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Penske Automotive Reports Second Quarter and First-Half Results

Record Q2 Income from Continuing Operations and Earnings per Share

BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Jul. 31, 2012-- Penske Automotive Group, Inc. (NYSE:PAG):

         
Second Quarter 2012       First Half 2012
  • Revenue Increases 19.2% to $3.4 Billion
     
  • Revenue Increases 18.6% to $6.6 Billion
  • Same-store Retail Revenue Increases 9.4%
  • Same-store Retail Revenue Increases 8.5%
  • Inc. from Continuing Operations Increases 26.4% to $49.5 Million
  • Inc. from Continuing Operations Increases 32.0% to $99.5 Million
  • EPS from Continuing Operations Increases 31.0% to $0.55 per share
  • EPS from Continuing Operations Increases 34.1% to $1.10 per share
  • EBITDA Increases 23.7% to $102.1 Million
     
  • EBITDA Increases 28.6% to $204.7 Million

Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, announced today record second quarter income from continuing operations and related earnings per share. For the second quarter 2012, income from continuing operations attributable to common shareholders increased 26.4% to $49.5 million and related earnings per share increased 31.0% to $0.55 per share. This compares to income from continuing operations attributable to common shareholders of $39.2 million, or $0.42 per share in the same period last year.

Total revenue increased by 19.2% to $3.4 billion and was driven by an increase in total retail unit sales of 20.9%. The increase in retail unit sales was highlighted by a 24.8% increase in new unit sales and a 16.4% increase in used retail unit sales. Total same-store retail unit sales increased 12.0% in the second quarter. Same-store retail revenue increased 9.4% in the second quarter. Gross profit improved 12.6% to $513.4 million, operating income increased 29.5% to $90.3 million, and operating margin improved by 20 basis points.

Highlights of the Second Quarter

  • Total Retail Unit Sales increased 20.9% to 84,346
    • +18.3% in the United States; +27.0% Internationally
    • New unit retail sales +24.8%
    • Used unit retail sales +16.4%
  • Same-store Retail Revenue increased 9.4%
    • New +13.8%; Used +5.4%; Finance & Insurance +13.4%; Service and Parts +0.6%
    • +13.5% in the United States; +2.4% Internationally
  • Average Transaction Price Per Unit
    • New $36,975; -1.0%
    • Used $25,666; -3.1%
  • Average Gross Profit Per Unit
    • New $2,969; Gross Margin 8.0%; down 50 bps
    • Used $1,972; Gross Margin 7.7%; down 60 bps
    • Finance & Insurance $980, down $9/unit

Chairman Roger Penske said, “The Company’s second quarter results reflect strong performance across both the U.S. and International markets. We experienced strong unit sales throughout the quarter, particularly through our Toyota, Honda and Lexus dealerships, and we increased our service and parts gross margin by 130 basis points to 58.6%. Further, I was particularly pleased that we were able to drive a 230 basis point improvement in selling, general and administrative expenses as a percent of gross profit.”

For the six months ended June 30, 2012, total revenue increased 18.6% to $6.6 billion. Income from continuing operations attributable to common shareholders increased 32.0% to $99.5 million and related earnings per share increased 34.1% to $1.10 per share. This compares to income from continuing operations attributable to common shareholders of $75.4 million, and related earnings per share of $0.82 per share in the same period last year.

Securities Repurchase Activity

For the six months ended June 30, 2012, the Company acquired 405,631 shares of its common stock for an aggregate purchase price of $9.8 million, or an average price of $24.23 per share. Additionally, during the second quarter of 2012, the Company announced the redemption of $63.3 million in outstanding 3.5% senior subordinated convertible notes. The redemption of these notes was completed on July 16, 2012. No shares of common stock were used in the redemption. The Company currently has remaining authorization from its Board of Directors to repurchase up to $98.3 million of its outstanding common stock or debt. Securities may be acquired from time to time either through open market purchases, negotiated transactions or other means.

