BLOOMFIELD HILLS, Mich.,
April 26, 2017 /PRNewswire/ --
|
First Quarter 2017
Highlights
|
|
-- Revenue Increases
5.3% to $5.1 Billion; Excluding Foreign Exchange +11.3%
|
|
-- Same-Store Retail
Revenue Decreases 2.2%; Excluding Foreign Exchange +3.7%
|
|
-- Income from
Continuing Operations Attributable to Common Shareholders Increases
4.9% to $83.2 Million; Excluding Foreign Exchange +14.4% to $90.7
Million
|
|
-- Earnings Per Share
from Continuing Operations Attributable to Common Shareholders
Increases 7.8% to $0.97; Excluding Foreign Exchange +17.8% to
$1.06
|
Penske Automotive Group, Inc. (NYSE: PAG), an international
transportation services company, today announced record first
quarter results, including record revenue, income from continuing
operations and earnings per share. For the three months ended
March 31, 2017, income from
continuing operations attributable to common shareholders increased
4.9% to $83.2 million, and related
earnings per share increased 7.8% to $0.97, when compared to the same period last
year. Foreign exchange negatively impacted income from
continuing operations attributable to common shareholders by
$7.5 million, and earnings per share
attributable to common shareholders by $0.09. Excluding the foreign exchange impact,
income from continuing operations attributable to common
shareholders would have increased 14.4% to $90.7 million and earnings per share would have
increased 17.8% to $1.06.
For the three months ended March 31,
2017, total automotive units retailed increased 11.6%,
driven by strength in the company's U.K. operations and
acquisitions. Total same-store units retailed declined
0.4%. Total revenue increased 5.3% to $5.1 billion, and same-store retail revenue
declined 2.2%. Foreign exchange rates negatively impacted revenues
by approximately $287.6
million. Excluding the foreign exchange impact, total
revenue would have increased 11.3% to $5.4
billion and same-store retail revenue would have increased
3.7%.
Commenting on the company's results, Penske Automotive Group
Chairman Roger S. Penske said, "Our
diversified transportation services business delivered another
outstanding quarter of record results despite foreign currency
headwinds. I am pleased to see increases in average gross
profit per transaction for new vehicles, used vehicles and finance
and insurance when excluding the impact from foreign exchange,
coupled with another strong quarter of record results by our U.K.
business. As we look to the future our recent acquisitions
combined with the continued performance of our existing business
provide a solid foundation for growth and profitability."
Automotive Retail Highlights - Note: f/x = foreign
exchange
- Retail Unit Sales +11.6% to 124,472
-
- New unit retail sales +5.8%
- Used unit retail sales +18.1%
- Same-Store Retail Unit Sales -0.4% to 110,577
-
- New unit retail sales +0.6%
- Used unit retail sales -1.5%
- Same-Store Retail Revenue -2.2%; excluding f/x +3.7%
-
- New -2.9%; Used -2.7%; Finance & Insurance +4.9%; Service
and Parts +0.9%
-
- Excluding f/x: New +2.8%; Used +4.1%; Finance & Insurance
+11.2%; Service and Parts +4.9%
- Average Gross Profit Per Unit
-
- New $2,848, -$140/unit; Gross Margin 7.7%, flat
-
- Excluding f/x $3,025,
+$37/unit
- Used $1,512, -$86/unit; Gross Margin 6.1%, +10 basis
points
-
- Excluding f/x $1,606,
+$8/uni
- Finance & Insurance $1,104,
+$42/unit
-
- Excluding f/x $1,174,
+$112/unit
Automotive retail results include the company's recently
acquired used vehicle superstores, which are located in the U.S.
and in the U.K. During the first quarter of 2017, these used
vehicle dealerships retailed 8,200 units, generating $143.1 million in revenue and $24.6 million in gross profit. The average
transaction price was $14,372,
generating a gross profit per unit of $1,382. Finance and insurance gross profit
per unit was $1,147.
