.0) |
% |
(11.4) |
% | ||||
|
Retail Commercial Truck Revenue Mix Percentages: |
||||||||||||
|
New Vehicles |
62.2 |
% |
51.0 |
% |
11.2 |
% |
22.0 |
% | ||||
|
Used Vehicles |
8.1 |
% |
10.2 |
% |
(2.1) |
% |
(20.6) |
% | ||||
|
Finance and Insurance, Net |
1.1 |
% |
1.0 |
% |
0.1 |
% |
10.0 |
% | ||||
|
Service and Parts |
27.2 |
% |
36.5 |
% |
(9.3) |
% |
(25.5) |
% | ||||
|
Fleet and Wholesale |
1.4 |
% |
1.3 |
% |
0.1 |
% |
7.7 |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
Retail Commercial Truck Gross Profit Mix Percentages: |
||||||||||||
|
New Vehicles |
18.1 |
% |
12.5 |
% |
5.6 |
% |
44.8 |
% | ||||
|
Used Vehicles |
5.9 |
% |
6.3 |
% |
(0.4) |
% |
(6.3) |
% | ||||
|
Finance and Insurance, Net |
6.9 |
% |
5.8 |
% |
1.1 |
% |
19.0 |
% | ||||
|
Service and Parts |
68.5 |
% |
75.8 |
% |
(7.3) |
% |
(9.6) |
% | ||||
|
Fleet and Wholesale |
0.6 |
% |
(0.4) |
% |
1.0 |
% |
nm |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
__________________________ | ||||||||||||
|
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales. | ||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations Selected Data – Six Months June 30 (Unaudited) | ||||||||||||
|
Six Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
2018 |
2017 |
Change |
% Change | |||||||||
|
Retail Commercial Truck Units: |
||||||||||||
|
New Retail |
3,672 |
2,300 |
1,372 |
59.7 |
% | |||||||
|
Used Retail |
937 |
766 |
171 |
22.3 |
% | |||||||
|
Total |
4,609 |
3,066 |
1,543 |
50.3 |
% | |||||||
|
Retail Commercial Truck Revenue: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
381.1 |
$ |
227.2 |
$ |
153.9 |
67.7 |
% | ||||
|
Used Vehicles |
53.8 |
42.2 |
11.6 |
27.5 |
% | |||||||
|
Finance and Insurance, Net |
6.8 |
4.5 |
2.3 |
51.1 |
% | |||||||
|
Service and Parts |
182.6 |
161.3 |
21.3 |
13.2 |
% | |||||||
|
Wholesale |
6.9 |
5.0 |
1.9 |
38.0 |
% | |||||||
|
Total Revenue |
$ |
631.2 |
$ |
440.2 |
$ |
191.0 |
43.4 |
% | ||||
|
Retail Commercial Truck Gross Profit: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
16.2 |
$ |
9.5 |
$ |
6.7 |
70.5 |
% | ||||
|
Used Vehicles |
5.8 |
3.5 |
2.3 |
65.7 |
% | |||||||
|
Finance and Insurance, Net |
6.8 |
4.5 |
2.3 |
51.1 |
% | |||||||
|
Service and Parts |
69.9 |
59.1 |
10.8 |
18.3 |
% | |||||||
|
Wholesale |
0.3 |
(0.2) |
0.5 |
nm |
||||||||
|
Total Gross Profit |
$ |
99.0 |
$ |
76.4 |
$ |
22.6 |
29.6 |
% | ||||
|
Retail Commercial Truck Revenue Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
103,797 |
$ |
98,758 |
$ |
5,039 |
5.1 |
% | ||||
|
Used Vehicles |
57,394 |
55,019 |
2,375 |
4.3 |
% | |||||||
|
Retail Commercial Truck Gross Profit Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
4,405 |
$ |
4,144 |
$ |
261 |
6.3 |
% | ||||
|
Used Vehicles |
6,161 |
4,556 |
1,605 |
35.2 |
% | |||||||
|
Finance and Insurance |
1,479 |
1,452 |
27 |
1.9 |
% | |||||||
|
Total Variable Gross Profit Per Vehicle (1) |
6,249 |
5,708 |
541 |
9.5 |
% | |||||||
|
Retail Commercial Truck Gross Margin: |
||||||||||||
|
New Vehicles |
4.3 |
% |
4.2 |
% |
0.1 |
% |
2.4 |
% | ||||
|
Used Vehicles |
10.8 |
% |
8.3 |
