Penske Automotive Reports First Quarter 2019 Results

BLOOMFIELD HILLS, Mich., April 25, 2019 /PRNewswire/ -- Penske Automotive Group, Inc. PAG, a diversified international transportation services company, today announced first quarter 2019 results. For the three months ended March 31, 2019, the company reported income from continuing operations attributable to common shareholders of $100.1 million, or $1.19 per share, compared to $108.0 million, or $1.26 per share in the prior year.

During the three months ended March 31, 2019, income from continuing operations and related earnings per share were negatively impacted by $7.6 million after taxes, or $0.09 per share, from net restructuring charges and product availability shortages related to Worldwide Light Vehicle Testing Protocol (WLTP). These costs were partially offset by $2.4 million after taxes, or $0.03 per share, related to the favorable outcome of a litigation matter at Penske Truck Leasing. Foreign exchange negatively affected earnings per share by $0.04 in the first quarter 2019.

The results for the three months ended March 31, 2018 include a net benefit totaling $1.0 million or $0.01 per share, related to strategic dealership actions. On January 1, 2019, the company adopted ASC 842 for lease recognition and recorded operating lease right-of-use assets and operating lease liabilities of approximately $2.3 billion each on our balance sheet as of March 31, 2019.

Chairman Roger Penske said, "I am pleased with our first quarter performance and optimistic about the remainder of the year. We repurchased 1.5%, or 1.3 million, of our outstanding shares while holding long-term debt flat with December last year. Further, I am particularly pleased to see the 5.6% increase in same-store service and parts revenue when excluding the impact of foreign exchange and the increase in our used to new ratio. As I look forward, the product availability issues created by WLTP have improved, and I am encouraged by the strong order book in the U.K., the continued strength in our retail truck operations, and the resilience shown by our dealership operations."

 Automotive Retail Highlights of the First Quarter

  • Same-Store Retail Unit Sales -3.8% to 124,725
    • New Retail Units -8.5%
    • Used Retail Units +0.1%
  • Same-Store Retail Revenue -4.5%; Excluding Foreign Exchange -1.4%

 









Actual

Excl. F/X

New Vehicles

-9.4%

-6.9%

Used Vehicles

-0.5%

+3.4%

Finance & Insurance

-0.4%

+2.8%

Service & Parts

+3.0%

+5.6%

 

  • Same-Store Average Gross Profit Per Unit

 











New

Used

F & I

Actual

$3,153

$1,301

$1,262

Change

+$49

-$209

+$42









Excl. Foreign Exchange

$3,253

$1,347

$1,303

Change

+$149

-$163

+$83

 

Used Supercenter Operations

For the three months ended March 31, 2019, the used supercenters retailed 18,040 used units and generated $314.4 million in revenue. The company expects to open four additional used vehicle supercenters during the second half of 2019, including two sites in the U.S. and another two in the U.K.

Retail Commercial Truck Operations

For the three months ended March 31, 2019, total medium and heavy duty truck units retailed increased 9.4% and revenue increased 13.6% to $332.3 million. Same-store units retailed increased 7.7% and revenue increased 12.4%. Service and parts represented 27.5% of revenue and 66.4% of gross profit. Same-store service and parts revenue increased 1.1%.

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. The company accounts for its ownership interest in PTL using the equity method of accounting. For the three months ended March 31, 2019, the company recorded $25.8 million in earnings from this investment compared to $16.0 million for the same period last year.

Dividend and Share Repurchases

On January 30, 2019, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.38 per share, the 31st consecutive increase in the quarterly dividend.

During the three months ended March 31, 2019, the company repurchased approximately 1.5% of its outstanding shares, representing 1,258,348 shares, for $54.3 million, or an average of $43.19 per share. As of March 31, 2019, the company had remaining share repurchase authorization of approximately $145.7 million.

