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Penske Automotive Reports Record Second Quarter Results
Best Quarter and Six Months in Company History
Selling, General & Administrative Expense Leverage of 110 Basis Points

BLOOMFIELD HILLS, Mich., July 29, 2015 /PRNewswire/ -- 

Second Quarter 2015

Six Months 2015

  • Revenue Increases 12.2% to $4.9 Billion
  • Revenue Increases 11.8% to $9.4 Billion
  • Same-store Retail Revenue Increases 5.6%, excluding foreign exchange 9.8%
  • Same-store Retail Revenue Increases 5.2%, excluding foreign exchange 9.5%
  • Income from Continuing Operations Attributable to Common Shareholders Increases 17.3% to $94.4 Million
  • Income from Continuing Operations Attributable to Common Shareholders Increases 15.6% to $170.8 Million
  • Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 18.0% to $1.05
  • Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 16.0% to $1.89
  • EBITDA Increases 17.9% to $179.3 Million
  • EBITDA Increases 16.7% to $330.1 Million

Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today that second quarter 2015 income from continuing operations attributable to common shareholders increased 17.3% to $94.4 million, and related earnings per share increased 18.0% to $1.05 when compared to the same period last year. Total revenue increased 12.2% to $4.9 billion.   Excluding foreign exchange, total revenue increased 17.0%.   Same-store retail revenue increased 5.6% in the second quarter, or 9.8% when excluding foreign exchange.  Gross profit improved 11.4% to $729.6 million, while operating income increased 17.2% to $159.1 million.

"We just completed the best quarter and six-month period in the history of our company," said Chairman Roger S. Penske. "The performance of our business continues to demonstrate the flexibility and resiliency of the company's brand mix and business model.  The record second quarter results were driven by a 7.5% increase in retail automotive unit sales, a 50-basis point increase in automotive retail service and parts gross margin and a reduction of 110 basis points in selling, general and administrative expenses as a percent of gross profit."

 

Automotive Retail Highlights of the Second Quarter

  • Total Retail Unit Sales Increased 7.5% to 108,277
    • +3.3% in the United States; +16.5% Internationally
    • New unit retail sales +6.3%
    • Used unit retail sales +8.8%

 

  • Same-store Retail Revenue Increased 5.6%
    • New +4.2%; Used +8.2%; Finance & Insurance +8.3%; Service and Parts +4.3%
    • +4.2% in the United States; +7.8% Internationally
    • Excluding f/x, same-store retail revenue increased 9.8%

 

  • Average Transaction Price Per Unit
    • New $39,834; -1.3%
    • Used $27,771; -0.2%

 

  • Average Gross Profit Per Unit
    • New $2,999, -$123/unit;  Gross Margin 7.5%, -20 basis points
      • Excluding f/x $3,128/unit, +$6/unit, Gross Margin 7.6%, -10 basis points
    • Used $1,777, -$197/unit; Gross Margin 6.4%, -70 basis points
      • Excluding f/x $1,861/unit, -$113/unit, Gross Margin 6.4%, -70 basis points
    • Finance & Insurance $1,125/unit, +$15/unit
      • Excluding f/x $1,162/unit, +$52/unit

Note: f/x = foreign exchange

For the six months ended June 30, 2015, total revenue increased 11.8% to $9.4 billion.  The revenue increase was driven by a 7.1% increase in retail automotive unit sales, including 6.1% on a same-store basis.  Income from continuing operations attributable to common shareholders increased 15.6% to $170.8 million and related earnings per share increased 16.0% to $1.89 when compared to the same period last year.

U.S. Commercial Truck Operations

During 2015, the company acquired two commercial truck dealerships which are expected to contribute estimated annualized revenues of approximately $200 million. For the three and six months  ended June 30, 2015, our U.S. commercial truck dealerships ("Premier Truck Group") generated $241.9 million and $434.6 million of revenue, and $38.3 million and $71.1 million of gross profit, respectively, principally through the retail sale of new/used medium and heavy-duty trucks and service/ parts sales.  Service and parts gross profit represents approximately 72% of total gross profit for both periods.

Share Repurchases

For the six months ended June 30, 2015, the company has acquired or repurchased 439,383 shares of common stock for approximately $22.0 million, or approximately $50.07 per share.  As of June 30, 2015, the company has a remaining share repurchase authorization of $136.0 million

Conference Call

Penske Automotive will host a conference call discussing financial results relating to the second quarter of 2015 on July 29, 2015, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1085 [International, please dial (612) 288-0337]. 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 second quarter 2015 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 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 22,000 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 earnings before interest, taxes, depreciation and amortization ("EBITDA") and earnings before interest, taxes, depreciation, amortization and rent expense ("EBITDAR"). 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 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, 2014, 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.