Retail Commercial Truck Operations
The company operates twenty locations in the U.S. and
Canada under the "Premier Truck
Group" brand name, offering primarily the Freightliner and Western
Star brands. For the three months ended March 31, 2017, Premier Truck Group retailed
1,507 units, generated $211.7 million
of revenue, and $36.4 million of
gross profit, principally through the retail sale of new/used
medium-and heavy-duty trucks and service/parts sales. For the three
months ended March 31, 2017, gross
profit per used truck retailed improved to $2,589 from a loss of $1,471 per unit in the same period last year, as
used truck prices stabilized. Service and parts gross profit
represented approximately 79% of Premier Truck Group's gross profit
for the three months ended March 31,
2017.
Penske Truck Leasing
Penske Truck Leasing Co., L.P. ("PTL") is a leading provider of
full-service truck leasing, truck rental, contract maintenance and
logistics services. For the three months ended March 31, 2017, we recorded $11.9 million as part of equity in earnings of
affiliates compared to $3.5 million
for the three months ended March 31,
2016. The company acquired an additional 14.4% ownership
interest in PTL in July 2016,
increasing our ownership to 23.4%. Accordingly, the company
accounts for its ownership interest in PTL using the equity method
of accounting.
Acquisitions
During the three months ended March 31,
2017, the company completed acquisitions representing
approximately $900 million in
estimated annualized revenue. These acquisitions include a
Jaguar and Land Rover dealership in Paramus, New Jersey, U.S.-based CarSense and
U.K.-based CarShop, both of which are stand-alone specialty
retailers of used vehicles.
In April 2017, the company
announced that it had acquired Schumacher European, LTD., an 88,000
square foot Mercedes-Benz and Sprinter dealership with 67 service
bays located in Phoenix,
Arizona. Schumacher European is expected to add approximately
$250 million in estimated annualized
revenue. The Schumacher dealership is located contiguous to
the company's Scottsdale 101 Auto
Collection which includes 15 franchises, over 220 service bays and
generates over $800 million in annual
revenues.
Conference Call
Penske Automotive will host a conference call discussing
financial results relating to the first quarter of 2017 on
Wednesday, April 26, 2017, at
2:00 p.m. Eastern Daylight Time. To listen to the
conference call, participants must dial (800) 700-7860 -
[International, please dial (612) 332-0720]. The call will also
be simultaneously broadcast over the Internet through the Investor
Relations section of the Penske Automotive Group website.
Additionally, an investor presentation relating to the first
quarter 2017 financial results has been posted to the company's
website. To access the presentation or to listen to the company's
webcast, please refer to www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in
Bloomfield Hills, Michigan, is an
international transportation services company that operates
automotive and commercial truck dealerships principally in
the United States, Canada, and Western
Europe, and distributes commercial vehicles, diesel engines,
gas engines, power systems and related parts and services
principally in Australia and
New Zealand. PAG employs more than
25,000 people worldwide and is a member of the Fortune 500 and
Russell 2000. For additional information, visit the company's
website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as
defined under SEC rules, such as adjusted income from continuing
operations and related earnings per share, and earnings before
interest, taxes, depreciation and amortization ("EBITDA"). The
company has reconciled these measures to the most directly
comparable GAAP measures in the release. The company believes that
these widely accepted measures of operating profitability improve
the transparency of the company's disclosures and provide a
meaningful presentation of the company's results from its core
business operations excluding the impact of items not related to
the company's ongoing core business operations, and improve the
period-to-period comparability of the company's results from its
core business operations. These non-GAAP financial measures are not
substitutes for GAAP financial results, and should only be
considered in conjunction with the company's financial information
that is presented in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking
statements, including forward-looking statements regarding Penske
Automotive Group, Inc.'s future sales potential. Actual
results may vary materially because of risks and uncertainties that
are difficult to predict. These risks and uncertainties include,
among others: economic conditions generally, conditions in the
credit markets and changes in interest rates and foreign currency
exchange rates, adverse conditions affecting a particular
manufacturer, including the adverse impact to the vehicle and parts
supply chain due to natural disasters, recall or other disruptions
that interrupt the supply of vehicles or parts to us, changes in
consumer credit availability, the outcome of legal and
administrative matters, and other factors over which management has
limited control. These forward-looking statements should be
evaluated together with additional information about Penske
Automotive's business, markets, conditions and other uncertainties,
which could affect Penske Automotive's future performance. These
risks and uncertainties are addressed in Penske Automotive's Form
10-K for the year ended December 31,
2016, and its other filings with the Securities and Exchange
Commission ("SEC"). This press release speaks only as of its date,
and Penske Automotive Group disclaims any duty to update the
information herein.
