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Penske Automotive Reports Second Quarter Results
Second Quarter Earnings per Share from Continuing Operations of $1.11
Increases Ownership Interest in Penske Truck Leasing; Estimates Accretion Of at least $0.25 per Share on an Annualized Basis

BLOOMFIELD HILLS, Mich., July 28, 2016 /PRNewswire/ --

 

Second Quarter 2016

Six Months 2016

  • Revenue Increases 6.8% to $5.3 Billion
  • Revenue Increases 7.2% to $10.1 Billion
  • Same-store Retail Revenue Increases 0.2%, Excluding Foreign Exchange 2.7%
  • Same-store Retail Revenue Increases 1.3%, Excluding Foreign Exchange 3.7%
  • Income from Continuing Operations Attributable to Common Shareholders Increases 0.6% to $94.7 Million, Excluding Foreign Exchange Increases 3.5%
  • Income from Continuing Operations Attributable to Common Shareholders Increases 2.2% to $174.0 Million, Excluding Foreign Exchange Increases 5.2%
  • Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 6.7% to $1.11, Excluding Foreign Exchange Increases 9.6%
  • Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 6.4% to $2.00, Excluding Foreign Exchange Increases 9.6%
  • EBITDA Increases 4.6% to $187.5 Million
  • EBITDA Increases 4.7% to $345.1 Million

 

Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today record second quarter and six-month results. For the three months ended June 30, 2016, income from continuing operations attributable to common shareholders increased 0.6% to $94.7 million, and related earnings per share increased 6.7% to $1.11 when compared to the same period last year. Total automotive retail units increased 6.2% and total revenue increased 6.8% to $5.3 billion. Excluding foreign exchange, total revenue increased 9.2%.  Same-store retail revenue increased 0.2%.  Excluding foreign exchange, same-store retail revenue increased 2.7%.  Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.03 for the three months ended June 30, 2016.

Commenting on the company's results, Penske Automotive Group Chairman Roger S. Penske said, "I am very pleased with the performance of our business in the second quarter.  Not only did we produce another quarter of record results, we continued to grow by acquiring five commercial truck dealerships in Canada, and we solidified our capital structure by issuing new 10-year senior subordinated notes at 5.5%.  Further, the Brexit vote did not impact the performance of our business in the second quarter, and I am pleased to report that our U.K. business has remained strong to date since the Brexit vote."

 

Automotive Retail Highlights of the Second Quarter

  • Retail Unit Sales +6.2% to 115,106
    • New unit retail sales +5.7%
    • Used unit retail sales +6.8%
  • Same-store Retail Unit Sales -1.9% to 106,266
    • New unit retail sales -1.4%
    • Used unit retail sales -2.6%
  • Same-Store Retail Revenue +0.2%
    • New -0.4%; Used +0.2%; Finance & Insurance +1.6%; Service and Parts +3.4%
    • -0.7% in the United States; +1.8% Internationally
    • Excluding f/x, same-store retail revenue +2.7%
  • Average Transaction Price Per Unit
    • New $39,586; -0.9%
    • Used $27,936; +0.2%
  • Average Gross Profit Per Unit
    • New $3,106, +$100/unit;  Gross Margin 7.8%, +30 basis points
      • Excluding f/x $3,175, +$169/unit; Gross Margin 7.9%, +40 basis points
    • Used $1,697, -$85/unit; Gross Margin 6.1%, -30 basis points
      • Excluding f/x $1,736, -$46/unit;  Gross Margin 6.0%, -40 basis points
    • Finance & Insurance $1,092, -$32/unit
      • Excluding f/x $1,118, -$6/unit

Note: f/x = foreign exchange

For the six months ended June 30, 2016, total revenue increased 7.2% to $10.1 billion, including a 1.3% increase in same-store retail revenue. Excluding foreign exchange, total revenue increased 9.6%, while same-store retail revenue increased 3.7%. Total automotive retail unit volume increased 8.0%, including 0.3% on a same-store basis. Income from continuing operations attributable to common shareholders increased 2.2% to $174.0 million and related earnings per share increased 6.4% to $2.00 when compared to the same period last year. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.06.