Find a vehiclehttp://www.penskecars.com 
Engage Penske Automotivehttp://www.penskesocial.com 
Like Penske Automotive on Facebookhttps://facebook.com/PenskeCars 
Follow Penske Automotive on Twitterhttps://twitter.com/Penskecarscorp 
Visit Penske Automotive on YouTubehttp://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


Six Months Ended


June 30,


June 30,


2015


2014


Increase/

(Decrease)


2015


2014


Increase/

(Decrease)

Revenue

$  4,904.4


$  4,370.5


12.2%


$  9,375.5


$  8,385.7


11.8%

Cost of Sales

4,174.8


3,715.7


12.4%


7,957.2


7,116.9


11.8%

Gross Profit

$     729.6


$     654.8


11.4%


$  1,418.3


$  1,268.8


11.8%

SG&A Expenses

551.3


502.0


9.8%


1,085.8


979.2


10.9%

Depreciation

19.2


17.0


12.9%


37.8


33.1


14.2%

    Operating Income

$    159.1


$    135.8


17.2%


$    294.7


$    256.5


14.9%

Floor Plan Interest Expense

(11.0)


(11.6)


-5.2%


(21.1)


(22.7)


-7.0%

Other Interest Expense

(16.4)


(12.4)


32.3%


(32.7)


(24.8)


31.9%

Equity in Earnings of Affiliates

12.0


10.9


10.1%


18.7


16.0


16.9%

    Income from Continuing Operations Before Income Taxes

$     143.7


$     122.7


17.1%


$     259.6


$     225.0


15.4%

Income Taxes

(47.6)


(41.2)


15.5%


(86.4)


(75.9)


13.8%

    Income from Continuing Operations

$       96.1


$       81.5


17.9%


$     173.2


$     149.1


16.2%

Loss from Discontinued Operations, net of tax

(0.4)


(7.6)


nm


(1.6)


(7.3)


        nm

    Net Income

$       95.7


$       73.9


29.5%


$     171.6


$     141.8


21.0%

Less: Income Attributable to Non-Controlling Interests

1.7


1.0


70.0%


2.4


1.4


71.4%

    Net Income Attributable to Common Shareholders

$       94.0


$       72.9


28.9%


$     169.2


$     140.4


20.5%













Amounts Attributable to Common Shareholders:












Reported Income from Continuing Operations

$       96.1


$       81.5


17.9%


$     173.2


$     149.1


16.2%

Less: Income Attributable to Non-Controlling Interests

1.7


1.0


70.0%


2.4


1.4


71.4%

Income from Continuing Operations, net of tax

$       94.4


$       80.5


17.3%


$     170.8


$     147.7


15.6%

Loss from Discontinued Operations, net of tax

(0.4)


(7.6)


nm


(1.6)


(7.3)


nm

Net Income Attributable to Common Shareholders

$       94.0


$       72.9


28.9%


$     169.2


$     140.4


20.5%

Income from Continuing Operations Per Share

$       1.05


$       0.89


18.0%


$       1.89


$       1.63


16.0%

Income Per Share

$       1.04


$       0.81


28.4%


$       1.87


$       1.55


20.6%

Weighted Average Shares Outstanding

90.2


90.4


-0.2%


90.3


90.4


-0.1%

 

nm – not meaningful

 


PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)




June 30,


December 31,


2015


2014

Assets:




Cash and Cash Equivalents

$           36.7


$           36.3

Accounts Receivable, Net

738.8


701.4

Inventories

3,055.4


2,819.2

Other Current Assets

107.0


124.7

Assets Held for Sale

45.7


186.6

Total Current Assets

3,983.6


3,868.2

Property and Equipment, Net

1,378.3


1,328.8

Intangibles

1,684.0


1,652.0

Other Long-Term Assets

388.0


379.2

Total Assets

$      7,433.9


$      7,228.2





Liabilities and Equity:




Floor Plan Notes Payable

$      2,004.9


$      1,812.6

Floor Plan Notes Payable – Non-Trade

1,042.8


920.5

Accounts Payable

502.1


417.6

Accrued Expenses

329.3


310.3

Current Portion Long-Term Debt

31.2


36.6

Liabilities Held for Sale

29.9


132.7

Total Current Liabilities

3,940.2


3,630.3

Long-Term Debt

1,130.8


1,316.0

Other Long-Term Liabilities

583.9


600.7

Total Liabilities

5,654.9


5,547.0

Equity

1,779.0


1,681.2

Total Liabilities and Equity

$        7,433.9


$      7,228.2

 

 


PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)




Three Months Ended


Six Months Ended


June 30,


June 30,


2015


2014


2015


2014

Geographic Revenue Mix:








U.S.