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the first quarter of 2019 on Thursday, April 25, 2019, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1093 [International, please dial (612) 332-0107]. The call will also be simultaneously broadcast over the Internet through the Investor's section of the Penske Automotive Group website. Additionally, an investor presentation relating to the first quarter 2019 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 27,000 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 product availability, 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, changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse impacts related to the outcome of the United Kingdom's potential departure from the European Union, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to WLTP, natural disasters, 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, 2018, 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.

Find a vehicle: http://www.penskecars.com

Engage Penske Automotive: http://www.penskesocial.com

Like Penske Automotive on Facebook: https://facebook.com/penskecars

Follow Penske Automotive on Twitter: https://twitter.com/penskecars

Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars

Inquiries should contact:

J.D. Carlson

Anthony R. Pordon

Executive Vice President and

Executive Vice President Investor Relations

Chief Financial Officer

and Corporate Development

Penske Automotive Group, Inc.

Penske Automotive Group, Inc.

248-648-2810

248-648-2540

jcarlson@penskeautomotive.com

tpordon@penskeautomotive.com

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Millions, Except Per Share Data)

(Unaudited)





























Three Months Ended









March 31,









2019



2018



Change





Revenue



$

5,564.4



$

5,746.9



(3.2)

%





Cost of Sales





4,712.9





4,882.5



(3.5)

%





Gross Profit



$

851.5



$

864.4



(1.5)

%





SG&A Expenses





666.4





663.1



0.5

%





Depreciation





26.4





25.6



3.1

%





Operating Income



$

158.7



$

175.7



(9.7)

%





Floor Plan Interest Expense





(21.8)





(18.9)



15.3

%





Other Interest Expense





(29.9)





(29.8)



0.3

%





Equity in Earnings of Affiliates





26.8





17.3



54.9

%





Income from Continuing Operations Before Income Taxes



$

133.8



$

144.3



(7.3)

%





Income Taxes





(34.7)





(36.6)



(5.2)

%





Income from Continuing Operations



$

99.1



$

107.7



(8.0)

%





Income from Discontinued Operations, net of tax





0.1





0.1



nm







Net Income



$

99.2



$

107.8



(8.0)

%





Less: Loss Attributable to Non-Controlling Interests





(1.0)





(0.3)



nm







Net Income Attributable to Common Shareholders



$

100.2



$

108.1



(7.3)

%





























Amounts Attributable to Common Shareholders:























Reported Income from Continuing Operations



$

99.1



$

107.7



(8.0)

%





Less: Loss Attributable to Non-Controlling Interests





(1.0)





(0.3)



nm







Income from Continuing Operations, net of tax



$

100.1



$

108.0



(7.3)

%





Income from Discontinued Operations, net of tax





0.1





0.1



nm







Net Income Attributable to Common Shareholders



$

100.2



$

108.1



(7.3)

%





Income from Continuing Operations Per Share



$

1.19



$

1.26



(5.6)

%





Income Per Share



$

1.19



$

1.26



(5.6)

%





Weighted Average Shares Outstanding





84.4





86.0



(1.9)

%





























nm – not meaningful























 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)



















March 31,



December 31,





2019



2018

Assets:













Cash and Cash Equivalents



$

43.5



$

39.4

Accounts Receivable, Net





1,034.1





929.1

Inventories





4,104.1





4,040.1

Other Current Assets





101.5





86.6

Total Current Assets





5,283.2





5,095.2

Property and Equipment, Net





2,276.1





2,250.0

Operating Lease Right-of-Use Assets





2,340.6





Intangibles





2,247.9





2,238.2

Other Long-Term Assets





1,351.3





1,321.1

Total Assets



$

13,499.1



$

10,904.5















Liabilities and Equity:













Floor Plan Notes Payable



$

2,419.2



$

2,362.2

Floor Plan Notes Payable – Non-Trade





1,488.7





1,428.6

Accounts Payable





668.5





598.2

Accrued Expenses and Other Current Liabilities





698.7





566.6

Current Portion Long-Term Debt





94.5





92.0

Liabilities Held for Sale





0.5





0.7

Total Current Liabilities





5,370.1





5,048.3

Long-Term Debt





2,118.3





2,124.7

Long-Term Operating Lease Liabilities





2,308.4





Other Long-Term Liabilities





1,040.6





1,096.8

Total Liabilities





10,837.4





8,269.8

Equity





2,661.7





2,634.7

Total Liabilities and Equity



$

13,499.1



$

10,904.5















Supplemental Balance Sheet Information













New vehicle days' supply





62





72

Used vehicle days' supply





41





57

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)





















Three Months Ended







March 31,







2019



2018



Geographic Revenue Mix:















North America





54.9

%



53.0

%

U.K.





36.7

%



38.2

%

Other International





8.4

%



8.8

%

Total





100.0

%



100.0

%

















Revenue: (Amounts in Millions)















Retail Automotive



$

5,091.2



$

5,296.0



Retail Commercial Trucks





332.3





292.4



Commercial Vehicles Australia/Power Systems and Other





140.9





158.5



Total



$

5,564.4



$

5,746.9



















Gross Profit: (Amounts in Millions)















Retail Automotive



$

761.5



$

778.3



Retail Commercial Trucks





54.4





46.6



Commercial Vehicles Australia/Power Systems and Other





35.6





39.5



Total



$

851.5



$

864.4



















Gross Margin:















Retail Automotive





15.0

%



14.7

%

Retail Commercial Trucks





16.4

%



15.9

%

Commercial Vehicles Australia/Power Systems and Other





25.3

%



24.9

%

Total





15.3

%



15.0

%





























Three Months Ended







March 31,



















2019



2018



Operating Items as a Percentage of Revenue:











Gross Profit



15.3

%

15.0

%

Selling, General and Administrative Expenses



12.0

%

11.5

%

Operating Income



2.9

%

3.1

%

Income from Continuing Operations Before Income Taxes



2.4

%

2.5

%













Operating Items as a Percentage of Total Gross Profit:











Selling, General and Administrative Expenses



78.3

%

76.7

%

Operating Income



18.6

%

20.3

%





































Three Months Ended







March 31,



















(Amounts in Millions)



2019



2018



















EBITDA*



$

190.1



$

199.7



Floorplan Credits



$

8.5



$

8.5



Rent Expense



$

57.2



$

57.9



Capital Expenditures



$

63.1



$

64.7



Stock Repurchases



$

54.3



$

50.0



___________________________

* 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







March 31,







2019



2018



Retail Automotive Revenue Mix:











Premium:











BMW / MINI



22

%

22

%

Audi



12

%

14

%

Mercedes-Benz



10

%

10

%

Land Rover / Jaguar



10

%

9

%

Porsche



5

%

6

%

Ferrari / Maserati



3

%

3

%

Lexus



3

%

2

%

Acura



1

%

1

%

Bentley



1

%

1

%

Others



3

%

2

%

Total Premium



70

%

70

%

Volume Non-U.S.:











Toyota



9

%

9

%

Honda



6

%

6

%

Volkswagen



4

%

4

%

Nissan



1

%

1

%

Others



2

%

2

%

Total Volume Non-U.S.



22

%

22

%

U.S.:











General Motors / Chrysler / Ford



2

%

2

%

Stand-Alone Used



6

%

6

%

Total



100

%

100

%













Retail Automotive Geographic Revenue Mix:











U.S.



54

%

52

%

U.K.



40

%

41

%

Other International



6

%

7

%

Total



100

%

100

%













Retail Automotive Geographic Gross Profit Mix:











U.S.



58

%

57

%

U.K.