Conference Call

Penske Automotive will host a conference call discussing financial results relating to the second quarter of 2012 on July 31, 2012, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (877) 209-9922 [International, please dial (612) 332-0636]. The call will also be simultaneously broadcast over the Internet through the Investors Relations section of the Penske Automotive Group website at www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 340 retail automotive franchises, representing 41 different brands and 30 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 170 franchises in 17 states and Puerto Rico and 170 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 16,000 employees.

Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as 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. 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 and outlook. 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, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters 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, 2011, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.

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PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Thousands, Except Per Share Data)
(Unaudited)
 
Three Months Ended Six Months Ended
June 30, June 30,
2012   2011 2012   2011
Revenues:
New Vehicle $ 1,729,167 $ 1,399,456 $ 3,303,367 $ 2,778,015
Used Vehicle 964,511 855,598 1,931,147 1,643,604
Finance and Insurance, Net 82,682 69,004 162,486 135,349
Service and Parts 368,797 339,636 737,090 679,688
Fleet Sales 62,348 34,228 139,899 65,175
Wholesale Vehicle   164,974     132,064     331,233     266,288  
Total Revenues 3,372,479 2,829,986 6,605,222 5,568,119
Cost of Sales:
New Vehicle 1,590,303 1,280,297 3,032,731 2,549,647
Used Vehicle 890,411 784,366 1,778,942 1,507,605
Service and Parts 152,846 145,038 308,678 290,963
Fleet 61,631 33,519 138,887 64,514
Wholesale   163,884     130,806     327,406     261,969  
Total Cost of Sales 2,859,075 2,374,026 5,586,644 4,674,698
Gross Profit 513,404 455,960 1,018,578 893,421
SG&A Expenses 409,452 374,325 806,799 728,349
Depreciation   13,651     11,926     26,976     23,705  
Operating Income 90,301 69,709 184,803 141,367
Floor Plan Interest Expense (9,971 ) (6,921 ) (19,620 ) (13,780 )
Other Interest Expense (11,575 ) (10,451 ) (23,785 ) (21,736 )
Debt Discount Amortization 0 0 0 (1,718 )
Equity in Earnings of Affiliates   8,168     7,882     12,578     7,904  
Income from Continuing Operations Before Income Taxes 76,923 60,219 153,976 112,037
Income Taxes   (26,854 )   (20,505 )

 

  (53,744 )   (36,043 )
Income from Continuing Operations 50,069 39,714 100,232 75,994
Income (Loss) from Discontinued Operations, Net of Tax   (457 )   345     (3,614 )   (1,938 )
Net Income 49,612 40,059 96,618 74,056
Income Attributable to Non-Controlling Interests   (520 )   (499 )   (708 )   (569 )
Net Income Attributable to Common Shareholders $ 49,092   $ 39,560   $ 95,910   $ 73,487  
Income from Continuing Operations Per Share $ 0.55   $ 0.42   $ 1.10   $ 0.82  
Income Per Share $ 0.54   $ 0.43   $ 1.06   $ 0.79  
Weighted Average Shares Outstanding   90,337     92,570     90,395     92,514  
Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations $ 50,069 $ 39,714

 

$ 100,232 $ 75,994
Income Attributable to Non-Controlling Interests   (520 )   (499 )   (708 )   (569 )
Income from Continuing Operations, net of tax $ 49,549 $ 39,215 $ 99,524 $ 75,425
Income (Loss) from Discontinued Operations, net of tax   (457 )   345     (3,614 )   (1,938 )
Net Income $ 49,092   $ 39,560   $ 95,910   $ 73,487  
 
       
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Thousands)
(Unaudited)
 