62%


60%


61%


59%

U.K.

34%


35%


35%


37%

Other International

4%


5%


4%


4%

Total

100.0%


100.0%


100.0%


100.0%









Revenue: (Amounts in Millions)








Retail Automotive

$      4,538.6


$      4,256.5


$      8,713.6


$      8,175.7

U.S. Commercial Trucks

241.9


--


434.6


--

Commercial Vehicles Australia/Power Systems and Other

123.9


114.0


227.3


210.0

Total

$      4,904.4


$      4,370.5


$      9,375.5


$      8,385.7









Gross Profit: (Amounts in Millions)








Retail Automotive

$         660.9


$         636.2


$      1,289.0


$      1,233.9

U.S. Commercial Trucks

38.3


--


71.1


--

Commercial Vehicles Australia/Power Systems and Other

30.4


18.6


58.2


34.9

Total

$         729.6


$         654.8


$      1,418.3


$      1,268.8









Gross Margin:








Retail Automotive

14.6%


14.9%


14.8%


15.1%

U.S. Commercial Trucks

15.8%


--


16.4%


--

Commercial Vehicles Australia/Power Systems and Other

24.5%


16.3%


25.6%


16.6%

Total

14.9%


15.0%


15.1%


15.1%

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)




Three Months Ended


Six Months Ended


June 30,


June 30,


2015


2014


Increase/

(Decrease)


2015


2014


Increase/

(Decrease)

Operating Items as a Percentage of Revenue:












Gross Profit

14.9%


15.0%


-10 bps


15.1%


15.1%


--

Selling, General and Administrative Expenses

11.2%


11.5%


-30 bps


11.6%


11.7%


-10 bps

Operating Income

3.2%


3.1%


10 bps


3.1%


3.1%


--

Inc. From Cont. Ops. Before Inc. Taxes

2.9%


2.8%


10 bps


2.8%


2.7%


10 bps













Operating Items as a Percentage of Total Gross Profit:











Selling, General and Administrative Expenses

75.6%


76.7%


-110 bps


76.6%


77.2%


-60 bps

Operating Income

21.8%


20.7%


110 bps


20.8%


20.2%


60 bps

 

 


Three Months Ended


Six Months Ended


June 30,


June 30,


2015


2014


Increase/ (Decrease)


2015


2014


Increase/ (Decrease)

(Amounts in Millions)












EBITDA*

$        179.3


$        152.1


17.9%


$        330.1


$        282.9


16.7%

Rent Expense

$          48.9


$          48.0


1.9%


$          98.8


$          94.1


5.0%

Floorplan Credits

$            8.3


$            8.0


3.8%


$          15.0


$          14.1


6.4%

 

* See the following Non-GAAP reconciliation table.

 


PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)




Three Months Ended


Six Months Ended


June 30,


June 30,


2015


2014


2015


2014

Retail Automotive Units:








New Retail

58,758


55,268


112,051


105,262

Used Retail

49,519


45,497


97,576


90,525

Total

108,277


100,765


209,627


195,787









Retail Automotive Revenue: (Amounts in Millions)








New Vehicles

$        2,340.5


$        2,230.3


$        4,476.8


$        4,247.6

Used Vehicles

1,375.2


1,265.6


2,651.3


2,460.8

Finance and Insurance, Net

121.9


111.9


233.0


216.4

Service and Parts

454.7


433.7


892.0


849.1

Fleet and Wholesale

246.3


215.0


460.5


401.8

Total Revenue

$        4,538.6


$        4,256.5


$        8,713.6


$        8,175.7









Retail Automotive Gross Profit: (Amounts in Millions)







