Penske Automotive Group (NYSE: PAG) reported Q1 EPS of $2.26, $0.45 better than the analyst estimate of $1.81. Revenue for the quarter came in at $5.77 billion versus the consensus estimate of $5.53 billion.

Commenting on the company's results, Chairman Roger Penske said, "We had outstanding performance across our business during the first quarter. I am particularly pleased with the continued expense discipline driving a 990-basis point improvement in selling, general and administrative expense as a percent of gross profit. Despite our dealership showrooms being closed in the U.K. for the entire first quarter due to COVID restrictions, we used our online tools to deliver 40,000 new and used vehicles in the U.K. market. Importantly, new same-store units in the U.K. increased 7.8% compared to the U.K. market which declined 12%." Penske continued, "Further, our commercial truck dealerships improved their profitability by 101% while the earnings from our investment in Penske Transportation Solutions increased 295% demonstrating the strength of the company's diversified business model."

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