Find a vehicle: http://www.penskecars.com
Engage Penske Automotive:
http://www.penskesocial.com
Like Penske Automotive on Facebook:
https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter:
https://twitter.com/Penskecarscorp
Visit Penske Automotive on YouTube:
http://www.youtube.com/penskecars
Inquiries should contact:
|
J.D. Carlson
Executive Vice President and
Chief Financial
Officer
Penske Automotive
Group, Inc.
248-648-2810
jcarlson@penskeautomotive.com
|
Anthony R. Pordon
Executive Vice President Investor Relations and Corporate
Development
Penske Automotive
Group, Inc.
248-648-2540
tpordon@penskeautomotive.com
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Consolidated
Condensed Statements of Income
(Amounts In Millions,
Except Per Share Data)
(Unaudited)
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
|
Increase/
(Decrease)
|
|
Revenue
|
$
5,081.1
|
|
$
4,824.6
|
|
5.3%
|
|
Cost of
Sales
|
4,306.8
|
|
4,100.8
|
|
5.0%
|
|
Gross
Profit
|
$
774.3
|
|
$
723.8
|
|
7.0%
|
|
SG&A
Expenses
|
601.7
|
|
558.9
|
|
7.7%
|
|
Depreciation
|
22.4
|
|
20.8
|
|
7.7%
|
|
Operating Income
|
$
150.2
|
|
$
144.1
|
|
4.2%
|
|
Floor Plan Interest
Expense
|
(13.7)
|
|
(12.8)
|
|
7.0%
|
|
Other Interest
Expense
|
(25.0)
|
|
(17.2)
|
|
45.3%
|
|
Equity in Earnings of
Affiliates
|
13.2
|
|
5.5
|
|
140.0%
|
|
Income from Continuing Operations Before Income Taxes
|
$
124.7
|
|
$
119.6
|
|
4.3%
|
|
Income
Taxes
|
(41.1)
|
|
(39.4)
|
|
4.3%
|
|
Income from Continuing Operations
|
$
83.6
|
|
$
80.2
|
|
4.2%
|
|
Loss from
Discontinued Operations, net of tax
|
(0.6)
|
|
---
|
|
nm
|
|
Net Income
|
$
83.0
|
|
$
80.2
|
|
3.5%
|
|
Less: Income
Attributable to Non-Controlling Interests
|
0.4
|
|
0.9
|
|
(55.6%)
|
|
Net Income Attributable to Common Shareholders
|
$
82.6
|
|
$
79.3
|
|
4.2%
|
|
|
|
|
|
|
|
Amounts Attributable
to Common Shareholders:
|
|
|
|
|
|
|
Reported Income from
Continuing Operations
|
$
83.6
|
|
$
80.2
|
|
4.2%
|
|
Less: Income
Attributable to Non-Controlling Interests
|
0.4
|
|
0.9
|
|
(55.6%)
|
|
Income from Continuing
Operations, net of tax
|
$
83.2
|
|
$
79.3
|
|
4.9%
|
|
Loss from Discontinued
Operations, net of tax
|
(0.6)
|
|
---
|
|
nm
|
|
Net Income
Attributable to Common Shareholders
|
$
82.6
|
|
$
79.3
|
|
4.2%
|
|
Income from Continuing
Operations Per Share
|
$
0.97
|
|
$
0.90
|
|
7.8%
|
|
Income Per
Share
|
$
0.96
|
|
$
0.90
|
|
6.7%
|
|
Weighted Average
Shares Outstanding
|
85.6
|
|
88.3
|
|
(3.1%)
|
|
|
nm – not
meaningful
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Consolidated
Condensed Balance Sheets
(Amounts In
Millions)