June 30, December 31,
2012 2011
Assets
Cash and Cash Equivalents $ 37,219 $ 28,676
Accounts Receivable, Net 464,424 438,769
Inventories 1,830,841 1,572,568
Other Current Assets 91,963 80,179
Assets Held for Sale   39,059   81,122
Total Current Assets 2,463,506 2,201,314
Property and Equipment, Net 925,054 856,674
Intangibles 1,193,409 1,132,181
Other Long-Term Assets   310,896   312,130
Total Assets $ 4,892,865 $ 4,502,299
 
Liabilities and Equity
Floor Plan Notes Payable $ 1,158,252 $ 977,548
Floor Plan Notes Payable – Non-Trade 724,687 691,888
Accounts Payable 310,686 220,538
Accrued Expenses 258,726 201,179
Current Portion Long-Term Debt 13,139 3,414
Liabilities Held for Sale   34,149   55,820
Total Current Liabilities 2,499,639 2,150,387
Long-Term Debt 793,603 846,777
Other Long-Term Liabilities   388,378   364,722
Total Liabilities 3,681,620 3,361,886
Equity   1,211,245   1,140,413
Total Liabilities and Equity $ 4,892,865 $ 4,502,299
 
   
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Thousands, Except Per Share Data)
(Unaudited)
 
Three Months Ended
June 30,
2012     2011    

% Increase/
(Decrease)

Revenues:
New Vehicle $ 1,729,167 $ 1,399,456 23.6 %
Used Vehicle 964,511 855,598 12.7 %
Finance and Insurance, Net 82,682 69,004 19.8 %
Service and Parts 368,797 339,636 8.6 %
Fleet Sales 62,348 34,228 82.2 %
Wholesale Vehicle   164,974     132,064   24.9 %
Total Revenues 3,372,479 2,829,986 19.2 %
Cost of Sales:
New Vehicle 1,590,303 1,280,297 24.2 %
Used Vehicle 890,411 784,366 13.5 %
Service and Parts 152,846 145,038 5.4 %
Fleet 61,631 33,519 83.9 %
Wholesale   163,884     130,806   25.3 %
Total Cost of Sales 2,859,075 2,374,026 20.4 %
Gross Profit 513,404 455,960 12.6 %
SG&A Expenses 409,452 374,325 9.4 %
Depreciation   13,651     11,926   14.5 %
Operating Income 90,301 69,709 29.5 %
Floor Plan Interest Expense (9,971 ) (6,921 ) 44.1 %
Other Interest Expense (11,575 ) (10,451 ) 10.8 %
Equity in Earnings of Affiliates   8,168     7,882   3.6 %
Income from Continuing Operations Before Income Taxes 76,923 60,219 27.7 %
Income Taxes   (26,854 )   (20,505 )

 

31.0 %
Income from Continuing Operations 50,069 39,714 26.1 %
Income (Loss) from Discontinued Operations, Net of Tax   (457 )   345   -232.5 %
Net Income 49,612 40,059 23.8 %
Income Attributable to Non-Controlling Interests   (520 )   (499 ) 4.2 %
Net Income Attributable to Common Shareholders $ 49,092   $ 39,560   24.1 %
Income from Continuing Operations Per Share $ 0.55   $ 0.42   31.0 %
Income Per Share $ 0.54   $ 0.43   25.6 %
Weighted Average Shares Outstanding   90,337     92,570   -2.4 %
Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations $ 50,069 $ 39,714 26.1 %
Income Attributable to Non-Controlling Interests   (520 )   (499 ) 4.2 %
Income from Continuing Operations, net of tax $ 49,549 $ 39,215 26.4 %
Income (Loss) from Discontinued Operations, net of tax   (457 )   345   -232.5 %
Net Income $ 49,092   $ 39,560   24.1 %
 
   
PENSKE AUTOMOTIVE GROUP, INC.
Selected Data
(Unaudited)
 
Three Months Ended
June 30,
2012     2011    

% Increase/
(Decrease)

Total Retail Units:
New Retail 46,766 37,484 24.8 %
Used Retail   37,580     32,290   16.4 %
Total Retail   84,346     69,774   20.9 %
 
