Penske Automotive Group Inc. pronounced a initial entertain distinction rose 12%, as stronger section sales helped equivalent a outcome of a stronger dollar and severe conditions in a company’s Australian operations.
The company, formed in a suburb of Detroit, operates automobile dealerships in a U.S. and Western Europe, and distributes blurb vehicles, engines, energy systems and associated tools and services in Australia and New Zealand. Penske has grown by appropriation dealerships and benefited from increasing automobile demand.
During a initial quarter, attention sales rose 5.6%, driven in vast partial by direct for trucks and sport-utility vehicles–categories that do good when gas prices are low. Penske is aiming to boost a footprint in blurb and complicated lorry sales.
The association posted record initial entertain section sales, though pronounced unfamiliar sell and ongoing severe mercantile conditions in Australia were offsetting factors.
In all, Penske reported a distinction of $75.2 million, or 83 cents a share, adult from $67.5 million, or 75 cents, a year earlier. The stronger U.S. dollar shaved off 5 cents a share from earnings, while debility in a Australian business reduced per-share gain by 4 cents, a association said.
Excluding items, per-share distinction rose to 85 cents from 74 cents.
Revenue increasing 11.4% to $4.5 billion.
Analysts approaching gain of 82 cents a share and income of $4.45 billion.
Retail sales incompatible recently non-stop and sealed locations rose 4.6%, while sell section sales climbed 6.7%, with 4.2% expansion in a U.S. and 11.4% boost overseas. New automobile sales volume increasing 4.1%, while used automobile sales volume fell 5.5%.
The normal transaction cost per section edged down 0.7% for new vehicles and was prosaic for used vehicles.
Penske shares, adult about 7.5% this year by Monday’s close, were down 1.48% in early trading.
Write to Lisa Beilfuss during [email protected]
Access Investor Kit for Penske Automotive Group, Inc.
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