(Unaudited)
|
|
|
March
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
Assets:
|
|
|
|
|
Cash and Cash
Equivalents
|
$
72.2
|
|
$
24.0
|
|
Accounts Receivable,
Net
|
852.2
|
|
879.0
|
|
Inventories
|
3,565.8
|
|
3,408.2
|
|
Other Current
Assets
|
99.3
|
|
73.9
|
|
Assets Held for
Sale
|
---
|
|
8.4
|
|
Total Current
Assets
|
4,589.5
|
|
4,393.5
|
|
Property and
Equipment, Net
|
1,874.7
|
|
1,806.5
|
|
Intangibles
|
1,985.4
|
|
1,711.3
|
|
Other Long-Term
Assets
|
945.8
|
|
921.7
|
|
Total
Assets
|
$
9,395.4
|
|
$
8,833.0
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
|
Floor Plan Notes
Payable
|
$
2,104.8
|
|
$
2,084.5
|
|
Floor Plan Notes
Payable – Non-Trade
|
1,296.4
|
|
1,233.3
|
|
Accounts
Payable
|
555.9
|
|
497.4
|
|
Accrued
Expenses
|
413.9
|
|
360.0
|
|
Current Portion
Long-Term Debt
|
48.4
|
|
48.3
|
|
Liabilities Held for
Sale
|
0.8
|
|
6.1
|
|
Total Current
Liabilities
|
4,420.2
|
|
4,229.6
|
|
Long-Term
Debt
|
1,989.0
|
|
1,828.8
|
|
Other Long-Term
Liabilities
|
1,089.3
|
|
995.1
|
|
Total
Liabilities
|
7,498.5
|
|
7,053.5
|
|
Equity
|
1,896.9
|
|
1,779.5
|
|
Total Liabilities and
Equity
|
$
9,395.4
|
|
$
8,833.0
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Consolidated
Operations
Selected
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
|
Geographic Revenue
Mix:
|
|
|
|
|
North
America
|
56.5%
|
|
57.3%
|
|
U.K.
|
35.9%
|
|
35.4%
|
|
Other
International
|
7.6%
|
|
7.3%
|
|
Total
|
100.0%
|
|
100.0%
|
|
|
|
|
|
Revenue: (Amounts in
Millions)
|
|
|
|
|
Retail
Automotive
|
$
4,756.4
|
|
$
4,512.9
|
|
Retail Commercial
Trucks
|
211.7
|
|
206.7
|
|
Commercial Vehicles
Australia/Power Systems and Other
|
113.0
|
|
105.0
|
|
Total
|
$
5,081.1
|
|
$
4,824.6
|
|
|
|
|
|
Gross Profit:
(Amounts in Millions)
|
|
|
|
|
Retail
Automotive
|
$
708.3
|
|
$
665.0
|
|
Retail Commercial
Trucks
|
36.4
|
|
33.2
|
|
Commercial Vehicles
Australia/Power Systems and Other
|
29.6
|
|
25.6
|
|
Total
|
$
774.3
|
|
$
723.8
|
|
|
|
|
|
Gross
Margin:
|
|
|
|
|
Retail
Automotive
|
14.9%
|
|
14.7%
|
|
Retail Commercial
Trucks
|
17.2%
|
|
16.1%
|
|
Commercial Vehicles
Australia/Power Systems and Other
|
26.2%
|
|
24.4%
|
|
Total
|
15.2%
|
|
15.0%
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Consolidated
Operations
Selected
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
|
Increase/
(Decrease)
|
|
Operating Items as
a Percentage of Revenue:
|
|
|
|
|
|
|
Gross
Profit
|
15.2%
|
|
15.0%
|
|
20 bps
|
|
Selling, General and
Administrative Expenses
|
11.8%
|
|
11.6%
|
|
20 bps
|
|
Operating
Income
|
3.0%
|
|
3.0%
|
|
--- bps
|
|
Inc. From Cont. Ops.
