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Penske Automotive Reports Record Results








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BLOOMFIELD HILLS, Mich., Feb. 11, 2015 /PRNewswire/ – 

Penske Automotive Group, Inc. (NYSE: PAG), an general travel services company, announced currently that practiced fourth entertain 2014 income from stability operations increasing 13.8% to $71.0 million, and practiced benefit per share increasing 14.5% to $0.79 when compared to a same duration final year.  As some-more entirely described in a trustworthy tables, practiced income from stability operations and practiced benefit per share bar a non-cash $16.0 million, or $0.10 per share, benefit on an investment.  On a reported basis, fourth entertain income from stability operations increasing 29.3% to $80.7 million and associated benefit per share from stability operations increasing 29.0% to $0.89.

“Our sell automotive dealership business constructed another clever entertain opposite both a U.S. and a U.K.,” pronounced Penske Automotive Group Chairman Roger S. Penske.  “Same-store sell income increasing 8.3% and we had a 90-basis-point boost in a use and tools sum domain to 59.7%, that helped expostulate another record entertain for a business.  Strong formula opposite a sell automotive dealership business and a U.S.-based blurb car dealership business were partially equivalent by a Australian operations that were impacted by severe mercantile conditions and post-acquisition restructuring costs within a Power Systems business.”

Total income increasing 16.3% to $4.4 billion. The income boost was driven by a 10.5% boost in sum sell territory sales, including a 6.8% boost on a same-store basis. Gross distinction softened 15.4% to $659 million while handling income increasing 11.6% to $119 million.  

Automotive Retail Highlights of a Fourth Quarter

  • Total Retail Unit Sales Increased 10.5% to 98,251  

    • +8.0% in the United States; +16.9% Internationally
    • New territory sell sales +11.7%
    • Used territory sell sales +9.2%
  • Same-store Retail Revenue Increased +8.3%

    • New +8.8%; Used +8.0%; Finance Insurance +10.1%; Service and Parts +6.2%
    • +5.0% in the United States; +14.8% Internationally
  • Average Transaction Price Per Unit

    • New $40,642; +0.8%
    • Used $27,035; +1.5%
  • Average Gross Profit Per Unit

    • New $3,185, -$58/unit;  Gross Margin 7.8%, -20 basement points
    • Used $1,659, -$92/unit; Gross Margin 6.1%, -50 basement points
    • Finance Insurance $1,070, +$29/unit

Penske continued, “We finished a many essential year in a story of a company, generated another year of clever money upsurge and solidified a change sheet.  The sell automotive and blurb lorry markets sojourn strong and we sojourn confident about a destiny expansion and profitability opportunities for a company.”   

For a twelve months finished December 31, 2014, sum income increasing 18.9% to $17.2 billion.  The income boost was driven by an 11.0% boost in sum sell territory sales, including 6.7% on a same-store basis.  For a year, same-store sell income expansion was 11.7%.   Adjusted twelve months 2014 income from stability operations increasing 18.9% to $295.7 million, and associated practiced benefit per share increasing 18.9% to $3.27, when compared to a same duration final year.  As some-more entirely described in a trustworthy tables, practiced income from stability operations and practiced benefit per share bar a non-cash $16.0 million, or $0.10 per share, benefit on an investment.  Reported income from stability operations increasing 22.7% to $305.4 million and associated benefit per share increasing 22.9% to $3.38 per share when compared to a same duration final year.

Acquisitions
For a year finished December 31, 2014, a association acquired over one billion in annualized revenues opposite a footprint as follows:

  • Retail automotive: $225 million
  • Commercial car dealerships: $600 to $700 million
  • Commercial car distribution: $200 to $225 million

In a initial entertain of 2015, a association announced that it acquired dual blurb car dealerships, Freightliner of Knoxville and Freightliner of Chattanooga, that are approaching to minister estimated annualized revenues of approximately $200 million.  Additionally, a association acquired a Land Rover sell automotive dealership located in Darien, Connecticut, with estimated annualized revenues of approximately $50 million.

Conference Call
Penske Automotive will horde a discussion call deliberating financial formula relating to a fourth entertain of 2014 on February 11, 2015, during 2:00 p.m. Eastern Standard Time. To listen to a discussion call, participants contingency dial (800) 288-8975 [International, greatfully dial (612) 332-0636]. The call will also be concurrently promote over a Internet by a Investors Relations territory of a Penske Automotive Group website. Additionally, an financier display relating to a fourth entertain and full-year 2014 financial formula has been posted to a company’s website. To entrance a display or to listen to a company’s webcast, greatfully impute to www.penskeautomotive.com.

About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an general travel services association that operates sell automotive and blurb car dealerships predominantly in the United States and Western Europe, and distributes blurb vehicles, diesel engines, gas engines, energy systems and associated tools and services predominantly in Australia and New Zealand.  PAG employs some-more than 21,000 people worldwide and is a member of a Fortune 500 and Russell 2000. For additional information, revisit a company’s website during www.penskeautomotive.com.

Non-GAAP Financial Measures
This recover contains certain non-GAAP financial measures as tangible underneath SEC rules, such as practiced income from stability operations, practiced benefit per share from stability operations, benefit before interest, taxes, debasement and amortization (“EBITDA”), and practiced benefit before interest, taxes, debasement and amortization (“Adjusted EBITDA”). The association has reconciled these measures to a many directly allied GAAP measures in a release. The association believes that these widely supposed measures of handling profitability urge a clarity of a company’s disclosures and yield a suggestive display of a company’s formula from a core business operations incompatible a impact of equipment not associated to a company’s ongoing core business operations, and urge a period-to-period comparability of a company’s formula from a core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should usually be deliberate in and with a company’s financial information that is presented in suitability with GAAP.

Caution Concerning Forward Looking Statements
Statements in this press recover might engage forward-looking statements, including forward-looking statements per Penske Automotive Group, Inc.’s destiny sales potential. Actual formula might change materially since of risks and uncertainties that are formidable to predict. These risks and uncertainties include, among others: mercantile conditions generally, conditions in a credit markets and changes in seductiveness rates, inauspicious conditions inspiring a sold manufacturer, including a inauspicious impact to a car and tools supply sequence due to healthy disasters or other disruptions that miscarry a supply of vehicles or tools to us, changes in consumer credit availability, a outcome of authorised and executive matters, and other factors over that government has singular control. These forward-looking statements should be evaluated together with additional information about Penske Automotive’s business, markets, conditions and other uncertainties, that could impact Penske Automotive’s destiny performance. These risks and uncertainties are addressed in Penske Automotive’s Form 10-K for a year finished December 31, 2013, and a other filings with a Securities and Exchange Commission (“SEC”). This press recover speaks usually as of a date, and Penske Automotive disclaims any avocation to refurbish a information herein.

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* Acquired in November 2014; therefore, formula shown are for a dual month duration finale December 31, 2014.

 

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Non-GAAP Reconciliations
(Unaudited)

The following tables determine reported income from stability operations and benefit per share to practiced income from stability operations and practiced benefit per share for a 3 months and twelve months finished December 31, 2014 and 2013:

 

 

 

PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Non-GAAP Reconciliations
(Unaudited)

The following list reconciles reported net income to benefit before interest, taxes, debasement and amortization (“EBITDA”) and practiced benefit before interest, taxes, debasement and amortization (“Adjusted EBITDA”) for a 3 months and twelve months finished December 31, 2014 and 2013:

 

 

 

 

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SOURCE Penske Automotive Group, Inc.

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