PENSKE AUTOMOTIVE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS
Penske Automotive Group (NYSE: PAG) reported strong Q4 2024 results with record quarterly revenue of $7.7 billion, up 6% year-over-year. Q4 earnings per share increased 25% to $3.54, while net income rose to $236.4 million. The company saw a 3% increase in new and used retail automotive units delivered, with same-store service and parts revenue up 7% and related gross profit up 9%.
Key operational highlights include a 30 basis points increase in retail automotive service and parts gross margin and improved cost control with SG&A expenses as a percentage of gross profit decreasing 70 basis points to 70.3%. For full-year 2024, revenue increased 3% to $30.5 billion, though net income decreased to $918.9 million from $1.05 billion in 2023.
The Board of Directors declared the 17th consecutive quarterly dividend increase to $1.22 per share. The company completed acquisitions representing approximately $2.1 billion in estimated annualized revenue during 2024 and maintained strong liquidity of $1.9 billion with a leverage ratio of 1.2x.
Penske Automotive Group (NYSE: PAG) ha riportato risultati solidi per il Q4 2024, con un fatturato trimestrale record di 7,7 miliardi di dollari, in aumento del 6% rispetto all'anno precedente. Gli utili per azione nel Q4 sono aumentati del 25% a 3,54 dollari, mentre il reddito netto è salito a 236,4 milioni di dollari. L'azienda ha registrato un aumento del 3% nelle unità automobilistiche nuove e usate vendute al dettaglio, con i ricavi dei servizi e dei ricambi nelle stesse sedi in crescita del 7% e il profitto lordo correlato in aumento del 9%.
Tra i principali punti operativi ci sono un aumento di 30 punti base nel margine lordo del servizio e dei ricambi automobilistici al dettaglio e un miglioramento nel controllo dei costi, con le spese SG&A come percentuale del profitto lordo che sono diminuite di 70 punti base, raggiungendo il 70,3%. Per l'intero anno 2024, il fatturato è aumentato del 3% a 30,5 miliardi di dollari, sebbene il reddito netto sia diminuito a 918,9 milioni di dollari rispetto a 1,05 miliardi di dollari nel 2023.
Il Consiglio di Amministrazione ha dichiarato il 17° aumento consecutivo del dividendo trimestrale a 1,22 dollari per azione. L'azienda ha completato acquisizioni per un valore di circa 2,1 miliardi di dollari in ricavi annualizzati stimati durante il 2024 e ha mantenuto una forte liquidità di 1,9 miliardi di dollari con un rapporto di indebitamento di 1,2x.
Penske Automotive Group (NYSE: PAG) informó resultados sólidos para el Q4 2024, con ingresos trimestrales récord de 7.7 mil millones de dólares, un aumento del 6% interanual. Las ganancias por acción en el Q4 aumentaron un 25% a 3.54 dólares, mientras que el ingreso neto ascendió a 236.4 millones de dólares. La compañía vio un aumento del 3% en las unidades automotrices nuevas y usadas entregadas al por menor, con ingresos por servicios y piezas en las mismas tiendas en aumento del 7% y el beneficio bruto relacionado en aumento del 9%.
Los aspectos operativos clave incluyen un aumento de 30 puntos básicos en el margen bruto de servicio y piezas automotrices al por menor y un mejor control de costos, con los gastos SG&A como porcentaje del beneficio bruto disminuyendo 70 puntos básicos al 70.3%. Para el año completo 2024, los ingresos aumentaron un 3% a 30.5 mil millones de dólares, aunque el ingreso neto disminuyó a 918.9 millones de dólares desde 1.05 mil millones de dólares en 2023.
La Junta Directiva declaró el 17° aumento consecutivo del dividendo trimestral a 1.22 dólares por acción. La compañía completó adquisiciones que representan aproximadamente 2.1 mil millones de dólares en ingresos anualizados estimados durante 2024 y mantuvo una fuerte liquidez de 1.9 mil millones de dólares con una relación de apalancamiento de 1.2x.