Before Inc. Taxes
|
2.5%
|
|
2.5%
|
|
--- bps
|
|
|
|
|
|
|
|
Operating Items as
a Percentage of Total Gross Profit:
|
|
|
|
|
|
Selling, General and
Administrative Expenses
|
77.7%
|
|
77.2%
|
|
50 bps
|
|
Operating
Income
|
19.4%
|
|
19.9%
|
|
(50 bps)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2017
|
|
2016
|
|
Increase/
(Decrease)
|
|
(Amounts in
Millions)
|
|
|
|
|
|
|
EBITDA*
|
$
172.1
|
|
$
157.6
|
|
9.2%
|
|
Floorplan
Credits
|
$
8.3
|
|
$
8.9
|
|
(6.7%)
|
|
Rent
Expense
|
$
53.4
|
|
$
51.5
|
|
3.7%
|
|
|
* See the following
Non-GAAP reconciliation table.
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Retail Automotive
Operations
Selected
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
|
Retail Automotive
Units:
|
|
|
|
|
New Retail
|
62,188
|
|
58,753
|
|
Used Retail
|
62,284
|
|
52,741
|
|
Total
|
124,472
|
|
111,494
|
|
|
|
|
|
Retail Automotive
Revenue: (Amounts in Millions)
|
|
|
|
|
New
Vehicles
|
$
2,307.4
|
|
$
2,268.2
|
|
Used
Vehicles
|
1,541.0
|
|
1,412.4
|
|
Finance and Insurance,
Net
|
137.4
|
|
118.4
|
|
Service and
Parts
|
498.9
|
|
478.1
|
|
Fleet and
Wholesale
|
271.7
|
|
235.8
|
|
Total
Revenue
|
$
4,756.4
|
|
$
4,512.9
|
|
|
|
|
|
Retail Automotive
Gross Profit: (Amounts in Millions)
|
|
|
|
New
Vehicles
|
$
177.1
|
|
$
175.5
|
|
Used
Vehicles
|
94.1
|
|
84.3
|
|
Finance and Insurance,
Net
|
137.4
|
|
118.4
|
|
Service and
Parts
|
293.7
|
|
281.4
|
|
Fleet and
Wholesale
|
6.0
|
|
5.4
|
|
Total Gross
Profit
|
$
708.3
|
|
$
665.0
|
|
|
|
|
|
Retail Automotive
Revenue Per Vehicle Retailed:
|
|
|
|
|
New
Vehicles
|
$
37,103
|
|
$
38,607
|
|
Used
Vehicles
|
24,742
|
|
26,780
|
|
|
|
|
|
Retail Automotive
Gross Profit Per Vehicle Retailed:
|
|
|
|
|
New
Vehicles
|
$
2,848
|
|
$
2,988
|
|
Used
Vehicles
|
1,512
|
|
1,598
|
|
Finance &
Insurance
|
1,104
|
|
1,062
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Retail Automotive
Operations
Selected
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
|
Retail Automotive