37

%

37

%

Other International



5

%

6

%

Total



100

%

100

%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)

























Three Months Ended





March 31,





2019



2018



Change

Retail Automotive Units:



















New Retail





54,370





59,262



(8.3)

%

Used Retail





72,744





73,228



(0.7)

%

Total





127,114





132,490



(4.1)

%





















Retail Automotive Revenue: (Amounts in Millions)



















New Vehicles



$

2,231.2



$

2,446.8



(8.8)

%

Used Vehicles





1,852.0





1,866.8



(0.8)

%

Finance and Insurance, Net





160.0





160.8



(0.5)

%

Service and Parts





559.8





543.5



3.0

%

Fleet and Wholesale





288.2





278.1



3.6

%

Total Revenue



$

5,091.2



$

5,296.0



(3.9)

%





















Retail Automotive Gross Profit: (Amounts in Millions)



















New Vehicles



$

172.7



$

183.2



(5.7)

%

Used Vehicles





92.9





109.7



(15.3)

%

Finance and Insurance, Net





160.0





160.8



(0.5)

%

Service and Parts





331.4





318.1



4.2

%

Fleet and Wholesale





4.5





6.5



(30.8)

%

Total Gross Profit



$

761.5



$

778.3



(2.2)

%





















Retail Automotive Revenue Per Vehicle Retailed:



















New Vehicles



$

41,037



$

41,288



(0.6)

%

Used Vehicles





25,459





25,493



(0.1)

%





















Retail Automotive Gross Profit Per Vehicle Retailed:



















New Vehicles



$

3,176



$

3,091



2.7

%

Used Vehicles





1,278





1,498



(14.7)

%

Finance and Insurance





1,259





1,213



3.8

%





















Retail Automotive Gross Margin:



















New Vehicles





7.7

%



7.5

%

+20

bps

Used Vehicles





5.0

%



5.9

%

-90

bps

Service and Parts





59.2

%



58.5

%

+70

bps

Fleet and Wholesale





1.6

%



2.3

%

-70

bps

Total Gross Margin





15.0

%



14.7

%

+30

bps





















Retail Automotive Revenue Mix Percentages:



















New Vehicles





43.8

%



46.2

%

-240

bps

Used Vehicles





36.4

%



35.2

%

+120

bps

Finance and Insurance, Net





3.1

%



3.0

%

+10

bps

Service and Parts





11.0

%



10.3

%

+70

bps

Fleet and Wholesale





5.7

%



5.3

%

+40

bps

Total





100.0

%



100.0

%

























Retail Automotive Gross Profit Mix Percentages:



















New Vehicles





22.7

%



23.5

%

-80

bps

Used Vehicles





12.2

%



14.1

%

-190

bps

Finance and Insurance, Net





21.0

%



20.7

%

+30

bps

Service and Parts





43.5

%



40.9

%

+260

bps

Fleet and Wholesale





0.6

%



0.8

%

-20

bps

Total





100.0

%



100.0

%





 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations Same-Store

Selected Data

(Unaudited)

























Three Months Ended





March 31,





2019



2018



Change

Retail Automotive Same-Store Units:



















New Retail





53,112





58,062



(8.5)

%

Used Retail





71,613





71,532



0.1

%

Total





124,725





129,594



(3.8)

%





















Retail Automotive Same-Store Revenue: (Amounts in Millions)



















New Vehicles



$

2,171.2



$

2,397.3



(9.4)

%

Used Vehicles





1,823.4





1,832.1



(0.5)

%

Finance and Insurance, Net





157.5





158.2



(0.4)

%

Service and Parts





547.5





531.4



3.0

%

Fleet and Wholesale





280.2





271.6



3.2

%

Total Revenue



$

4,979.8



$

5,190.6



(4.1)

%





















Retail Automotive Same-Store Gross Profit: (Amounts in Millions)



















New Vehicles



$

167.5



$

180.2



(7.0)

%

Used Vehicles





93.1





108.0



(13.8)

%

Finance and Insurance, Net





157.5





158.2



(0.4)

%

Service and Parts





323.9





310.8



4.2

%

Fleet and Wholesale





4.5





6.7



(32.8)

%

Total Gross Profit



$

746.5



$

763.9



(2.3)