펜스키 오토모티브 그룹 (NYSE: PAG)은 Q4 2024에 대한 강력한 실적을 보고하며, 분기 매출이 77억 달러로 기록적인 수치를 기록했으며, 전년 대비 6% 증가했습니다. Q4 주당 순이익은 25% 증가하여 3.54달러에 이르고, 순이익은 2억 3,640만 달러로 증가했습니다. 회사는 새로운 자동차와 중고차 소매 판매 단위가 3% 증가했으며, 동일 매장 서비스 및 부품 수익이 7% 증가하고 관련 총 이익이 9% 증가했습니다.
주요 운영 하이라이트로는 소매 자동차 서비스 및 부품 총 마진이 30 베이시스 포인트 증가했으며, 총 이익의 비율로 SG&A 비용이 70 베이시스 포인트 감소하여 70.3%로 개선되었습니다. 2024년 전체 연간 수익은 3% 증가하여 305억 달러에 이르렀지만, 순이익은 2023년 10억 5천만 달러에서 9억 1,890만 달러로 감소했습니다.
이사회는 17번째 연속 분기 배당금 인상을 주당 1.22달러로 선언했습니다. 회사는 2024년 동안 연간 추정 수익 약 21억 달러에 해당하는 인수 거래를 완료했으며, 19억 달러의 강력한 유동성을 유지하고 레버리지 비율은 1.2배입니다.
Penske Automotive Group (NYSE: PAG) a annoncé de solides résultats pour le Q4 2024, avec un chiffre d'affaires trimestriel record de 7,7 milliards de dollars, en hausse de 6 % par rapport à l'année précédente. Le bénéfice par action au Q4 a augmenté de 25 % pour atteindre 3,54 dollars, tandis que le revenu net a atteint 236,4 millions de dollars. L'entreprise a enregistré une augmentation de 3 % des unités automobiles neuves et d'occasion livrées au détail, avec des revenus de services et de pièces en magasin en hausse de 7 % et un bénéfice brut connexe en hausse de 9 %.
Les points forts opérationnels incluent une augmentation de 30 points de base de la marge brute des services et pièces automobiles au détail et un meilleur contrôle des coûts, avec des dépenses SG&A en pourcentage du bénéfice brut diminuant de 70 points de base à 70,3 %. Pour l'année complète 2024, le chiffre d'affaires a augmenté de 3 % pour atteindre 30,5 milliards de dollars, bien que le revenu net ait diminué à 918,9 millions de dollars contre 1,05 milliard de dollars en 2023.
Le conseil d'administration a déclaré la 17e augmentation consécutive du dividende trimestriel à 1,22 dollar par action. L'entreprise a réalisé des acquisitions représentant environ 2,1 milliards de dollars de revenus annualisés estimés en 2024 et a maintenu une forte liquidité de 1,9 milliard de dollars avec un ratio d'endettement de 1,2x.
Penske Automotive Group (NYSE: PAG) berichtete über starke Ergebnisse im Q4 2024 mit einem Rekordumsatz von 7,7 Milliarden Dollar, was einem Anstieg von 6 % im Jahresvergleich entspricht. Der Gewinn pro Aktie im Q4 stieg um 25 % auf 3,54 Dollar, während das Nettoeinkommen auf 236,4 Millionen Dollar anstieg. Das Unternehmen verzeichnete einen Anstieg von 3 % bei den neu und gebraucht gelieferten Einzelhandelsautomobileinheiten, während die Umsätze aus Dienstleistungen und Teilen in den gleichen Geschäften um 7 % und der damit verbundene Bruttogewinn um 9 % zunahmen.
Wichtige betriebliche Höhepunkte umfassen einen Anstieg der Bruttomarge im Einzelhandelsservice und bei den Autoteilen um 30 Basispunkte sowie eine verbesserte Kostenkontrolle, wobei die SG&A-Ausgaben als Prozentsatz des Bruttogewinns um 70 Basispunkte auf 70,3 % gesenkt wurden. Für das Gesamtjahr 2024 stiegen die Einnahmen um 3 % auf 30,5 Milliarden Dollar, während das Nettoeinkommen von 1,05 Milliarden Dollar im Jahr 2023 auf 918,9 Millionen Dollar sank.