Fleet 2,836 1,518 86.8 %
Wholesale   17,796     14,318   24.3 %
Total   104,978     85,610   22.6 %
 
Same-Store Retail Units:
New Same-Store Retail 42,876 37,303 14.9 %
Used Same-Store Retail   34,943     32,201   8.5 %
Total Same-Store Retail   77,819     69,504   12.0 %
 
Same-Store Retail Revenue: (Amounts in thousands)
New Vehicles $ 1,586,573 $ 1,394,553 13.8 %
Used Vehicles 899,469 853,785 5.4 %
Finance and Insurance, Net 77,971 68,777 13.4 %
Service and Parts   340,744     338,729   0.6 %
Total Same-Store Retail $ 2,904,757   $ 2,655,844   9.4 %
 
Revenue Mix:
New Vehicles 51.3 % 49.5 % 180 bps
Used Vehicles 28.6 % 30.2 % (160 bps)
Finance and Insurance, Net 2.5 % 2.4 % 10 bps
Service and Parts 10.9 % 12.0 % (110 bps)
Fleet and Wholesale 6.7 % 5.9 % 80 bps
 
Average Revenue per Vehicle Retailed:
New Vehicles $ 36,975 $ 37,335 -1.0 %
Used Vehicles 25,666 26,497 -3.1 %
 
Gross Profit per Vehicle Retailed:
New Vehicles $ 2,969 $ 3,179 -6.6 %
Used Vehicles 1,972 2,206 -10.6 %
Finance and Insurance 980 989 -0.9 %
 
Operating items as a percentage of revenue:
New Vehicle Gross Profit 8.0 % 8.5 % (50 bps)
Used Vehicle Gross Profit 7.7 % 8.3 % (60 bps)
Service and Parts Gross Profit 58.6 % 57.3 % 130 bps
Total Gross Profit 15.2 % 16.1 % (90 bps)
Selling, General and Admin. Expenses 12.1 % 13.2 % (110 bps)
Operating Income 2.7 % 2.5 % 20 bps
Inc. From Cont. Ops. Before Inc. Taxes 2.3 % 2.1 % 20 bps
 
Operating items as a percentage of total gross profit:
Selling, General and Administrative Expenses 79.8 % 82.1 % (230 bps)
Operating Income 17.6 % 15.3 % 230 bps
 
           
PENSKE AUTOMOTIVE GROUP, INC.
Selected Data (Continued)
(Unaudited)
 
Three Months Ended
June 30,
2012     2011    

% Increase/
(Decrease)

 
Other (Amounts in Thousands):
EBITDA * $ 102,149 $ 82,596 23.7 %
Rent Expense 44,233 42,222 4.8 %
Floorplan Credits 6,463 5,234 23.5 %
 

* See the following Non-GAAP reconciliation tables

   
 
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
(Amounts In Thousands, Except Per Share Data)
(Unaudited)
 
Six Months Ended
June 30,
2012     2011    

% Increase/
(Decrease)