Revenue Mix Percentages:
|
|
|
|
|
New
Vehicles
|
48.5%
|
|
50.3%
|
|
Used
Vehicles
|
32.4%
|
|
31.3%
|
|
Finance and Insurance,
Net
|
2.9%
|
|
2.6%
|
|
Service and
Parts
|
10.5%
|
|
10.6%
|
|
Fleet and
Wholesale
|
5.7%
|
|
5.2%
|
|
Total
|
100.0%
|
|
100.0%
|
|
|
|
|
|
Retail Automotive
Gross Profit Mix Percentages:
|
|
|
|
|
New
Vehicles
|
25.0%
|
|
26.4%
|
|
Used
Vehicles
|
13.3%
|
|
12.7%
|
|
Finance and Insurance,
Net
|
19.4%
|
|
17.8%
|
|
Service and
Parts
|
41.5%
|
|
42.3%
|
|
Fleet and
Wholesale
|
0.8%
|
|
0.8%
|
|
Total
|
100.0%
|
|
100.0%
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
|
Increase/
(Decrease)
|
|
Retail Automotive
Gross Margin:
|
|
|
|
|
|
|
New
Vehicles
|
7.7%
|
|
7.7%
|
|
--- bps
|
|
Used
Vehicles
|
6.1%
|
|
6.0%
|
|
10 bps
|
|
Service and
Parts
|
58.9%
|
|
58.9%
|
|
--- bps
|
|
Fleet and
Wholesale
|
2.2%
|
|
2.3%
|
|
(10 bps)
|
|
Total Gross
Margin
|
14.9%
|
|
14.7%
|
|
20 bps
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Retail Automotive
Operations
Selected
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
|
Retail Automotive
Revenue Mix:
|
|
|
|
|
Premium:
|
|
|
|
|
BMW / MINI
|
23%
|
|
25%
|
|
Audi
|
14%
|
|
14%
|
|
Mercedes-Benz
|
10%
|
|
10%
|
|
Land Rover
|
7%
|
|
7%
|
|
Porsche
|
6%
|
|
5%
|
|
Lexus
|
3%
|
|
4%
|
|
Ferrari /
Maserati
|
3%
|
|
2%
|
|
Acura
|
1%
|
|
1%
|
|
Bentley
|
1%
|
|
1%
|
|
Others
|
2%
|
|
3%
|
|
Total
Premium
|
70%
|
|
72%
|
|
Volume
Non-U.S.:
|
|
|
|
|
Toyota
|
10%
|
|
11%
|
|
Honda
|
7%
|
|
7%
|
|
Volkswagen
|
4%
|
|
3%
|
|
Nissan
|
1%
|
|
1%
|
|
Others
|
2%
|
|
2%
|
|
Total Volume
Non-U.S.
|
24%
|
|
24%
|
|
U.S.:
|
|
|
|
|
General Motors /
Chrysler / Ford
|
3%
|
|
4%
|
|
Stand-Alone Used
|
3%
|
|
---
|
|
Total
|
100%
|
|
100%
|
|
|
|
|
|
Retail Automotive
Geographic Revenue Mix:
|
|
|
|
|
U.S.
|
55.8%
|
|
56.6%
|
|
U.K.
|
38.4%
|
|
37.8%
|
|
Other
International
|
5.8%
|
|
5.6%
|
|
Total
|
100.0%
|
|
100.0%
|
|
|
|
|
|
Retail Automotive
Geographic Gross Profit Mix:
|
|
|
|
|
U.S.
|
60.7%
|
|
61.2%
|
|
U.K.