Der Vorstand erklärte die 17. aufeinanderfolgende Erhöhung der Quartalsdividende auf 1,22 Dollar pro Aktie. Das Unternehmen hat 2024 Akquisitionen in Höhe von rund 2,1 Milliarden Dollar an geschätzten annualisierten Einnahmen abgeschlossen und eine starke Liquidität von 1,9 Milliarden Dollar mit einem Verschuldungsgrad von 1,2x aufrechterhalten.
- Record quarterly revenue of $7.7 billion, up 6% YoY
- Q4 earnings per share increased 25% to $3.54
- Service and parts revenue up 7% with 9% gross profit growth
- SG&A expenses decreased 70 basis points to 70.3% of gross profit
- Strong liquidity position of $1.9 billion
- Completed acquisitions worth $2.1 billion in annualized revenue
- Full-year net income declined to $918.9 million from $1.05 billion in 2023
- Used vehicle deliveries decreased 6% in Q4
- Retail commercial truck earnings before taxes decreased to $44.8 million from $51.3 million YoY
Insights
Penske Automotive's Q4 2024 results reveal impressive operational execution across multiple fronts. The 6% revenue growth to
The standout performance in service and parts operations, with 7% same-store revenue growth and 9% gross profit increase, demonstrates the company's success in developing high-margin, recurring revenue streams. This segment's strength is particularly noteworthy as it provides stability and predictability to earnings, especially important during periods of automotive retail market fluctuation.
The transformation of U.K. CarShop locations into Sytner Select dealerships represents a strategic pivot towards premium branded vehicles, which should enhance gross margins and operational efficiency. While this transition temporarily impacted used vehicle sales volumes, the 8% growth in used vehicle sales (excluding U.K. Sytner Select) validates the strategy's effectiveness.
The company's financial management deserves attention, with a conservative leverage ratio of 1.2x and substantial liquidity of
The 70 basis point improvement in SG&A expenses as a percentage of gross profit demonstrates effective cost control and operational efficiency, particularly important in maintaining profitability as the automotive retail landscape evolves. The sequential improvement in new vehicle gross profit per unit also suggests strong pricing power and inventory management.
Q4 Revenue Increases
Q4 Same-Store Retail Automotive Service and Parts Revenue up
Q4 Selling, General, and Administrative Expenses as a Percent of Gross Profit Decreases 70 bps to
Q4 Earnings Before Taxes Increases
Q4 Earnings Before Taxes Increases
Q4 Earnings Per Share Increases
Board of Directors Declares the 17th Consecutive Increase in the Quarterly Dividend to
Fourth Quarter 2024 Operating Highlights Compared to Fourth Quarter 2023
- New and Used Retail Automotive Units Delivered – increased
3% - Total Revenue – increased
6% to$7.7 billion - Retail Automotive Same-Store Revenue – increased
5% - New Vehicle +
7% ; Used Vehicle +1% ; Finance & Insurance -3% ; Service & Parts +7%
- New Vehicle +
- Retail Automotive Service and Parts Gross Margin – increased 30 bps
- SG&A as a Percentage of Gross Profit –
70.3% ; down 70 bps compared to fourth quarter of 2023 and down 90 bps sequentially from third quarter of 2024
Commenting on the Company's fourth quarter financial results, Chair Roger Penske said, "I am pleased with our financial performance during the fourth quarter. Revenue increased
Full Year 2024 Operating Highlights Compared to Full Year 2023
- New and Used Retail Automotive Units Delivered – increased
1% - Total Revenue – increased
3% to$30.5 billion - Retail Automotive Service and Parts Revenue – increased
11% to over$3 billion , an all-time record - Retail Automotive Same-Store Revenue – flat
- New Vehicle +
2% ; Used Vehicle -5% ; Finance & Insurance -4% ; Service & Parts +6%
- New Vehicle +
For the twelve months ended December 31, 2024, revenue increased
Retail Automotive Dealerships
For the three months ended December 31, 2024, total new units delivered increased
During 2024, the Company transitioned its
Retail Commercial Truck Dealerships
As of December 31, 2024, Premier Truck Group operated 45 North American retail commercial truck locations. For the three months ended December 31, 2024, retail unit sales were 4,432, revenue was