% |
2.5 |
% |
30.1 |
% | ||||
|
Service and Parts |
38.3 |
% |
36.6 |
% |
1.7 |
% |
4.6 |
% | ||||
|
Total Gross Margin |
15.7 |
% |
17.4 |
% |
(1.7) |
% |
(9.8) |
% | ||||
|
Retail Commercial Truck Revenue Mix Percentages: |
||||||||||||
|
New Vehicles |
60.4 |
% |
51.6 |
% |
8.8 |
% |
17.1 |
% | ||||
|
Used Vehicles |
8.5 |
% |
9.6 |
% |
(1.1) |
% |
(11.5) |
% | ||||
|
Finance and Insurance, Net |
1.1 |
% |
1.0 |
% |
0.1 |
% |
10.0 |
% | ||||
|
Service and Parts |
28.9 |
% |
36.6 |
% |
(7.7) |
% |
(21.0) |
% | ||||
|
Fleet and Wholesale |
1.1 |
% |
1.2 |
% |
(0.1) |
% |
(8.3) |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
Retail Commercial Truck Gross Profit Mix Percentages: |
||||||||||||
|
New Vehicles |
16.4 |
% |
12.4 |
% |
4.0 |
% |
32.3 |
% | ||||
|
Used Vehicles |
5.9 |
% |
4.6 |
% |
1.3 |
% |
28.3 |
% | ||||
|
Finance and Insurance, Net |
6.9 |
% |
5.9 |
% |
1.0 |
% |
16.9 |
% | ||||
|
Service and Parts |
70.6 |
% |
77.4 |
% |
(6.8) |
% |
(8.8) |
% | ||||
|
Fleet and Wholesale |
0.2 |
% |
(0.3) |
% |
0.5 |
% |
nm |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
_________________________ | ||||||||||||
|
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales. | ||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations Same-Store Selected Data – Three Months June 30 (Unaudited) | ||||||||||||
|
Three Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
2018 |
2017 |
Change |
% Change | |||||||||
|
Retail Commercial Truck Same-Store Units: |
||||||||||||
|
New Retail |
1,988 |
1,174 |
814 |
69.3 |
% | |||||||
|
Used Retail |
485 |
385 |
100 |
26.0 |
% | |||||||
|
Total |
2,473 |
1,559 |
914 |
58.6 |
% | |||||||
|
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
207.1 |
$ |
116.5 |
$ |
90.6 |
77.8 |
% | ||||
|
Used Vehicles |
27.2 |
23.2 |
4.0 |
17.2 |
% | |||||||
|
Finance and Insurance, Net |
2.3 |
2.3 |
— |
— |
% | |||||||
|
Service and Parts |
91.1 |
83.3 |
7.8 |
9.4 |
% | |||||||
|
Wholesale |
4.7 |
3.2 |
1.5 |
46.9 |
% | |||||||
|
Total Revenue |
$ |
332.4 |
$ |
228.5 |
$ |
103.9 |
45.5 |
% | ||||
|
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
9.2 |
$ |
5.0 |
$ |
4.2 |
84.0 |
% | ||||
|
Used Vehicles |
3.1 |
2.5 |
0.6 |
24.0 |
% | |||||||
|
Finance and Insurance, Net |
2.3 |
2.3 |
— |
— |
% | |||||||
|
Service and Parts |
35.3 |
30.3 |
5.0 |
16.5 |
% | |||||||
|
Wholesale |
0.2 |
(0.1) |
0.3 |
nm |
||||||||
|
Total Gross Profit |
$ |
50.1 |
$ |
40.0 |
$ |
10.1 |
25.3 |
% | ||||
|
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
104,173 |
$ |
99,225 |
$ |
4,948 |
5.0 |
% | ||||
|
Used Vehicles |
56,165 |
60,139 |
(3,974) |
(6.6) |
% | |||||||
|
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
4,607 |
$ |
4,300 |
$ |
307 |
7.1 |
% | ||||
|
Used Vehicles |
6,445 |
6,503 |
(58) |
(0.9) |
% | |||||||
|
Finance and Insurance |
916 |
1,477 |
(561) |
(38.0) |
% | |||||||
|
Total Variable Gross Profit Per Vehicle (1) |
5,904 |
6,286 |
(382) |
(6.1) |
% | |||||||
|
Retail Commercial Truck Same-Store Gross Margin: |
||||||||||||
|
New Vehicles |
4.4 |
% |
4.3 |
% |
0.1 |
% |
2.3 |
% | ||||
|