Revenues:
New Vehicle $ 3,303,367 $ 2,778,015 18.9 %
Used Vehicle 1,931,147 1,643,604 17.5 %
Finance and Insurance, Net 162,486 135,349 20.0 %
Service and Parts 737,090 679,688 8.4 %
Fleet Sales 139,899 65,175 114.7 %
Wholesale Vehicle   331,233     266,288   24.4 %
Total Revenues 6,605,222 5,568,119 18.6 %
Cost of Sales:
New Vehicle 3,032,731 2,549,647 18.9 %
Used Vehicle 1,778,942 1,507,605 18.0 %
Service and Parts 308,678 290,963 6.1 %
Fleet 138,887 64,514 115.3 %
Wholesale   327,406     261,969   25.0 %
Total Cost of Sales 5,586,644 4,674,698 19.5 %
Gross Profit 1,018,578 893,421 14.0 %
SG&A Expenses 806,799 728,349 10.8 %
Depreciation   26,976     23,705   13.8 %
Operating Income 184,803 141,367 30.7 %
Floor Plan Interest Expense (19,620 ) (13,780 ) 42.4 %
Other Interest Expense (23,785 ) (21,736 ) 9.4 %
Debt Discount Amortization 0 (1,718 ) -100.0 %
Equity in Earnings of Affiliates   12,578     7,904   59.1 %
Income from Continuing Operations Before Income Taxes 153,976 112,037 37.4 %
Income Taxes   (53,744 )   (36,043 ) 49.1 %
Income from Continuing Operations 100,232 75,994 31.9 %
(Loss) from Discontinued Operations, Net of Tax   (3,614 )   (1,938 ) 86.5 %
Net Income 96,618 74,056 30.5 %
Income Attributable to Non-Controlling Interests   (708 )   (569 ) 24.4 %
Net Income Attributable to Common Shareholders $ 95,910   $ 73,487   30.5 %
Income from Continuing Operations Per Share $ 1.10   $ 0.82   34.1 %
Income Per Share $ 1.06   $ 0.79   34.2 %
Weighted Average Shares Outstanding   90,395     92,514   -2.3 %
Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations $ 100,232 $ 75,994 31.9 %
Income Attributable to Non-Controlling Interests   (708 )   (569 ) 24.4 %
Income from Continuing Operations, net of tax $ 99,524 $ 75,425 32.0 %
(Loss) from Discontinued Operations, net of tax   (3,614 )   (1,938 ) 86.5 %
Net Income $ 95,910   $ 73,487   30.5 %
 
   
PENSKE AUTOMOTIVE GROUP, INC.
Selected Data
(Unaudited)
 
Six Months Ended
June 30,
2012     2011    

% Increase/
(Decrease)

Total Retail Units:
New Retail 89,773 75,994 18.1 %
Used Retail   75,848     62,441   21.5 %
Total Retail   165,621     138,435   19.6 %
 
Fleet 6,311 2,998 110.5 %
Wholesale   35,698     28,768   24.1 %
Total   207,630     170,201   22.0 %
 
Same-Store Retail Units:
New Same-Store Retail 81,994 75,337 8.8 %
Used Same-Store Retail   70,041     61,888   13.2 %
Total Same-Store Retail   152,035     137,225   10.8 %
 
Same-Store Retail Revenue: (Amounts in thousands)
New Vehicles $ 3,020,344 $ 2,757,110 9.5 %
Used Vehicles 1,784,819 1,629,700 9.5 %
Finance and Insurance, Net 152,619 134,233 13.7 %
Service and Parts   679,194     674,526   0.7 %
Total Same-Store Retail $ 5,636,976   $ 5,195,569   8.5 %
 
Revenue Mix:
New Vehicles 50.0 % 49.9 % 10 bps
Used Vehicles 29.2 % 29.5 % (30 bps)
Finance and Insurance, Net 2.5 % 2.4 % 10 bps
Service and Parts 11.2 % 12.2 % (100 bps)
Fleet and Wholesale 7.1 % 6.0 % 110 bps
 
Average Revenue per Vehicle Retailed:
New Vehicles $ 36,797 $ 36,556 0.7 %
Used Vehicles 25,461 26,322 -3.3 %
 
Gross Profit per Vehicle Retailed:
New Vehicles $ 3,015 $ 3,005 0.3 %
Used Vehicles 2,007 2,178 -7.9 %
Finance and Insurance 981 978 0.3 %
 
Operating items as a percentage of revenue:
New Vehicle Gross Profit 8.2 % 8.2 % ---
Used Vehicle Gross Profit 7.9 % 8.3 % (40 bps)
Service and Parts Gross Profit 58.1 % 57.2 % 90 bps
Total Gross Profit 15.4 % 16.0 % (60 bps)
Selling, General and Admin. Expenses 12.2 % 13.1 % (90 bps)
Operating Income 2.8 % 2.5 % 30 bps
Inc. From Cont. Ops. Before Inc. Taxes 2.3 % 2.0 % 30 bps
 
