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SEC Filings

10-K
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-K on 02/24/2017
Entire Document
 

PENSKE AUTOMOTIVE GROUP, INC.

 

CONSOLIDATED STATEMENTS OF INCOME 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2016

    

2015

    

2014

 

 

 

(In millions, except share and per share amounts)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

Retail automotive dealership

 

$

18,673.2

 

$

17,896.3

 

$

16,657.5

 

Retail commercial truck dealership

 

 

1,000.7

 

 

944.1

 

 

125.6

 

Commercial vehicle distribution and other

 

 

444.6

 

 

444.5

 

 

448.9

 

Total revenues

 

$

20,118.5

 

$

19,284.9

 

$

17,232.0

 

Cost of sales:

 

 

 

 

 

 

 

 

 

 

Retail automotive dealership

 

 

15,968.4

 

 

15,288.3

 

 

14,180.1

 

Retail commercial truck dealership

 

 

857.8

 

 

797.1

 

 

104.5

 

Commercial vehicle distribution and other

 

 

325.7

 

 

332.0

 

 

368.2

 

Total cost of sales

 

 

17,151.9

 

 

16,417.4

 

 

14,652.8

 

Gross profit

 

 

2,966.6

 

 

2,867.5

 

 

2,579.2

 

Selling, general and administrative expenses

 

 

2,302.0

 

 

2,223.0

 

 

2,008.6

 

Depreciation

 

 

89.7

 

 

78.0

 

 

70.2

 

Operating income

 

 

574.9

 

 

566.5

 

 

500.4

 

Floor plan interest expense

 

 

(50.9)

 

 

(44.5)

 

 

(46.5)

 

Other interest expense

 

 

(85.4)

 

 

(69.4)

 

 

(52.8)

 

Gain on investment

 

 

 —

 

 

 —

 

 

16.0

 

Equity in earnings of affiliates

 

 

69.5

 

 

39.3

 

 

40.8

 

Income from continuing operations before income taxes

 

 

508.1

 

 

491.9

 

 

457.9

 

Income taxes

 

 

(160.7)

 

 

(158.0)

 

 

(153.1)

 

Income from continuing operations

 

 

347.4

 

 

333.9

 

 

304.8

 

Loss from discontinued operations, net of tax

 

 

(1.0)

 

 

(3.5)

 

 

(14.7)

 

Net income

 

 

346.4

 

 

330.4

 

 

290.1

 

Less: Income attributable to non-controlling interests

 

 

3.5

 

 

4.3

 

 

3.4

 

Net income attributable to Penske Automotive Group common stockholders

 

$

342.9

 

$

326.1

 

$

286.7

 

Basic earnings per share attributable to Penske Automotive Group common stockholders:

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

4.00

 

$

3.67

 

$

3.34

 

Discontinued operations

 

 

(0.01)

 

 

(0.04)

 

 

(0.16)

 

Net income attributable to Penske Automotive Group common stockholders

 

$

3.99

 

$

3.63

 

$

3.17

 

Shares used in determining basic earnings per share

 

 

86,000,754

 

 

89,759,626

 

 

90,318,839

 

Diluted earnings per share attributable to Penske Automotive Group common stockholders:

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

4.00

 

$

3.67

 

$

3.34

 

Discontinued operations

 

 

(0.01)

 

 

(0.04)

 

 

(0.16)

 

Net income attributable to Penske Automotive Group common stockholders

 

$

3.99

 

$

3.63

 

$

3.17

 

Shares used in determining diluted earnings per share

 

 

86,000,754

 

 

89,759,626

 

 

90,354,839

 

Amounts attributable to Penske Automotive Group common stockholders:

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

347.4

 

$

333.9

 

$

304.8

 

Less: Income attributable to non-controlling interests

 

 

3.5

 

 

4.3

 

 

3.4

 

Income from continuing operations, net of tax

 

 

343.9

 

 

329.6

 

 

301.4

 

Loss from discontinued operations, net of tax

 

 

(1.0)

 

 

(3.5)

 

 

(14.7)

 

Net income attributable to Penske Automotive Group common stockholders

 

$

342.9

 

$

326.1

 

$

286.7

 

Cash dividends per share

 

$

1.10

 

$

0.94

 

$

0.78

 

 

See Notes to Consolidated Financial Statements.

 

F-11