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Press Release

Penske Automotive Reports Record Third Quarter Results
Third Quarter Earnings per Share from Continuing Operations of $1.03
U.K. Business Posts Record Results and Remains Strong

BLOOMFIELD HILLS, Mich., Oct. 26, 2016 /PRNewswire/ --

Third Quarter 2016

Nine Months 2016

  • Revenue Increases 3.9% to $5.2 Billion, Excluding Foreign Exchange Increases 9.7%
  • Same-Store Retail Revenue Decreases 2.0%, Excluding Foreign Exchange Increases 4.1%
  • Income from Continuing Operations Attributable to Common Shareholders Increases 1% to $87.4 Million, Excluding Foreign Exchange Increases 8.0%
  • Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 7.3% to $1.03, Excluding Foreign Exchange Increases 14.6%
  • EBITDA Increases 6.8% to $176.7 Million
  • Revenue Increases 6.0% to $15.2 Billion, Excluding Foreign Exchange Increases 9.6%
  • Same-Store Retail Revenue Increases 0.1%, Excluding Foreign Exchange Increases 3.8%
  • Income from Continuing Operations Attributable to Common Shareholders Increases 1.8% to $261.4 Million, Excluding Foreign Exchange Increases 6.1%
  • Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 6.3% to $3.03, Excluding Foreign Exchange Increases 10.9%
  • EBITDA Increases 5.4% to $521.8 Million

Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today record third quarter and nine-month results. For the three months ended September 30, 2016, income from continuing operations attributable to common shareholders increased 1% to $87.4 million, and related earnings per share increased 7.3% to $1.03, when compared to the same period last year. Total automotive retail units increased 5.8% and total revenue increased 3.9% to $5.2 billion. Excluding foreign exchange, total revenue increased 9.7%.  Same-store retail revenue declined 2.0%.  Excluding foreign exchange, same-store retail revenue increased 4.1%.  Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.07 for the three months ended September 30, 2016.

Commenting on the company's results, Penske Automotive Group Chairman Roger S. Penske said, "Our business continued to perform well in the third quarter, producing another quarter of record results despite the translation effects from foreign currency headwinds.  I was particularly pleased to see new and used gross profit per unit increase in the U.S. by $52 and $179, respectively.  Further, the Brexit vote in the U.K. did not impact the company's performance in the third quarter as our business remained strong, generating a 6.9% increase in their same-store unit volume."     

Automotive Retail Highlights of the Third Quarter

  • Retail Unit Sales +5.8% to 118,522
    • New unit retail sales +8.1%
    • Used unit retail sales +2.9%
  • Same-Store Retail Unit Sales -0.3% to 109,110
    • New unit retail sales +0.4%
    • Used unit retail sales -1.1%
  • Same-Store Retail Revenue -2.0%,
    • New -2.9%; Used -2.1%; Finance & Insurance +2.3%; Service and Parts +1.8%
    • Excluding f/x, New+ 2.7%; Used +5.5%; Finance & Insurance +8.5%; Service and Parts +6.2%
  • Average Gross Profit Per Unit
    • New $2,691, -$225/unit; Gross Margin 7.3%, -20 basis points
      • Excluding f/x $2,858, -$58/unit; Gross Margin 7.3%, -20 basis points
    • Used $1,592, -$60/unit; Gross Margin 5.8%, -20 basis points
      • Excluding f/x $1,692, +$40/unit; Gross Margin 5.7%, -30 basis points
    • Finance & Insurance $1,088, -$10/unit
      • Excluding f/x $1,156, +$58/unit

Note: f/x = foreign exchange

For the nine months ended September 30, 2016, total revenue increased 6.0% to $15.2 billion. Excluding foreign exchange, total revenue increased 9.6% to $15.7 billion. Total automotive retail unit volume increased 7.2%, including 0.1% on a same-store basis. Income from continuing operations attributable to common shareholders increased 1.8% to $261.4 million and related earnings per share increased 6.3% to $3.03 when compared to the same period last year. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.13.

Retail Commercial Truck Operations
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 nine months ended September 30, 2016, Premier Truck Group retailed 1,894 and 5,548 units, generated $266.1 million and $782.3 million of revenue, and $38.2 million and $109.7 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 78.5% and 78.1% of total Premier Truck Group gross profit for the three and nine months ended September 30, 2016, respectively.  