Operating items as a percentage of total gross profit:
Selling, General and Administrative Expenses 79.2 % 81.5 % (230 bps)
Operating Income 18.1 % 15.8 % 230 bps
 
           
PENSKE AUTOMOTIVE GROUP, INC.
Selected Data (Continued)
(Unaudited)
 
Six Months Ended
June 30,
2012     2011    

% Increase/
(Decrease)

 
Other (Amounts in Thousands):
EBITDA * $ 204,737 $ 159,196 28.6 %
Rent Expense 88,220 84,254 4.7 %
Floorplan Credits 11,282 10,364 8.9 %
 

* See the following Non-GAAP reconciliation tables

       
 
PENSKE AUTOMOTIVE GROUP, INC.
Selected Data
Brand Revenue Mix
(Unaudited)
 
Three Months Ended Six Months Ended
June 30, June 30,
2012   2011 2012   2011
Brand Revenue Mix:
Premium:
BMW 24 % 23 % 24 % 23 %
Audi 12 % 12 % 12 % 12 %
Mercedes-Benz 10 % 10 % 10 % 10 %
Lexus 4 % 4 % 4 % 4 %
Land Rover 4 % 4 % 4 % 5 %
Porsche 5 % 5 % 5 % 5 %
Ferrari / Maserati 3 % 4 % 3 % 3 %
Acura 2 % 2 % 2 % 2 %
Other 4 % 4 % 4 % 4 %
Total Premium 68 % 68 % 68 % 68 %
Foreign:
Toyota 11 % 11 % 11 % 11 %
Honda 11 % 11 % 11 % 12 %
Nissan 2 % 2 % 2 % 2 %
Volkswagen 2 % 2 % 2 % 1 %
Other 2 % 2 % 2 % 2 %
Total Foreign 28 % 28 % 28 % 28 %
Domestic Big 3
General Motors / Chrysler / Ford 4 % 4 % 4 % 4 %
 
Revenue Mix:
U.S. 63 % 63 % 62 % 62 %
International 37 % 37 % 38 % 38 %
 
   
PENSKE AUTOMOTIVE GROUP, INC.
Non-GAAP Reconciliation
(Unaudited)
 
Reconciliation of 2012 and 2011 net income to EBITDA:
 
Three Months Ended
June 30,
(Amounts in Thousands) 2012     2011    

% Increase/
(Decrease)

 
Net Income $ 49,612 $ 40,059 23.8 %
Depreciation 13,651 11,926 14.5 %
Other Interest Expense 11,575 10,451 10.8 %
Income Taxes 26,854 20,505 31.0 %
(Income) Loss from Discontinued Operations, net   457   (345 ) -232.5 %
EBITDA $ 102,149 $ 82,596   23.7 %
                 
Six Months Ended
June 30,
(Amounts in Thousands) 2012     2011    

% Increase/
(Decrease)

 
Net Income $ 96,618 $ 74,056 30.5 %
Depreciation 26,976 23,705 13.8 %
Other Interest Expense 23,785 21,736 9.4 %
Debt Discount Amortization 0 1,718 -100.0 %
Income Taxes 53,744 36,043 49.1 %
Loss from Discontinued Operations, net   3,614   1,938 86.5 %
EBITDA $ 204,737 $ 159,196 28.6 %

Source: Penske Automotive Group, Inc.

Inquiries should contact:
David K. Jones
Executive Vice President and Chief Financial Officer
Penske Automotive Group, Inc.
248-648-2800
dave.jones@penskeautomotive.com
or
Anthony R. Pordon
Executive Vice President Investor Relations and Corporate Development
Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com