Penske Automotive Group (PAG) Tops Q3 EPS by 4c, Revenues Miss

Penske Automotive Group (NYSE: PAG) reported Q3 EPS of $1.40, $0.04 better than the analyst estimate of $1.36. Revenue for the quarter came in at $5.66 billion versus the consensus estimate of $5.84 billion.

"I am particularly pleased to report another quarter of record revenues, income from continuing operations and earnings per share, which continue to demonstrate the benefit of our diversification," said Penske Automotive Group Chairman Roger S. Penske. "The strength of our performance in the third quarter was driven by increases in new vehicle, used vehicle and finance & insurance gross profit per retail unit sold, coupled with a 70 basis-point increase in service and parts gross margin. Further, our U.K. business produced another record quarter on the strength of its premium brand mix and stand-alone used vehicle supercenter operations. Also contributing to the company's record third quarter was the 25.4% same-store retail revenue increase in the company's North American retail commercial truck business and our investment in Penske Truck Leasing."

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

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