|
33.9%
|
|
33.5%
|
|
Other
International
|
5.4%
|
|
5.3%
|
|
Total
|
100.0%
|
|
100.0%
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Retail Automotive
Operations
Same-Store
Selected
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
|
Retail Automotive
Same-Store Units:
|
|
|
|
|
New Retail
|
58,725
|
|
58,387
|
|
Used Retail
|
51,852
|
|
52,615
|
|
Total
|
110,577
|
|
111,002
|
|
|
|
|
|
Retail Automotive
Same-Store Revenue: (Amounts in Millions)
|
|
|
|
New
Vehicles
|
$
2,194.6
|
|
$
2,260.8
|
|
Used
Vehicles
|
1,371.9
|
|
1,410.2
|
|
Finance and Insurance,
Net
|
124.1
|
|
118.3
|
|
Service and
Parts
|
481.2
|
|
477.1
|
|
Fleet and
Wholesale
|
246.1
|
|
235.6
|
|
Total
Revenue
|
$
4,417.9
|
|
$
4,502.0
|
|
|
|
|
|
Retail Automotive
Same-Store Gross Profit: (Amounts in Millions)
|
|
|
|
New
Vehicles
|
$
166.4
|
|
$
175.0
|
|
Used
Vehicles
|
80.3
|
|
84.2
|
|
Finance and Insurance,
Net
|
124.1
|
|
118.3
|
|
Service and
Parts
|
282.8
|
|
281.1
|
|
Fleet and
Wholesale
|
5.3
|
|
5.5
|
|
Total Gross
Profit
|
$
658.9
|
|
$
664.1
|
|
|
|
|
|
Retail Automotive
Same-Store Revenue Per Vehicle Retailed:
|
|
|
|
New
Vehicles
|
$
37,370
|
|
$
38,721
|
|
Used
Vehicles
|
26,457
|
|
26,802
|
|
|
|
|
|
Retail Automotive
Same-Store Gross Profit Per Vehicle Retailed:
|
|
|
|
New
Vehicles
|
$
2,833
|
|
$
2,997
|
|
Used
Vehicles
|
1,549
|
|
1,601
|
|
Finance &
Insurance
|
1,123
|
|
1,066
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Retail Commercial
Truck Operations
Selected
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
Retail Commercial
Truck Units:
|
2017
|
|
2016
|
|
New Retail
|
1,126
|
|
1,160
|
|
Used Retail
|
381
|
|
271
|
|
Total
|
1,507
|
|
1,431
|
|
|
|
|
|
Retail Commercial
Truck Revenue: (Amounts in Millions)
|
|
|
|
|
New
Vehicles
|
$
110.7
|
|
$
116.7
|
|
Used
Vehicles
|
19.0
|
|
13.5
|
|
Finance and Insurance,
Net
|
2.1
|
|
1.9
|
|
Service and
Parts
|
78.0
|
|
71.4
|
|
Lease, Rental &
Wholesale
|
1.9
|
|
3.2
|
|
Total
Revenue
|
$
211.7
|
|
$
206.7
|
|
Retail Commercial
Truck Gross Profit: (Amounts in Millions)
|
|
|
|
|
New
Vehicles
|
$
4.5
|
|
$
4.9
|
|
Used
Vehicles
|
1.0
|
|
(0.4)
|
|
Finance and Insurance,
Net
|
2.2
|
|
1.9
|
|
Service and
Parts
|
28.8
|
|
26.4
|
|
Lease, Rental &
Wholesale
|
(0.1)
|
|
0.4
|
|
Total Gross
Profit
|
$
36.4
|
|
$
33.2
|
|
Retail Commercial
Truck Revenue Per Vehicle Retailed:
|
|
|
|
|
New
Vehicles
|
$
98,271
|
|
$
100,618
|
|
Used
Vehicles
|
49,845
|
|
49,727
|
|
|
|
|
|
Retail Commercial
Truck Gross Profit Per Vehicle Retailed:
|
|
|
|
|
New
Vehicles
|
$
3,981
|
|
$
4,201
|
|
Used
Vehicles
|
2,589
|
|
(1,471)
|
|
Finance &
Insurance
|
1,426
|
|
1,311
|
|
|
|
|
|
Retail Commercial Truck
Gross Profit as a Percentage of Revenue
|
|
|
|
|