Used Vehicles |
11.4 |
% |
10.8 |
% |
0.6 |
% |
5.6 |
% | ||||
|
Service and Parts |
38.7 |
% |
36.4 |
% |
2.3 |
% |
6.3 |
% | ||||
|
Total Gross Margin |
15.1 |
% |
17.5 |
% |
(2.4) |
% |
(13.7) |
% | ||||
|
Retail Commercial Truck Revenue Mix Percentages: |
||||||||||||
|
New Vehicles |
62.3 |
% |
51.0 |
% |
11.3 |
% |
22.2 |
% | ||||
|
Used Vehicles |
8.2 |
% |
10.2 |
% |
(2.0) |
% |
(19.6) |
% | ||||
|
Finance and Insurance, Net |
0.7 |
% |
1.0 |
% |
(0.3) |
% |
(30.0) |
% | ||||
|
Service and Parts |
27.4 |
% |
36.5 |
% |
(9.1) |
% |
(24.9) |
% | ||||
|
Fleet and Wholesale |
1.4 |
% |
1.3 |
% |
0.1 |
% |
7.7 |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
Retail Commercial Truck Gross Profit Mix Percentages: |
||||||||||||
|
New Vehicles |
18.4 |
% |
12.5 |
% |
5.9 |
% |
47.2 |
% | ||||
|
Used Vehicles |
6.2 |
% |
6.3 |
% |
(0.1) |
% |
(1.6) |
% | ||||
|
Finance and Insurance, Net |
4.6 |
% |
5.8 |
% |
(1.2) |
% |
(20.7) |
% | ||||
|
Service and Parts |
70.5 |
% |
75.8 |
% |
(5.3) |
% |
(7.0) |
% | ||||
|
Fleet and Wholesale |
0.3 |
% |
(0.4) |
% |
0.7 |
% |
nm |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
__________________________ | ||||||||||||
|
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales. | ||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations Same-Store Selected Data – Six Months June 30 (Unaudited) | ||||||||||||
|
Six Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
2018 |
2017 |
Change |
% Change | |||||||||
|
Retail Commercial Truck Same-Store Units: |
||||||||||||
|
New Retail |
3,642 |
2,300 |
1,342 |
58.3 |
% | |||||||
|
Used Retail |
936 |
766 |
170 |
22.2 |
% | |||||||
|
Total |
4,578 |
3,066 |
1,512 |
49.3 |
% | |||||||
|
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
377.5 |
$ |
227.2 |
$ |
150.3 |
66.2 |
% | ||||
|
Used Vehicles |
53.7 |
42.2 |
11.5 |
27.3 |
% | |||||||
|
Finance and Insurance, Net |
4.4 |
4.5 |
(0.1) |
(2.2) |
% | |||||||
|
Service and Parts |
180.9 |
161.3 |
19.6 |
12.2 |
% | |||||||
|
Wholesale |
6.4 |
5.0 |
1.4 |
28.0 |
% | |||||||
|
Total Revenue |
$ |
622.9 |
$ |
440.2 |
$ |
182.7 |
41.5 |
% | ||||
|
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) |
||||||||||||
|
New Vehicles |
$ |
15.9 |
$ |
9.5 |
$ |
6.4 |
67.4 |
% | ||||
|
Used Vehicles |
5.8 |
3.5 |
2.3 |
65.7 |
% | |||||||
|
Finance and Insurance, Net |
4.4 |
4.5 |
(0.1) |
(2.2) |
% | |||||||
|
Service and Parts |
69.1 |
59.1 |
10.0 |
16.9 |
% | |||||||
|
Wholesale |
0.2 |
(0.2) |
0.4 |
nm |
||||||||
|
Total Gross Profit |
$ |
95.4 |
$ |
76.4 |
$ |
19.0 |
24.9 |
% | ||||
|
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
103,659 |
$ |
98,758 |
$ |
4,901 |
5.0 |
% | ||||
|
Used Vehicles |
57,390 |
55,019 |
2,371 |
4.3 |
% | |||||||
|
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: |
||||||||||||
|
New Vehicles |
$ |
4,363 |
$ |
4,144 |
$ |
219 |
5.3 |
% | ||||
|
Used Vehicles |
6,148 |
4,556 |
1,592 |
34.9 |
% | |||||||
|
Finance and Insurance |
962 |
1,452 |
(490) |
(33.7) |
% | |||||||
|
Total Variable Gross Profit Per Vehicle (1) |
5,701 |
5,708 |
(7) |
(0.1) |
% | |||||||
