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SEC Filings

10-Q
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-Q on 10/26/2017
Entire Document
 

PENSKE AUTOMOTIVE GROUP, INC.

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

    

2017

    

2016

 

2017

    

2016

 

 

(Unaudited)

 

 

(In millions, except per share amounts)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail automotive dealership

 

$

5,085.4

 

$

4,772.1

 

$

14,882.5

 

$

14,121.8

 

Retail commercial truck dealership

 

 

299.6

 

 

266.1

 

 

739.8

 

 

782.3

 

Commercial vehicle distribution and other

 

 

139.4

 

 

113.8

 

 

366.6

 

 

326.6

 

Total revenues

 

$

5,524.4

 

$

5,152.0

 

$

15,988.9

 

$

15,230.7

 

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail automotive dealership

 

 

4,341.2

 

 

4,097.4

 

 

12,684.0

 

 

12,080.1

 

Retail commercial truck dealership

 

 

255.3

 

 

227.9

 

 

619.1

 

 

672.6

 

Commercial vehicle distribution and other

 

 

105.3

 

 

82.5

 

 

271.6

 

 

238.7

 

Total cost of sales

 

 

4,701.8

 

 

4,407.8

 

 

13,574.7

 

 

12,991.4

 

Gross profit

 

 

822.6

 

 

744.2

 

 

2,414.2

 

 

2,239.3

 

Selling, general and administrative expenses

 

 

646.1

 

 

581.2

 

 

1,869.8

 

 

1,722.8

 

Depreciation

 

 

24.3

 

 

21.5

 

 

70.0

 

 

66.8

 

Operating income

 

 

152.2

 

 

141.5

 

 

474.4

 

 

449.7

 

Floor plan interest expense

 

 

(16.4)

 

 

(11.9)

 

 

(45.6)

 

 

(37.8)

 

Other interest expense

 

 

(27.8)

 

 

(25.1)

 

 

(79.2)

 

 

(61.8)

 

Equity in earnings of affiliates

 

 

30.9

 

 

25.6

 

 

70.9

 

 

43.1

 

Income from continuing operations before income taxes

 

 

138.9

 

 

130.1

 

 

420.5

 

 

393.2

 

Income taxes

 

 

(44.7)

 

 

(41.7)

 

 

(136.0)

 

 

(128.4)

 

Income from continuing operations

 

 

94.2

 

 

88.4

 

 

284.5

 

 

264.8

 

Income (loss) from discontinued operations, net of tax

 

 

0.1

 

 

0.1

 

 

(0.3)

 

 

(1.1)

 

Net income

 

 

94.3

 

 

88.5

 

 

284.2

 

 

263.7

 

Less: (Loss) income attributable to non-controlling interests

 

 

(0.1)

 

 

1.0

 

 

1.0

 

 

3.4

 

Net income attributable to Penske Automotive Group common stockholders

 

$

94.4

 

$

87.5

 

$

283.2

 

$

260.3

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.10

 

$

1.03

 

$

3.30

 

$

3.03

 

Discontinued operations

 

$

0.00

 

$

0.00

 

$

(0.00)

 

$

(0.01)

 

Net income attributable to Penske Automotive Group common stockholders

 

$

1.10

 

$

1.03

 

$

3.30

 

$

3.02

 

Shares used in determining basic earnings per share

 

 

85.9

 

 

85.2

 

 

85.9

 

 

86.2

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.10

 

$

1.03

 

$

3.30

 

$

3.03

 

Discontinued operations

 

$

0.00

 

$

0.00

 

$

(0.00)

 

$

(0.01)

 

Net income attributable to Penske Automotive Group common stockholders

 

$

1.10

 

$

1.03

 

$

3.30

 

$

3.02

 

Shares used in determining diluted earnings per share

 

 

86.0

 

 

85.2

 

 

85.9

 

 

86.3

 

Amounts attributable to Penske Automotive Group common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

94.2

 

$

88.4

 

$

284.5

 

$

264.8

 

Less: (Loss) income attributable to non-controlling interests

 

 

(0.1)

 

 

1.0

 

 

1.0

 

 

3.4

 

Income from continuing operations, net of tax

 

 

94.3

 

 

87.4

 

 

283.5

 

 

261.4

 

Income (loss) from discontinued operations, net of tax

 

 

0.1

 

 

0.1

 

 

(0.3)

 

 

(1.1)

 

Net income attributable to Penske Automotive Group common stockholders

 

$

94.4

 

$

87.5

 

$

283.2

 

$

260.3

 

Cash dividends per share

 

$

0.32

 

$

0.28

 

$

0.93

 

$

0.81

 

 

See Notes to Consolidated Condensed Financial Statements

 

 

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