Acquisitions
As previously announced, in October 2016, the company expanded its presence in the strategic northern Italy market of Bologna with the acquisition of six franchises (Porsche [3], Audi, Land Rover and Volvo), which are expected to generate approximately $200 million in revenue on an annualized basis.  Further, in July 2016, the company acquired twelve franchises (VW (7), Audi, BMW, MINI, SEAT, Skoda) in the U.K. which are expected to generate approximately $250 million in revenue on an annualized basis.

Also, as previously announced, in July 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 and 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 third quarter of 2016 on Wednesday, October 26, 2016, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1059 - [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 third 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.

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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


Nine Months Ended


September 30,


September 30,


2016


2015


Increase/

(Decrease)


2016


2015


Increase/

(Decrease)

Revenue

$    5,152.0


$   4,960.1


3.9%


$   15,230.7


$   14,363.6


6.0%

Cost of Sales

4,407.8


4,230.9


4.2%


12,991.4


12,213.2


6.4%

Gross Profit

744.2


729.2


2.1%


2,239.3


2,150.4


4.1%

SG&A Expenses

581.2


563.4


3.2%


1,722.8


1,652.3


4.3%

Depreciation

21.5


19.8


8.6%


66.8


57.7


15.8%

    Operating Income

$       141.5


$      146.0


(3.1%)


$        449.7


$        440.4


2.1%

Floor Plan Interest Expense

(11.9)


(11.4)


4.4%


(37.8)


(32.7)


15.6%

Other Interest Expense

(25.1)


(16.3)


54.0%


(61.8)


(49.0)


26.1%

Equity in Earnings of Affiliates

25.6


11.0


132.7%


43.1


29.7


45.1%

    Income from Continuing Operations Before Income Taxes

$       130.1


$      129.3


0.6%


$        393.2


$        388.4


1.2%

Income Taxes

(41.7)


(41.7)


---


(128.4)


(128.2)


0.2%

    Income from Continuing Operations

$         88.4


$        87.6


0.9 %


$        264.8


$        260.2


1.8%

Income/(Loss) from Discontinued Operations, net of tax

0.1


(0.1)


nm   


(1.1)


(1.1)


---

    Net Income

$         88.5


$        87.5


1.1%


$        263.7


$        259.1


1.8%

Less: Income Attributable to Non-Controlling Interests

1.0


0.9


11.1%


3.4


3.3


3.0%

    Net Income Attributable to Common Shareholders

$         87.5


$        86.6


1.0%


$        260.3


$        255.8


1.8%













Amounts Attributable to Common Shareholders:












Reported Income from Continuing Operations

$         88.4


$        87.6


0.9%


$        264.8


$        260.2


1.8 %

Less: Income Attributable to Non-Controlling Interests

1.0


0.9


11.1%


3.4


3.3


3.0%

Income from Continuing Operations, net of tax

$         87.4


$        86.7


0.8%


$        261.4


$        256.9


1.8%

Income/(Loss) from Discontinued Operations, net of tax

0.1


(0.1)


nm   


(1.1)


(1.1)


---

Net Income Attributable to Common Shareholders

$         87.5


$        86.6


1.0%


$        260.3


$        255.8


1.8%

Income from Continuing Operations Per Share

$         1.03


$        0.96


7.3%


$          3.03


$          2.85


6.3%

Income Per Share

$         1.03


$        0.96


7.3%


$          3.02


$          2.84


6.3%

Weighted Average Shares Outstanding

85.2


90.1


(5.4%)


86.3


90.2


(4.3%)













        nm – not meaningful












 

 

 


PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)



September 30,


December 31,


2016


2015

Assets:




Cash and Cash Equivalents

$             89.4


$             62.4

Accounts Receivable, Net

853.9


782.3

Inventories

3,279.7


3,463.5

Other Current Assets

105.3


85.6

Assets Held for Sale

7.5


12.7

Total Current Assets

4,335.8


4,406.5

Property and Equipment, Net

1,587.8


1,520.1

Intangibles

1,725.2


1,731.2

Other Long-Term Assets

910.6


355.6

Total Assets

$        8,559.4


$        8,013.4





Liabilities and Equity:




Floor Plan Notes Payable

$        2,073.2


$        2,247.2

Floor Plan Notes Payable – Non-Trade

1,145.1


1,132.4

Accounts Payable

506.1


493.8

Accrued Expenses

389.2


378.1

Current Portion Long-Term Debt

44.1


28.0

Liabilities Held for Sale

5.1


6.2

Total Current Liabilities

4,162.8


4,285.7

Long-Term Debt

1,833.5


1,247.0

Other Long-Term Liabilities

774.4


645.8

Total Liabilities

6,770.7


6,178.5

Equity

1,788.7


1,834.9

Total Liabilities and Equity

$          8,559.4


$          8,013.4

 

 

 


PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)




Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


2016


2015

Geographic Revenue Mix:








North America

60%


61%


59%


61%

U.K.