%





















Retail Automotive Same-Store Revenue Per Vehicle Retailed:



















New Vehicles



$

40,880



$

41,288



(1.0)

%

Used Vehicles





25,462





25,612



(0.6)

%





















Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:



















New Vehicles



$

3,153



$

3,104



1.6

%

Used Vehicles





1,301





1,510



(13.8)

%

Finance and Insurance





1,262





1,220



3.4

%





















Retail Automotive Same-Store Gross Margin:



















New Vehicles





7.7

%



7.5

%

+20

bps

Used Vehicles





5.1

%



5.9

%

-80

bps

Service and Parts





59.2

%



58.5

%

+70

bps

Fleet and Wholesale





1.6

%



2.5

%

-90

bps

Total Gross Margin





15.0

%



14.7

%

+30

bps





















Retail Automotive Revenue Mix Percentages:



















New Vehicles





43.6

%



46.2

%

-260

bps

Used Vehicles





36.6

%



35.3

%

+130

bps

Finance and Insurance, Net





3.2

%



3.0

%

+20

bps

Service and Parts





11.0

%



10.2

%

+80

bps

Fleet and Wholesale





5.6

%



5.3

%

+30

bps

Total





100.0

%



100.0

%

























Retail Automotive Gross Profit Mix Percentages:



















New Vehicles





22.4

%



23.6

%

-120

bps

Used Vehicles





12.5

%



14.1

%

-160

bps

Finance and Insurance, Net





21.1

%



20.7

%

+40

bps

Service and Parts





43.4

%



40.7

%

+270

bps

Fleet and Wholesale





0.6

%



0.9

%

-30

bps

Total





100.0

%



100.0

%





 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

Selected Data

(Unaudited)

























Three Months Ended





March 31,





2019



2018



Change

Retail Commercial Truck Units:



















New Retail





1,887





1,655



14.0

%

Used Retail





416





451



(7.8)

%

Total





2,303





2,106



9.4

%





















Retail Commercial Truck Revenue: (Amounts in Millions)



















New Vehicles



$

207.4



$

170.4



21.7

%

Used Vehicles





24.1





26.5



(9.1)

%

Finance and Insurance, Net





3.0





3.2



(6.3)

%

Service and Parts





91.5





90.4



1.2

%

Other





6.3





1.9



231.6

%

Total Revenue



$

332.3



$

292.4



13.6

%





















Retail Commercial Truck Gross Profit: (Amounts in Millions)



















New Vehicles



$

10.2



$

6.7



52.2

%

Used Vehicles





2.7





2.7



%

Finance and Insurance, Net





3.0





3.2



(6.3)

%

Service and Parts





36.1





34.0



6.2

%

Other





2.4







nm



Total Gross Profit



$

54.4



$

46.6



16.7

%





















Retail Commercial Truck Revenue Per Vehicle Retailed:



















New Vehicles



$

109,887



$

102,978



6.7

%

Used Vehicles





58,032





58,708



(1.2)

%





















Retail Commercial Truck Gross Profit Per Vehicle Retailed:



















New Vehicles



$

5,391



$

4,067



32.6

%

Used Vehicles





6,557





5,829



12.5

%

Finance and Insurance





1,309





1,520



(13.9)

%





















Retail Commercial Truck Gross Margin:



















New Vehicles





4.9

%



3.9

%

+100

bps

Used Vehicles





11.2

%



10.2

%

+100

bps

Service and Parts





39.5

%



37.6

%

+190

bps

Total Gross Margin





16.4

%



15.9

%

+50

bps





















Retail Commercial Truck Revenue Mix Percentages:



















New Vehicles





62.4

%



58.3

%

+410

bps

Used Vehicles





7.3

%



9.1

%

-180

bps

Finance and Insurance, Net





0.9

%



1.1

%

-20

bps

Service and Parts





27.5

%



30.9

%

-340

bps

Other





1.9

%



0.6

%

+130

bps

Total





100.0

%



100.0

%

























Retail Commercial Truck Gross Profit Mix Percentages:



















