Penske Automotive Topped Q4 Estimates, Top Line Up 13.5%
February 17, 2011
"Penske Automotive (NYSE:PAG) reported Q4 EPS of $0.32, ahead of consensus estimates of $0.26 per share. Revenues for the quarter rose 13.5% to $2.80 billion, topping consensus estimates of $2.63 billion. Total retail unit sales increased 13.9% and total same-store retail revenues increased 9.1%.Penske Automotive Group Chairman Roger Penske said, "Our results exceeded my expectations, An improving retail environment in the U.S. drove our business in the fourth quarter, including a 13.8% increase in same-store total retail unit sales and a 7.0% increase in same-store service and parts revenues. In the U.K., our execution and our brand mix helped us to outperform the market and provide a strong contribution of profits despite difficult comparisons due to the government incentive programs in place last year."