New Vehicles

$           176.2


$           172.6


$           343.8


$           329.0

Used Vehicles

88.0


89.8


172.5


176.3

Finance and Insurance, Net

121.9


111.9


233.0


216.4

Service and Parts

273.6


258.9


533.9


504.9

Fleet and Wholesale

1.2


3.0


5.8


7.3

Total Gross Profit

$           660.9


$           636.2


$        1,289.0


$        1,233.9









Retail Automotive Revenue Per Vehicle Retailed:








New Vehicles

$         39,834


$         40,354


$         39,954


$         40,352

Used Vehicles

27,771


27,818


27,172


27,184









Retail Automotive Gross Profit Per Vehicle Retailed:








New Vehicles

$           2,999


$           3,122


$           3,069


$           3,125

Used Vehicles

1,777


1,974


1,768


1,948

Finance & Insurance

1,125


1,110


1,111


1,105

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

 Selected Data

(Unaudited)










Three Months Ended


Six Months Ended


June 30,


June 30,


2015


2014


2015


2014

Retail Automotive Revenue Mix Percentages:








New Vehicles

51.6%


52.4%


51.4%


52.0%

Used Vehicles

30.3%


29.7%


30.4%


30.1%

Finance and Insurance, Net

2.7%


2.6%


2.7%


2.6%

Service and Parts

10.0%


10.2%


10.2%


10.4%

Fleet and Wholesale

5.4%


5.1%


5.3%


4.9%

Total

100.0%


100.0%


100.0%


100.0%









Retail Automotive Gross Profit Mix Percentages:








New Vehicles

26.7%


27.1%


26.7%


26.7%

Used Vehicles

13.3%


14.1%


13.4%


14.3%

Finance and Insurance, Net

18.4%


17.6%


18.1%


17.5%

Service and Parts

41.4%


40.7%


41.4%


40.9%

Fleet and Wholesale

0.2%


0.5%


0.4%


0.6%

Total

100.0%


100.0%


100.0%


100.0%

 

 



Three Months Ended


Six Months Ended


June 30,


June 30,


2015


2014


Increase/

(Decrease)


2015


2014


Increase/

(Decrease)

Retail Automotive Gross Margin:









New Vehicles

7.5%


7.7%


-20 bps


7.7%


7.7%


--

Used Vehicles

6.4%


7.1%


-70 bps


6.5%


7.2%


-70 bps

Service and Parts

60.2%


59.7%


50 bps


59.9%


59.5%


40 bps

Fleet and Wholesale

0.5%


1.4%


-90 bps


1.3%


1.8%


-50 bps

Total Gross Margin

14.6%


14.9%


-30 bps


14.8%


15.1%


-30 bps

 

 


PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)




Three Months Ended


Six Months Ended


June 30,


June 30,


2015


2014


2015


2014

Retail Automotive Revenue Mix:








Premium:








BMW / MINI

27%


26%


27%


26%

Audi

13%


13%


13%


14%

Mercedes-Benz

10%


10%


10%


10%

Land Rover

6%


5%


7%


6%

Porsche

5%


5%


5%


5%

Lexus

4%


4%


4%


4%

Ferrari / Maserati

3%


3%


2%


2%

Acura

1%


1%


1%


1%

Bentley

1%


2%


1%


2%

Others

2%


2%


2%


2%

Total Premium

72%


71%


72%


72%

Volume Non-U.S.:








Toyota

12%


12%


12%


11%

Honda

7%


8%


7%


8%

Volkswagen

2%


2%


2%


2%

Nissan

1%


1%


1%


1%

Others

2%


2%


2%


2%

Total Volume Non-U.S.

24%


25%


24%


24%

U.S.:








General Motors / Chrysler / Ford

4%


4%


4%


4%

Total

100%


100%


100%


100%









Retail Automotive Geographic Revenue Mix:








U.S.

61%


62%


61%


61%

U.K.

37%


36%


37%


37%

Other International

2%


2%


2%


2%

Total

100.0%


100.0%


100.0%


100.0%

 

 


PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Same-Store

Selected Data

(Unaudited)







Three Months Ended


Six Months Ended


June 30,


June 30,


2015


2014


2015


2014

Retail Automotive Same-Store Units:








New Retail

58,191


55,063


110,123


104,343

Used Retail

49,063


45,331


96,115


89,994

Total

107,254


100,394


206,238


194,337









Retail Automotive Same-Store Revenue: (Amounts in Millions)