New Vehicles





18.8

%



14.4

%

+440

bps

Used Vehicles





5.0

%



5.8

%

-80

bps

Finance and Insurance, Net





5.5

%



6.8

%

-130

bps

Service and Parts





66.4

%



73.0

%

-660

bps

Other





4.3

%



%

+430

bps

Total





100.0

%



100.0

%





 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations Same-Store

Selected Data

(Unaudited)

























Three Months Ended





March 31,





2019



2018



Change

Retail Commercial Truck Same-Store Units:



















New Retail





1,859





1,655



12.3

%

Used Retail





409





451



(9.3)

%

Total





2,268





2,106



7.7

%





















Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)



















New Vehicles



$

204.0



$

170.4



19.7

%

Used Vehicles





24.4





26.5



(7.9)

%

Finance and Insurance, Net





4.8





3.2



50.0

%

Service and Parts





90.8





89.8



1.1

%

Other





4.0





1.9



110.5

%

Total Revenue



$

328.0



$

291.8



12.4

%





















Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)



















New Vehicles



$

9.9



$

6.7



47.8

%

Used Vehicles





3.2





2.7



18.5

%

Finance and Insurance, Net





4.8





3.2



50.0

%

Service and Parts





35.8





33.8



5.9

%

Other











nm



Total Gross Profit



$

53.7



$

46.4



15.7

%





















Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:



















New Vehicles



$

109,762



$

102,978



6.6

%

Used Vehicles





59,682





58,708



1.7

%





















Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:



















New Vehicles



$

5,332



$

4,067



31.1

%

Used Vehicles





7,864





5,829



34.9

%

Finance and Insurance





2,115





1,520



39.1

%





















Retail Commercial Truck Same-Store Gross Margin:



















New Vehicles





4.9

%



3.9

%

+100

bps

Used Vehicles





13.1

%



10.2

%

+290

bps

Service and Parts





39.4

%



37.6

%

+180

bps

Total Gross Margin





16.4

%



15.9

%

+50

bps





















Retail Commercial Truck Revenue Mix Percentages:



















New Vehicles





62.2

%



58.4

%

+380

bps

Used Vehicles





7.4

%



9.1

%

-170

bps

Finance and Insurance, Net





1.5

%



1.1

%

+40

bps

Service and Parts





27.7

%



30.8

%

-310

bps

Other





1.2

%



0.6

%

+60

bps

Total





100.0

%



100.0

%

























Retail Commercial Truck Gross Profit Mix Percentages:



















New Vehicles





18.4

%



14.4

%

+400

bps

Used Vehicles





6.0

%



5.8

%

+20

bps

Finance and Insurance, Net





8.9

%



6.9

%

+200

bps

Service and Parts





66.7

%



72.9

%

-620

bps

Other





%



%

---

bps

Total





100.0

%



100.0

%





 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Non-GAAP Reconciliations

(Unaudited)



The following table reconciles reported net income to earnings before interest, taxes, depreciation and amortization ("EBITDA") for the three months ended March 31, 2019 and 2018:































Three Months Ended

















March 31,



2019 vs. 2018

(Amounts in Millions)



2019



2018



Change



% Change



























Net Income



$

99.2



$

107.8



$

(8.6)



(8.0)

%

Add: Depreciation





26.4





25.6





0.8



3.1

%

Other Interest Expense





29.9





29.8





0.1



0.3

%

Income Taxes





34.7





36.6





(1.9)



(5.2)

%

Income from Discontinued Operations, net of tax





(0.1)





(0.1)









EBITDA



$

190.1



$

199.7



$

(9.6)



(4.8)

%



nm – not meaningful

 

Penske Automotive Group logo. (PRNewsFoto/Penske Automotive Group)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/penske-automotive-reports-first-quarter-2019-results-300838004.html

SOURCE Penske Automotive Group, Inc.

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