Penske Automotive Group (NYSE: PAG) reported Q4 EPS of $2.49, $0.36 better than the analyst estimate of $2.13. Revenue for the quarter came in at $5.8 billion versus the consensus estimate of $5.74 billion.

Commenting on the company's results, Chairman Roger Penske said, "I am very pleased to report 97% earnings growth for the fourth quarter. Our results were driven by same-store retail automotive margin expansion, growth in our commercial truck dealership profitability, and continued strong performance from Penske Transportation Solutions. Coupled with the benefit from expense reductions, adjusted selling, general, and administrative expenses as a percentage of gross profit declined 800 basis-points. Additionally, in 2020 our business generated $708 million in earnings before taxes, an all-time record. Our strong cash flow during the year provided us with the opportunity to paydown $670 million of non-vehicle long-term debt and reduce our debt to total capitalization to 34% from 46%."

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