Retail Commercial Truck Operations

Previously, the company announced that it had acquired Harper Truck Centres located in Ontario, Canada.  Harper has five locations in the Greater Toronto market area and is expected to generate $130 million in annualized revenue. The company operates nineteen locations, including fourteen full-service dealerships, under the "Premier Truck Group" brand name, offering primarily the Freightliner and Western Star brands. For the three months and six months ended June 30, 2016, Premier Truck Group generated $309.5 million and $516.2 million of revenue, and $38.3 million and $71.5 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 76.5% and 77.9% of total Premier Truck Group gross profit, respectively.  

Acquires Additional 14% of Penske Truck Leasing

On July 27, 2016, the company acquired an additional 14.4% interest in Penske Truck Leasing Co., L.P. ("PTL"), from subsidiaries of GE Capital Global Holdings, LLC, for approximately $498.7 million.  The purchase price was funded using existing liquidity including the company's U.S. credit agreement. After completion of the purchase, Penske Automotive Group now holds a 23.4% ownership interest and will continue to account for the ownership interest using the equity method of accounting. By acquiring the additional interest in PTL, the company expects to realize accretion to earnings per share and additional cash flow from cash tax savings and the annual cash distributions PTL provides to its partners.  We estimate the transaction will provide at least $0.25 per share in earnings accretion on an annualized basis as well as significant cash tax savings heavily weighted to the first few years of the investment.

Conference Call

Penske Automotive will host a conference call discussing financial results relating to the second quarter of 2016 on Thursday, July 28, 2016, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1085 - [International, please dial (612) 234-9959]. 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 2016 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 23,000 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"). 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 and earnings accretion 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, 2015, 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,


2016


2015


Increase/

(Decrease)


2016


2015


Increase/

(Decrease)

Revenue

$   5,254.1


$   4,920.6


6.8%


$ 10,078.7


$   9,403.5


7.2%

Cost of Sales

4,482.8


4,189.3


7.0%


8,583.6


7,982.3


7.5%

Gross Profit

771.3


731.3


5.5%


1,495.1


1,421.2


5.2%

SG&A Expenses

582.7


553.1


5.4%


1,141.6


1,088.9


4.8%

Depreciation

24.5


19.3


26.9%


45.3


37.9


19.5%

    Operating Income

$      164.1


$      158.9


3.3%


$      308.2


$      294.4


4.7%

Floor Plan Interest Expense

(13.1)


(11.0)


19.1%


(25.9)


(21.3)


21.6%

Other Interest Expense

(19.5)


(16.4)


18.9%


(36.7)


(32.7)


12.2%

Equity in Earnings of Affiliates

12.0


12.0


---


17.5


18.7


(6.4%)

    Income from Continuing Operations Before Income Taxes

$      143.5


$      143.5


---


$      263.1


$      259.1


1.5%

Income Taxes

(47.3)


(47.7)


(0.8%)


(86.7)


(86.5)


0.2%

    Income from Continuing Operations

$        96.2


$        95.8


0.4%


$      176.4


$      172.6


2.2%

Loss from Discontinued Operations, net of tax

(1.2)


(0.1)


nm


(1.2)


(1.0)


           nm

    Net Income

$        95.0


$        95.7


(0.7%)


$      175.2


$      171.6


2.1%

Less: Income Attributable to Non-Controlling Interests

1.5


1.7


(11.8%)


2.4


2.4


---

    Net Income Attributable to Common Shareholders

 

$        93.5


$        94.0


(0.5%)


$      172.8


$      169.2


2.1%













Amounts Attributable to Common Shareholders:












Reported Income from Continuing Operations

96.2


95.8


0.4%


176.4


172.6


2.2%

Less: Income Attributable to Non-Controlling Interests

1.5


1.7


(11.8%)