Gross
Profit:
|
|
|
|
|
New
Vehicles
|
4.1%
|
|
4.2%
|
|
Used
Vehicles
|
5.3%
|
|
(3.0%)
|
|
Service
and Parts
|
36.9%
|
|
37.0%
|
|
Lease,
Rental & Wholesale
|
(5.3%)
|
|
12.5%
|
|
Total
Gross Profit
|
17.2%
|
|
16.1%
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Retail Commercial
Truck Operations
Same-Store
Selected
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
Retail Commercial
Truck Same-Store Units:
|
2017
|
|
2016
|
|
New Retail
|
959
|
|
1,160
|
|
Used Retail
|
320
|
|
271
|
|
Total
|
1,279
|
|
1,431
|
|
|
|
|
|
Retail Commercial
Truck Same-Store Revenue: (Amounts in Millions)
|
|
|
|
|
New
Vehicles
|
$
92.5
|
|
$
116.7
|
|
Used
Vehicles
|
16.2
|
|
13.5
|
|
Finance and Insurance,
Net
|
1.9
|
|
1.9
|
|
Service and
Parts
|
67.6
|
|
71.4
|
|
Lease, Rental &
Wholesale
|
1.9
|
|
3.2
|
|
Total
Revenue
|
$
180.1
|
|
$
206.7
|
|
Retail Commercial
Truck Same-Store Gross Profit: (Amounts in Millions)
|
|
|
|
|
New
Vehicles
|
$
4.1
|
|
$
4.9
|
|
Used
Vehicles
|
0.9
|
|
(0.4)
|
|
Finance and Insurance,
Net
|
1.9
|
|
1.9
|
|
Service and
Parts
|
25.4
|
|
26.4
|
|
Lease, Rental &
Wholesale
|
(0.1)
|
|
0.4
|
|
Total Gross
Profit
|
$
32.2
|
|
$
33.2
|
|
Retail Commercial
Truck Same-Store Revenue Per Vehicle Retailed:
|
|
|
|
|
New
Vehicles
|
$
96,461
|
|
$
100,618
|
|
Used
Vehicles
|
50,607
|
|
49,727
|
|
|
|
|
|
Retail Commercial
Truck Same-Store Gross Profit Per Vehicle Retailed:
|
|
|
|
|
New
Vehicles
|
$
4,279
|
|
$
4,201
|
|
Used
Vehicles
|
2,660
|
|
(1,471)
|
|
Finance &
Insurance
|
1,523
|
|
1,311
|
|
|
|
|
|
Retail Commercial Truck
Same-Store Gross Profit as a Percentage of Revenue
|
|
|
|
|
Gross
Profit:
|
|
|
|
|
New
Vehicles
|
4.4%
|
|
4.2%
|
|
Used
Vehicles
|
5.6%
|
|
(3.0%)
|
|
Service
and Parts
|
37.6%
|
|
37.0%
|
|
Lease,
Rental & Wholesale
|
(5.3%)
|
|
12.5%
|
|
Total
Gross Profit
|
17.9%
|
|
16.1%
|
|
|
|
|
|
|
|
|
|
PENSKE AUTOMOTIVE
GROUP, INC.
Consolidated Non-GAAP
Reconciliations
(Unaudited)
|
|
|
The following table
reconciles reported net income to earnings before interest, taxes,
depreciation and amortization ("EBITDA") for the three months ended
March 31, 2017 and 2016:
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
|
Increase/
(Decrease)
|
|
(Amounts in
Millions)
|
|
|
|
|
|
|
Net Income
|
$
83.0
|
|
$
80.2
|
|
3.5%
|
|
Add:
Depreciation
|
22.4
|
|
20.8
|
|
7.7%
|
|
Other Interest
Expense
|
25.0
|
|
17.2
|
|
45.3%
|
|
Income Taxes
|
41.1
|
|
39.4
|
|
4.3%
|
|
Loss from Discontinued
Operations, net of tax
|
0.6
|
|
---
|
|
nm
|
|
EBITDA
|
$
172.1
|
|
$
157.6
|
|
9.2%
|
|
|
|
|
|
|
|
nm – not
meaningful
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/penske-automotive-reports-record-first-quarter-results-300445790.html
SOURCE Penske Automotive Group, Inc.