33%


34%


34%


34%

Other International

7%


5%


7%


5%

Total

100%


100%


100%


100%









Revenue: (Amounts in Millions)








Retail Automotive

$      4,772.1


$      4,585.8


$    14,121.8


$    13,327.5

Retail Commercial Trucks

266.1


268.5


782.3


703.1

Commercial Vehicles Australia/Power Systems and Other

113.8


105.8


326.6


333.0

Total

$      5,152.0


$      4,960.1


$    15,230.7


$    14,363.6









Gross Profit: (Amounts in Millions)








Retail Automotive

$         674.7


$         662.4


$      2,041.7


$      1,954.3

Retail Commercial Trucks

38.2


40.0


109.7


111.1

Commercial Vehicles Australia/Power Systems and Other

31.3


26.8


87.9


85.0

Total

$         744.2


$         729.2


$      2,239.3


$      2,150.4









Gross Margin:








Retail Automotive

14.1%


14.4%


14.5%


14.7%

Retail Commercial Trucks

14.4%


14.9%


14.0%


15.8%

Commercial Vehicles Australia/Power Systems and Other

27.5%


25.3%


26.9%


25.5%

Total

14.4%


14.7%


14.7%


15.0%










 

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


Increase/

(Decrease)


2016


2015


Increase/

(Decrease)

Operating Items as a Percentage of Revenue:












Gross Profit

14.4%


14.7%


      -30 bps


14.7%


15.0%


    -30 bps

Selling, General and Administrative Expenses

11.3%


11.4%


      -10 bps


11.3%


11.5%


    -20 bps

Operating Income

2.7%


2.9%


      -20 bps


3.0%


3.1%


-10 bps

Inc. From Cont. Ops. Before Inc. Taxes

2.5%


2.6%


      -10 bps


2.6%


2.7%


-10 bps













Operating Items as a Percentage of Total Gross Profit:











Selling, General and Administrative Expenses

78.1%


77.3%


     +80 bps


76.9%


76.8%


   +10 bps

Operating Income

19.0%


20.0%


    -100 bps


20.1%


20.5%


    -40 bps








Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


Increase/ (Decrease)


2016


2015


Increase/ (Decrease)

(Amounts in Millions)












EBITDA*

$         176.7


$         165.4


6.8%


$         521.8


$         495.1


5.4%

Floorplan Credits

$           10.2


$             8.8


15.9%


$           29.3


$           23.8


23.1%

Rent Expense

$           50.9


$           50.6


0.6%


$         154.3


$         149.9


2.9%



* See the following Non-GAAP reconciliation table.

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


2016


2015

Retail Automotive Units:








New Retail

65,986


61,041


186,909


173,160

Used Retail

52,536


51,031


158,213


148,718

Total

118,522


112,072


345,122


321,878









Retail Automotive Revenue: (Amounts in Millions)








New Vehicles

$        2,449.2


$        2,382.7


$        7,178.4


$        6,870.5

Used Vehicles

1,440.3


1,394.8


4,331.5


4,060.7

Finance and Insurance, Net

129.0


123.1


373.1


356.1

Service and Parts

492.2


463.3


1,466.5


1,357.8

Fleet and Wholesale

261.4


221.9


772.3


682.4

Total Revenue

$        4,772.1


$        4,585.8


$      14,121.8


$      13,327.5









Retail Automotive Gross Profit: (Amounts in Millions)







New Vehicles

$           177.6


$           178.0


$           546.2


$           522.7

Used Vehicles

83.7


84.3


257.8


257.6

Finance and Insurance, Net

129.0


123.1


373.1


356.1

Service and Parts

280.9


275.2


851.0


810.3

Fleet and Wholesale

3.5


1.8


13.6


7.6

Total Gross Profit

$           674.7


$           662.4


$        2,041.7


$        1,954.3









Retail Automotive Revenue Per Vehicle Retailed:








New Vehicles

$         37,117


$         39,034


$         38,406


$         39,677

Used Vehicles

27,415


27,332


27,377


27,304









Retail Automotive Gross Profit Per Vehicle Retailed:








New Vehicles

$           2,691


$           2,916


$           2,922


$           3,019

Used Vehicles

1,592


1,652


1,629


1,732

Finance & Insurance

1,088


1,098


1,081


1,106

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


2016


2015

Retail Automotive Revenue Mix Percentages:








New Vehicles

51.3%


52.0%


50.8%


51.6%

Used Vehicles

30.2%


30.4%


30.7%


30.5%

Finance and Insurance, Net

2.7%


2.7%


2.6%


2.7%

Service and Parts

10.3%


10.1%


10.4%


10.2%

Fleet and Wholesale

5.5%


4.8%


5.5%


5.0%

Total

100.0%


100.0%


100.0%


100.0%









Retail Automotive Gross Profit Mix Percentages:              








New Vehicles

26.3%


26.9%


26.8%


26.7%

Used Vehicles

12.4%


12.7%


12.6%


13.2%

Finance and Insurance, Net

19.1%


18.6%


18.3%


18.2%

Service and Parts

41.6%


41.5%


41.7%


41.5%

Fleet and Wholesale

0.6%


0.3%


0.6%


0.4%

Total

100.0%


100.0%


100.0%


100.0%

 



Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


Increase/

(Decrease)


2016


2015


Increase/

(Decrease)

Retail Automotive Gross Margin:












New Vehicles

7.3%


7.5%


-20 bps


7.6%


7.6%


---

Used Vehicles

5.8%


6.0%


 -20 bps


6.0%


6.3%


-30  bps

Service and Parts

57.1%


59.4%


 -230 bps


58.0%


59.7%


-170  bps

Fleet and Wholesale

1.3%


0.8%


 50 bps


1.8%


1.1%


70  bps

Total Gross Margin

14.1%


14.4%


-30 bps


14.5%


14.7%


-20 bps

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


2016


2015

Retail Automotive Revenue Mix:








Premium:








BMW / MINI

25%


26%


25%


26%

Audi

14%


13%


14%


13%

Mercedes-Benz

10%


10%


10%


10%

Land Rover

6%


6%


6%


6%

Porsche

5%


5%


5%


5%

Lexus

3%


4%


4%


4%

Ferrari / Maserati

3%


3%


3%


3%

Acura

1%


1%


1%


2%

Bentley

1%


1%


1%


1%

Others

3%


2%


3%


2%

Total Premium

71%


71%


72%


72%

Volume Non-U.S.:








Toyota

11%


12%


11%


12%

Honda

7%


7%


7%


7%

Volkswagen

4%


3%


3%


2%

Nissan

1%


1%


1%


1%

Others

2%


2%


2%


2%

Total Volume Non-U.S.

25%


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.

60%


60%


59%


60%

U.K.

35%


37%


36%


37%

Other International

5%


3%


5%


3%

Total

100%


100%


100%


100%









Retail Automotive Geographic Gross Profit Mix:








U.S.

64%


63%


63%


64%

U.K.

32%


34%


32%


34%

Other International

4%


3%


5%


2%

Total

100%


100%


100%


100%

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Same-Store

Selected Data

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


2016


2015

Retail Automotive Same-Store Units:








New Retail

60,140


59,880


173,182


171,573

Used Retail

48,970


49,504


145,744


146,974

Total

109,110


109,384


318,926


318,547









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







New Vehicles

 

$        2,292.0


 

$        2,361.5


 

$        6,772.4


 

$        6,819.5

Used Vehicles

1,337.6


1,366.2


4,038.6


4,024.8

Finance and Insurance, Net

125.8


123.0


366.3


354.9

Service and Parts

464.3


456.1


1,384.2


1,345.1

Fleet and Wholesale

237.1


221.5


735.6


678.9

Total Revenue

$        4,456.8


 

$        4,528.3


 

$      13,297.1


 

$      13,223.2









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





New Vehicles

 

$               161.4


$          174.9


$           497.6


$            516.4

Used Vehicles

80.0


83.6


243.8


256.3

Finance and Insurance, Net

125.8


123.0


366.3


354.9

Service and Parts

268.5


273.0


812.0


805.4

Fleet and Wholesale

2.6


1.7


12.4


7.8

Total Gross Profit

 

$               638.3


$          656.2


$       1,932.1


 

$         1,940.8









Retail Automotive Same-Store Revenue Per Vehicle Retailed:







New Vehicles

$         38,111


$         39,437


$         39,106


$         39,747

Used Vehicles

27,314


27,597


27,711


27,384









Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:







New Vehicles

$           2,684


$           2,921


$           2,873


$           3,010

Used Vehicles

1,634


1,688


1,673


1,744

Finance & Insurance

1,152


1,124


1,148


1,114

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

Selected Data

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


2016


2015

Retail Commercial Truck Units:








New Retail

1,668


1,712


4,777


4,242

Used Retail

226


286


771


880

Total

1,894


1,998


5,548


5,122









Retail Commercial Truck Revenue: (Amounts in Millions)







New Vehicles

$           168.8


$           169.8


$           497.5


$           418.3

Used Vehicles

11.3


15.3


38.6


46.8

Finance and Insurance, Net

1.8


2.1


5.5


5.0

Service and Parts

81.5


77.9


232.2


216.0

Lease, Rental & Wholesale

2.7


3.4


8.5


17.0

Total Revenue

$           266.1


$           268.5


$           782.3


$           703.1









Retail Commercial Truck Gross Profit: (Amounts in Millions)





New Vehicles

$               6.2


$               7.9


$             18.7


$             19.7

Used Vehicles

(0.3)


1.4


(1.3)


4.7

Finance and Insurance, Net

1.8


2.1


5.5


5.0

Service and Parts

30.0


28.2


85.7


79.3

Lease, Rental & Wholesale

0.5


0.4


1.1


2.4

Total Gross Profit

$             38.2


$             40.0


$           109.7


$           111.1









Retail Commercial Truck Revenue Per Vehicle Retailed:







New Vehicles

$       101,202


$         99,208


$       104,145


$         98,626

Used Vehicles

49,999


53,420


49,991


53,167









Retail Commercial Truck Gross Profit Per Vehicle Retailed:







New Vehicles

$           3,699


$          4,600


$           3,905


$           4,638

Used Vehicles

(1,431)


4,986


(1,681)


5,448

Finance & Insurance

965


1,027


992


978

 

 

 


PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

Same-Store

Selected Data

(Unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


2016


2015

Retail Commercial Truck Same-Store Units:








New Retail

1,322


1,712


1,989


2,735

Used Retail

218


286


673


829

Total

1,540


1,998


2,662


3,564









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







New Vehicles

 

$           133.5


 

$           169.8


 

$           225.9


 

$           292.9

Used Vehicles

10.9


15.3


33.6


44.3

Finance and Insurance, Net

1.6


2.1


4.4


4.7

Service and Parts

72.0


77.9


162.7


168.1

Lease, Rental & Wholesale

2.7


3.4


6.8


14.2

Total Revenue

 

$           220.7


 

$           268.5


 

$           433.4


 

$           524.2









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





New Vehicles

$               5.2


 

$               7.9


 

$             10.3


 

$             15.9

Used Vehicles

(0.4)


1.4


(0.9)


4.6

Finance and Insurance, Net

1.6


2.1


4.4


4.7

Service and Parts

27.0


28.2


66.1


66.4

Lease, Rental & Wholesale

0.7


0.4


0.8


2.0

Total Gross Profit

 

$             34.1


$             40.0


$             80.7


$             93.6









Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:







New Vehicles

 

$       100,976


 

$         99,208


 

$       113,598


 

$       107,086

Used Vehicles

50,128


53,420


49,896


53,487









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





New Vehicles

$           3,924


 

$           4,600


 

$           5,160


 

$           5,830

Used Vehicles

(1,665)


4,986


(1,345)


5,537

Finance & Insurance

1,050


1,027


1,661


1,318

 

 

 

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 nine months ended September 30, 2016 and 2015:



Three Months Ended


Nine Months Ended


September 30,


September 30,


2016


2015


Increase/

(Decrease)


2016


2015


Increase/

(Decrease)

(Amounts in Millions)












Net Income

$       88.5


 

$       87.5


1.1%


 

$     263.7


$       259.1


1.8%

Add: Depreciation

21.5


19.8


8.6%


66.8


57.7


15.8%

     Other Interest Expense

25.1


16.3


54.0%


61.8


49.0


26.1%

     Income Taxes

41.7


41.7


---


128.4


128.2


0.2%

     (Income)/Loss from Discontinued Operations, 
      net of tax

(0.1)


0.1


      nm  


1.1


1.1


---

EBITDA

$     176.7


$     165.4


6.8%


$              521.8


$     495.1


5.4%













nm – not meaningful












 

 

 

Penske Automotive Group logo. (PRNewsFoto/Penske Automotive Group)

Logo - http://photos.prnewswire.com/prnh/20130530/MM23675LOGO

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SOURCE Penske Automotive Group, Inc.