|
Retail Commercial Truck Same-Store Gross Margin: |
||||||||||||
|
New Vehicles |
4.2 |
% |
4.2 |
% |
— |
% |
— |
% | ||||
|
Used Vehicles |
10.8 |
% |
8.3 |
% |
2.5 |
% |
30.1 |
% | ||||
|
Service and Parts |
38.2 |
% |
36.6 |
% |
1.6 |
% |
4.4 |
% | ||||
|
Total Gross Margin |
15.3 |
% |
17.4 |
% |
(2.1) |
% |
(12.1) |
% | ||||
|
Retail Commercial Truck Revenue Mix Percentages: |
||||||||||||
|
New Vehicles |
60.6 |
% |
51.6 |
% |
9.0 |
% |
17.4 |
% | ||||
|
Used Vehicles |
8.6 |
% |
9.6 |
% |
(1.0) |
% |
(10.4) |
% | ||||
|
Finance and Insurance, Net |
0.7 |
% |
1.0 |
% |
(0.3) |
% |
(30.0) |
% | ||||
|
Service and Parts |
29.0 |
% |
36.6 |
% |
(7.6) |
% |
(20.8) |
% | ||||
|
Fleet and Wholesale |
1.1 |
% |
1.2 |
% |
(0.1) |
% |
(8.3) |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
Retail Commercial Truck Gross Profit Mix Percentages: |
||||||||||||
|
New Vehicles |
16.7 |
% |
12.4 |
% |
4.3 |
% |
34.7 |
% | ||||
|
Used Vehicles |
6.1 |
% |
4.6 |
% |
1.5 |
% |
32.6 |
% | ||||
|
Finance and Insurance, Net |
4.6 |
% |
5.9 |
% |
(1.3) |
% |
(22.0) |
% | ||||
|
Service and Parts |
72.4 |
% |
77.4 |
% |
(5.0) |
% |
(6.5) |
% | ||||
|
Fleet and Wholesale |
0.2 |
% |
(0.3) |
% |
0.5 |
% |
nm |
% | ||||
|
Total |
100.0 |
% |
100.0 |
% |
||||||||
|
_________________________ | ||||||||||||
|
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales. | ||||||||||||
|
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Non-GAAP Reconciliations (Unaudited) | ||||||||||||
|
The following tables reconcile reported net income to earnings before interest, taxes, depreciation and amortization ("EBITDA") for the three and six months ended June 30, 2018 and 2017: | ||||||||||||
|
Three Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
(Amounts in Millions) |
2018 |
2017 |
Change |
% Change | ||||||||
|
Net Income |
$ |
135.2 |
$ |
106.9 |
$ |
28.3 |
26.5 |
% | ||||
|
Add: Depreciation |
25.7 |
23.3 |
2.4 |
10.3 |
% | |||||||
|
Other Interest Expense |
28.6 |
26.4 |
2.2 |
8.3 |
% | |||||||
|
Income Taxes |
41.0 |
50.2 |
(9.2) |
(18.3) |
% | |||||||
|
(Income) Loss from Discontinued Operations, net of tax |
— |
(0.2) |
0.2 |
nm |
||||||||
|
EBITDA |
$ |
230.5 |
$ |
206.6 |
$ |
23.9 |
11.6 |
% | ||||
|
Six Months Ended |
||||||||||||
|
June 30, |
2018 vs. 2017 | |||||||||||
|
(Amounts in Millions) |
2018 |
2017 |
Change |
% Change | ||||||||
|
Net Income |
$ |
243.0 |
$ |
189.9 |
$ |
53.1 |
28.0 |
% | ||||
|
Add: Depreciation |
51.3 |
45.7 |
5.6 |
12.3 |
% | |||||||
|
Other Interest Expense |
58.4 |
51.4 |
7.0 |
13.6 |
% | |||||||
|
Income Taxes |
77.6 |
91.3 |
(13.7) |
(15.0) |
% | |||||||
|
(Income) Loss from Discontinued Operations, net of tax |
(0.1) |
0.4 |
(0.5) |
nm |
||||||||
|
EBITDA |
$ |
430.2 |
$ |
378.7 |
$ |
51.5 |
13.6 |
% | ||||
|
nm – not meaningful | ||||||||||||
View original content with multimedia:http://www.prnewswire.com/news-releases/penske-automotive-reports-record-second-quarter-and-record-first-half-2018-results-300686830.html
SOURCE Penske Automotive Group, Inc.
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