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Penske Automotive’s Q3 net rises 15%; income adult 18%



 

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Jamie LaReau

Automotive News
October 29, 2014 – 10:04 am ET

DETROIT — Penske Automotive Group Inc. said today a third-quarter net income rose 15 percent from a year-earlier duration to $75.1 million on clever new- and used-car sales aided by clever business in a U.K. dealerships.

Revenue increasing 18 percent to $4.42 billion. Revenue rose during a double-digit gait in all categories: new- and used-vehicle sales, swift and indiscriminate sales, use and parts, financial and word operations and blurb vehicle, automobile let and other.

“Our business delivered another clever quarter, including an 11.2 percent boost in same-store sell revenue,” Chairman Roger Penske pronounced in a statement. “Our formula in a entertain were highlighted by another superb opening from a U.K. operations as a general diversification continues to element a U.S. operations.”

Retail sales gains

The U.K. operations comment for 35 percent of Penske’s revenue. The U.S. creates adult 61 percent and other general operations comment for 4 percent.

The aloft income came on a 10 percent boost in sell sales to 104,963 vehicles. New-vehicle sales rose 9 percent to 57,273 units, outpacing a U.S. industry’s new-vehicle sales expansion of 6 percent in a quarter. Penske’s used-vehicle sell sales rose 12 percent to 47,690.

On a same-store basis, though, new-vehicle sell sales lagged a altogether marketplace with a 4 percent benefit to 54,572. Same-store used-vehicle sales rose 7 percent to 45,678.

Penske doesn’t mangle out section sales by geographic segment — all totals embody U.S. and abroad operations.

Bigger stake

After-tax income from stability operations rose 16 percent to $77 million.

The association pronounced it concluded to lift a interest in The Around The Clock Freightliner Group, a heavy-duty sell lorry dealership organisation in Texas, Oklahoma and New Mexico, to 86 percent from 27 percent. The merger is approaching to supplement $600 million to $700 million in incremental annual revenue, Penske said.

Penske Automotive, of suburban Detroit, ranks No. 2 on a Automotive News list of a tip 125 dealership groups formed in a United States, with sell sales of 199,795 new vehicles in 2013.

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Article source: http://www.autonews.com/article/20141029/RETAIL07/141029815/penske-automotives-q3-net-rises-15-revenue-up-18

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