New Vehicles

$        2,317.8


$        2,224.3


$        4,385.5


$        4,203.1

Used Vehicles

1,365.7


1,262.7


2,615.1


2,447.2

Finance and Insurance, Net

120.9


111.6


229.9


215.1

Service and Parts

451.5


432.9


873.6


841.1

Fleet and Wholesale

243.5


214.4


452.9


400.7

Total Revenue

$        4,499.4


$        4,245.9


$        8,557.0


$        8,107.2









Retail Automotive Same-Store Gross Profit: (Amounts in Millions)





New Vehicles

$           174.1


$           172.1


$           337.4


$           325.9

Used Vehicles

87.4


89.7


170.4


175.4

Finance and Insurance, Net

120.9


111.6


229.9


215.1

Service and Parts

271.7


258.3


523.8


500.6

Fleet and Wholesale

1.1


3.0


5.7


7.2

Total Gross Profit

$           655.2


$           634.7


$        1,267.2


$        1,224.2









Retail Automotive Same-Store Revenue Per Vehicle Retailed:






New Vehicles

$         39,830


$         40,395


$         39,823


$         40,281

Used Vehicles

27,835


27,855


27,208


27,193









Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:





New Vehicles

$           2,992


$           3,125


$           3,063


$           3,123

Used Vehicles

1,780


1,978


1,773


1,949

Finance & Insurance

1,127


1,112


1,115


1,107

 

 


PENSKE AUTOMOTIVE GROUP, INC.

U.S. Commercial Truck Operations

Selected Data

(Unaudited)


Note: The company's U.S. Commercial Truck Operations were acquired in November 2014; therefore, comparative results are not applicable and results shown are for only the three and six month periods ending June 30, 2015.






Three Months Ended


Six Months Ended


June 30, 2015


June 30, 2015

U.S. Commercial Truck Units:




New Retail

1,491


2,530

Used Retail

298


594

Total Truck Units

1,789


3,124





 U.S. Commercial Truck Revenue: (Amounts in Millions)




New Vehicles

$                  146.3


$                  248.5

Used Vehicles

15.6


31.5

Finance and Insurance, Net

1.6


2.9

Service and Parts

75.0


138.1

Lease, Rental & Wholesale

3.4


13.6

Total Revenue

$                  241.9


$                  434.6





 U.S. Commercial Truck Gross Profit: (Amounts in Millions)




New Vehicles

$                      6.9


$                    11.8

Used Vehicles

1.6


3.3

Finance and Insurance, Net

1.6


2.9

Service and Parts

27.7


51.1

Lease, Rental & Wholesale

0.5


2.0

Total Gross Profit

$                    38.3


$                    71.1





U.S. Commercial Truck Revenue per Vehicle Retailed:




New Vehicles

$                98,154


$                98,232

Used Vehicles

52,394


53,045





 U.S. Commercial Truck Gross Profit per Vehicle Retailed:




New Vehicles

$                  4,645


$                  4,664

Used Vehicles

5,462


5,671

Finance and Insurance

902


947





U.S. Commercial Truck Gross Margin:



   New Vehicle

4.7%


4.7%

   Used Vehicle

10.3%


10.5%

   Service and Parts

36.9%


37.0%

   Lease, Rental & Wholesale

14.7%


14.7%

   Total Gross Margin

15.8%


16.4%

 

 

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") and earnings before interest, taxes, depreciation, amortization and rent expense ("EBITDAR") for the three and six months ended June 30, 2015, and 2014:



Three Months Ended


Six Months Ended


June 30,


June 30,


2015


2014


Increase/

(Decrease)


2015


2014


Increase/

(Decrease)

(Amounts in Millions)












Net Income

$       95.7


$       73.9


29.5%


$     171.6


$     141.8


21.0%

Add: Depreciation

19.2


17.0


12.9%


37.8


33.1


14.2%

     Other Interest Expense

16.4


12.4


32.3%


32.7


24.8


31.9%

     Income Taxes

47.6


41.2


15.5%


86.4


75.9


13.8%

     Loss from Discontinued Operations, net of tax

0.4


7.6


nm


1.6


7.3


nm

EBITDA

$     179.3


$     152.1


17.9%


$     330.1


$     282.9


16.7%

Add:  Rent Expense

48.9


48.0


1.9%


98.8


94.1


5.0%

EBITDAR

$     228.2


$     200.1


14.0%


$     428.9


$     377.0


13.8%

 

nm – not meaningful

 

Penske Automotive Group logo.

 

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SOURCE Penske Automotive Group, Inc.