2.4


2.4


---

Income from Continuing Operations, net of tax

94.7


94.1


0.6%


174.0


170.2


2.2%

Loss from Discontinued Operations, net of tax

(1.2)


(0.1)


nm


(1.2)


(1.0)


           nm

Net Income Attributable to Common Shareholders

93.5


94.0


(0.5%)


172.8


169.2


2.1%

Income from Continuing Operations Per Share

1.11


1.04


6.7%


2.00


1.88


6.4%

Income Per Share

1.10


1.04


5.8%


1.99


1.87


6.4%

Weighted Average Shares Outstanding

85.3


90.2


(5.4%)


86.8


90.3


(3.9%)

nm – not meaningful


 


PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Millions)
(Unaudited)






June 30,


December 31,


2016


2015

Assets:




Cash and Cash Equivalents

$             97.5


$             62.4

Accounts Receivable, Net

827.8


782.3

Inventories

3,351.8


3,463.5

Other Current Assets

101.7


85.6

Assets Held for Sale

6.8


12.7

Total Current Assets

4,385.6


4,406.5

Property and Equipment, Net

1,576.7


1,520.1

Intangibles

1,722.2


1,731.2

Other Long-Term Assets

390.7


355.6

Total Assets

$        8,075.2


$        8,013.4





Liabilities and Equity:




Floor Plan Notes Payable

$        2,061.8


$        2,247.2

Floor Plan Notes Payable – Non-Trade

969.4


1,132.4

Accounts Payable

554.8


493.8

Accrued Expenses

403.3


378.1

Current Portion Long-Term Debt

47.7


28.0

Liabilities Held for Sale

4.6


6.2

Total Current Liabilities

4,041.6


4,285.7

Long-Term Debt

1,613.1


1,247.0

Other Long-Term Liabilities

687.6


645.8

Total Liabilities

6,342.3


6,178.5

Equity

1,732.9


1,834.9

Total Liabilities and Equity

$          8,075.2


$          8,013.4

 


PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)







Three Months Ended


Six Months Ended


June 30,


June 30,


2016


2015


2016


2015

Geographic Revenue Mix:








North America

60.1%


61.6%


58.8%


61.0%

U.K.

32.7%


33.9%


34.0%


34.7%

Other International

7.2%


4.5%


7.2%


4.3%

Total

100.0%


100.0%


100.0%


100.0%









Revenue: (Amounts in Millions)








Retail Automotive

$      4,836.8


$      4,554.9


$      9,349.7


$      8,741.7

Retail Commercial Trucks

309.5


241.9


516.2


434.6

Commercial Vehicles Australia/Power Systems and Other

107.8


123.8


212.8


227.2

Total

$      5,254.1


$      4,920.6


$    10,078.7


$      9,403.5









Gross Profit: (Amounts in Millions)








Retail Automotive

$         702.0


$         662.6


$      1,367.0


$      1,291.9

Retail Commercial Trucks

38.3


38.3


71.5


71.1

Commercial Vehicles Australia/Power Systems and Other

31.0


30.4


56.6


58.2

Total

$         771.3


$         731.3


$      1,495.1


$      1,421.2









Gross Margin:








Retail Automotive

14.5%


14.5%


14.6%


14.8%

Retail Commercial Trucks

12.4%


15.8%


13.9%


16.4%

Commercial Vehicles Australia/Power Systems and Other

28.8%


24.6%


26.6%


25.6%

Total

14.7%


14.9%


14.8%


15.1%










 

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)






Three Months Ended


Six Months Ended


June 30,


June 30,


2016


2015


Increase/

(Decrease)


2016


2015


Increase/

(Decrease)

Operating Items as a Percentage of Revenue:












Gross Profit

14.7%


14.9%


    -20 bps


14.8%


15.1%


    -30 bps

Selling, General and Administrative Expenses

11.1%


11.2%


    -10 bps


11.3%


11.6%


    -30 bps

Operating Income

3.1%


3.2%


-10 bps


3.1%


3.1%


---

Inc. From Cont. Ops. Before Inc. Taxes

2.7%


2.9%


-20 bps


2.6%


2.8%


-20 bps













Operating Items as a Percentage of Total Gross Profit:











Selling, General and Administrative Expenses

75.5%


75.6%


-10 bps


76.4%


76.6%


    -20 bps

Operating Income

21.3%


21.7%


-40 bps


20.6%


20.7%


    -10 bps

 


Three Months Ended


Six Months Ended


June 30,


June 30,


2016


2015


Increase/ (Decrease)


2016


2015


Increase/ (Decrease)

(Amounts in Millions)












EBITDA*

$           187.5


$           179.2


4.6%


$         345.1


$           329.7


4.7%

Floorplan Credits

$           10.2


$             8.3


22.9%


$           19.1


$           15.0


27.3%

Rent Expense

$           51.9


$           49.2


5.5%


$         103.4


$           99.3


4.1%

* 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,


2016


2015


2016


2015

Retail Automotive Units:








New Retail

62,170


58,801


120,923


112,119

Used Retail

52,936


49,585


105,677


97,687

Total

115,106


108,386


226,600


209,806









Retail Automotive Revenue: (Amounts in Millions)








New Vehicles

$        2,461.0


$        2,347.7


$        4,729.2


$        4,487.8

Used Vehicles

1,478.8


1,382.9


2,891.2


2,665.9

Finance and Insurance, Net

125.7


121.9


244.1


233.0

Service and Parts

496.2


456.1


974.3


894.5

Fleet and Wholesale

275.1


246.3


510.9


460.5

Total Revenue

$        4,836.8


$        4,554.9


$        9,349.7


$        8,741.7









Retail Automotive Gross Profit:
(Amounts in Millions)








New Vehicles

$           193.1


$           176.8


$           368.6


$           344.7

Used Vehicles

89.8


88.4


174.1


173.3

Finance and Insurance, Net

125.7


121.9


244.1


233.0

Service and Parts

288.7


274.3


570.1


535.1

Fleet and Wholesale

4.7


1.2


10.1


5.8

Total Gross Profit

$           702.0


$           662.6


$        1,367.0


$        1,291.9









Retail Automotive Revenue Per Vehicle Retailed:








New Vehicles

$         39,586


$           39,926


$         39,110


$         40,027

Used Vehicles

27,936


27,890


27,359


27,290









Retail Automotive Gross Profit Per Vehicle Retailed:








New Vehicles

$           3,106


$           3,006


$           3,049


$           3,074

Used Vehicles

1,697


1,782


1,647


1,773

Finance & Insurance

1,092


1,124


1,077


1,110

 

PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Selected Data
(Unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2016


2015


2016


2015

Retail Automotive Revenue Mix Percentages:








New Vehicles

50.9%


51.5%


50.6%


51.3%

Used Vehicles

30.6%


30.4%


30.9%


30.5%

Finance and Insurance, Net

2.6%


2.7%


2.6%


2.7%

Service and Parts

10.3%


10.0%


10.4%


10.2%

Fleet and Wholesale

5.6%


5.4%


5.5%


5.3%

Total

100.0%


100.0%


100.0%


100.0%









Retail Automotive Gross Profit Mix Percentages:








New Vehicles

27.5%


26.7%


27.0%


26.7%

Used Vehicles

12.8%


13.3%


12.7%


13.4%

Finance and Insurance, Net

17.9%


18.4%


17.9%


18.0%

Service and Parts

41.1%


41.4%


41.7%


41.4%

Fleet and Wholesale

0.7%


0.2%


0.7%


0.5%

Total

100.0%


100.0%


100.0%


100.0%

 


Three Months Ended


Six Months Ended


June 30,


June 30,


2016


2015


Increase/

(Decrease)


2016


2015


Increase/

(Decrease)

Retail Automotive Gross Margin:












New Vehicles

7.8%


7.5%


+30 bps


7.8%


7.7%


+10 bps

Used Vehicles

6.1%


6.4%


 -30 bps


6.0%


6.5%


 -50 bps

Service and Parts

58.2%


60.1%


 -190 bps


58.5%


59.8%


 -130 bps

Fleet and Wholesale

1.7%


0.5%


 120 bps


2.0%


1.3%


 70 bps

Total Gross Margin

14.5%


14.5%


--- bps


14.6%


14.8%


-20 bps

 

PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Selected Data
(Unaudited)






Three Months Ended


Six Months Ended


June 30,


June 30,


2016


2015


2016


2015

Retail Automotive Revenue Mix:








Premium:








BMW / MINI

25%


26%


25%


27%

Audi

14%


13%


14%


13%

Mercedes-Benz

10%


10%


10%


10%

Land Rover

6%


6%


7%


6%

Porsche

6%


5%


5%


5%

Lexus

3%


4%


3%


4%

Ferrari / Maserati

3%


3%


3%


3%

Acura

1%


2%


1%


1%

Bentley

1%


1%


1%


1%

Others

3%


2%


3%


2%

Total Premium

72%


72%


72%


72%

Volume Non-U.S.:








Toyota

11%


12%


11%


12%

Honda

7%


7%


7%


7%

Volkswagen

3%


2%


3%


2%

Nissan

1%


1%


1%


1%

Others

2%


2%


2%


2%

Total Volume Non-U.S.

24%


24%


24%


24%

U.S.:








General Motors / Chrysler / Ford

4%


4%


4%


4%

Total

100%


100%


100%


100%









Retail Automotive Geographic Revenue Mix:








U.S.

58.8%


61.1%


57.7%


60.5%

U.K.

35.6%


36.6%


36.6%


37.3%

Other International

5.6%


2.3%


5.7%


2.2%

Total

100%


100%


100%


100%









Retail Automotive Geographic Gross Profit Mix:








U.S.

62.8%


65.3%


62.0%


64.5%

U.K.

31.4%


32.8%


32.4%


33.7%

Other/International

5.8%


1.9%


5.6%


1.8%


100%


100%


100%


100%

 

PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Same-Store
Selected Data
(Unaudited)






Three Months Ended


Six Months Ended


June 30,


June 30,


2016


2015


2016


2015

Retail Automotive Same-Store Units:








New Retail

57,965


58,795


113,301


111,888

Used Retail

48,301


49,579


96,927


97,623

Total

106,266


108,374


210,228


209,511









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







New Vehicles

$        2,337.0


$         2,347.5


$        4,494.2


$        4,469.9

Used Vehicles

1,385.1


1,382.7


2,706.5


2,662.9

Finance and Insurance, Net

123.9


121.9


241.0


232.4

Service and Parts

471.1


455.6


922.9


891.7

Fleet and Wholesale

270.6


246.3


499.7


458.5

Total Revenue

$        4,587.7


$        4,554.0


$         8,864.3


$         8,715.4









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





New Vehicles

$           175.9


$           176.7


$           337.4


$           342.7

Used Vehicles

84.1


88.4


164.1


173.0

Finance and Insurance, Net

123.9


121.9


241.0


232.4

Service and Parts

277.1


274.2


544.9


533.7

Fleet and Wholesale

4.5


1.1


9.8


5.8

Total Gross Profit

$           665.5


$           662.3


$        1,297.2


$        1,287.6









Retail Automotive Same-Store Revenue Per Vehicle Retailed:







New Vehicles

$         40,317


$         39,926


$         39,666


$         39,950

Used Vehicles

28,676


27,888


27,923


27,278









Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:







New Vehicles

$           3,035


$           3,006


$           2,978


$           3,063

Used Vehicles

1,740


1,782


1,693


1,772

Finance & Insurance

1,166


1,124


1,146


1,109

 

PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations
Selected Data
(Unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2016


2015


2016


2015

Retail Commercial Truck Units:








New Retail

1,949


1,491


3,109


2,530

Used Retail

274


298


545


594

Total

2,223


1,789


3,654


3,124









Retail Commercial Truck Revenue: (Amounts in Millions)







New Vehicles

$           212.0


$           146.3


$           328.7


$           248.5

Used Vehicles

13.8


15.6


27.3


31.5

Finance and Insurance, Net

1.8


1.6


3.7


2.9

Service and Parts

79.3


75.0


150.7


138.1

Lease, Rental & Wholesale

2.6


3.4


5.8


13.6

Total Revenue

$           309.5


$             241.9


$             516.2


$             434.6









Retail Commercial Truck Gross Profit: (Amounts in Millions)





New Vehicles

$               7.6


$               6.9


$             12.5


$             11.8

Used Vehicles

(0.6)


1.6


(1.0)


3.3

Finance and Insurance, Net

1.8


1.6


3.7


2.9

Service and Parts

29.3


27.7


55.7


51.1

Lease, Rental & Wholesale

0.2


0.5


0.6


2.0

Total Gross Profit

$             38.3


$             38.3


$             71.5


$             71.1









Retail Commercial Truck Revenue Per Vehicle Retailed:







New Vehicles

$       108,764


$         98,154


$       105,725


$         98,232

Used Vehicles

50,247


52,394


49,988


53,045









Retail Commercial Truck Gross Profit Per Vehicle Retailed:







New Vehicles

$           3,904


$           4,645


$           4,015


$           4,664

Used Vehicles

(2,096)


5,462


(1,785)


5,671

Finance & Insurance

809


902


1,006


947

 


PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations
Same-Store
Selected Data
(Unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2016


2015


2016


2015

Retail Commercial Truck Same-Store Units:








New Retail

1,673


1,491


1,376


1,660

Used Retail

266


298


481


561

Total

1,939


1,789


1,857


2,221









Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)







New Vehicles

$           180.0


$           146.3


$           157.5


$           176.8

Used Vehicles

13.4


15.6


24.0


29.9

Finance and Insurance, Net

1.6


1.6


3.0


2.8

Service and Parts

71.1


75.0


106.2


110.9

Lease, Rental & Wholesale

2.6


3.4


4.6


11.7

Total Revenue

$           268.7


$           241.9


$           295.3


$           332.1









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





New Vehicles

$               6.5


$               6.9


$               7.1


$               9.7

Used Vehicles

(0.6)


1.6


(0.9)


3.2

Finance and Insurance, Net

1.6


1.6


3.0


2.8

Service and Parts

26.5


27.7


43.6


43.3

Lease, Rental & Wholesale

0.2


0.5


0.4


1.7

Total Gross Profit

$             34.2


$             38.3


$             53.2


$             60.7









Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:







New Vehicles

$       107,613


$         98,154


$       114,448


$       106,508

Used Vehicles

50,378


52,394


49,945


53,346









Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:





New Vehicles

$           3,897


$           4,645


$           5,164


$           5,811

Used Vehicles

(2,264)


5,462


(1,789)


5,727

Finance & Insurance

828


902


1,621


1,257

 

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 and six months ended June 30, 2016 and 2015:





Three Months Ended

Six Months Ended


June 30,

June 30,


2016


2015


Increase/

(Decrease)


2016


2015


Increase/

(Decrease)

(Amounts in Millions)












Net Income

$       95.0


95.7


(0.7%)


$      175.2


171.6


2.1%

Add: Depreciation

24.5


19.3


26.9%


45.3


37.9


19.5%

     Other Interest Expense

19.5


16.4


18.9%


36.7


32.7


12.2%

     Income Taxes

47.3


47.7


(0.8%)


86.7


86.5


0.2%

     Loss from Discontinued Operations, net of tax

1.2


0.1


        nm


1.2


1.0


        nm

EBITDA

$     187.5


$     179.2


4.6%


345.1


329.7


4.7%


nm – not meaningful

 

Penske Automotive Group logo.

 

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SOURCE Penske Automotive Group, Inc.