Penske Automotive Group (PAG) Tops Q1 EPS by 2c

Penske Automotive Group (NYSE: PAG) reported Q1 EPS of $0.90, $0.02 better than the analyst estimate of $0.88. Revenue for the quarter came in at $4.8 billion versus the consensus estimate of $4.79 billion.

Automotive Retail Highlights of the First Quarter

• Retail Unit Sales Increased 9.9% to 111,494
  • New unit retail sales +10.2%
  • Used unit retail sales +9.6%

• Same-Store Retail Revenue Increased 2.5%
  • New +1.6%; Used +3.3%; Finance & Insurance +5.9% Service and Parts +3.7%
  • Excluding f/x, Same-Store retail revenue increased 4.7%

• Average Transaction Price Per Unit
  • New vehicles $38,607, -$1,532/unit, or -3.8%
  • Used vehicles $26,780, +$108/unit, or +0.4%

• Average Gross Profit Per Unit
  • New $2,988, -$162/unit; Gross Margin 7.7%, -10 basis points
    • Excluding f/x $3,051, -$99/unit; Gross Margin 7.7%, -10 basis points
  • Used $1,598, -$165/unit; Gross Margin 6.0%, -60 basis points
    • Excluding f/x $1,633, -$130/unit; Gross Margin 5.9%, -70 basis points
  • Finance & Insurance $1,062, -$34/unit
    • Excluding f/x $1,085, -$11/unit

For earnings history and earnings-related data on Penske Automotive Group (PAG) click here.

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