Penske Transportation Solutions Investment
Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 435,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a
Corporate Development, Dividend, Liquidity, and Leverage
During the fourth quarter, we completed the acquisition of our third Porsche dealership in
The Company's Board of Directors has approved a quarterly dividend of
As of December 31, 2024, the Company had approximately
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the fourth quarter of 2024 on Thursday, February 13, 2025, at 2:00 p.m. Eastern Standard Time. To listen to the conference call, participants must dial (800) 715-9871 [International, please dial (646) 307-1963] using conference ID 9658297. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the fourth quarter and full year 2024 financial results has been posted to the Investors section of 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
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules such as adjusted net income, adjusted earnings per share, adjusted income before taxes, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, and leverage ratio. 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 financial performance, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions (PTS) and Premier Truck Group (PTG) and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, any shortages of vehicle components, international conflicts, challenges in sourcing labor or labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; changes in the retail model either from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber attacks, the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; changes or increases in tariffs or trade disputes; the rate of inflation, including its impact on vehicle affordability; changes in interest rates and foreign currency exchange rates; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes or work stoppages by its employees, a reduction in PTS' asset utilization rates, continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various government mandates concerning the electrification of its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicles sales, including those related to the sales process, emissions standards or electrification, as well as changes in consumer sentiment relating to commercial truck sales that may hinder our or PTS' ability to maintain, acquire, sell, or operate trucks; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; 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 Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risk and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2023, its Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
Inquiries should contact:
Shelley Hulgrave | Anthony Pordon |
Executive Vice President and | Executive Vice President Investor Relations |
Chief Financial Officer | and Corporate Development |
Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
248-648-2812 | 248-648-2540 |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
December 31, | December 31, | ||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
Revenue | $ 7,719.9 | $ 7,272.1 | 6.2 % | 3.1 % | |||||||
Cost of Sales | 6,459.1 | 6,084.0 | 6.2 % | 25,441.9 | 24,593.6 | 3.4 % | |||||
Gross Profit | $ 1,260.8 | $ 1,188.1 | 6.1 % | $ 5,013.3 | $ 4,933.8 | 1.6 % | |||||
SG&A Expenses | 886.0 | 844.1 | 5.0 % | 3,538.5 | 3,400.6 | 4.1 % | |||||
Goodwill Impairment Charges | — | 40.7 | nm | — | 40.7 | nm | |||||
Depreciation | 41.0 | 37.6 | 9.0 % | 158.0 | 141.0 | 12.1 % | |||||
Operating Income | $ 333.8 | $ 265.7 | 25.6 % | $ 1,316.8 | $ 1,351.5 | (2.6) % | |||||
Floor Plan Interest Expense | (47.6) | (38.9) | 22.4 % | (189.8) | (133.1) | 42.6 % | |||||
Other Interest Expense | (23.7) | (23.1) | 2.6 % | (87.8) | (92.6) | (5.2) % | |||||
Equity in Earnings of Affiliates | 52.7 | 52.1 | 1.2 % | 200.7 | 293.7 | (31.7) % | |||||
Income Before Income Taxes | $ 315.2 | $ 255.8 | 23.2 % | $ 1,239.9 | $ 1,419.5 | (12.7) % | |||||
Income Taxes | (77.9) | (63.8) | 22.1 % | (316.5) | (360.9) | (12.3) % | |||||
Net Income | $ 237.3 | $ 192.0 | 23.6 % | $ 923.4 | $ 1,058.6 | (12.8) % | |||||
Less: Income Attributable to Non-Controlling Interests | 0.9 | 1.3 | (30.8) % | 4.5 | 5.4 | (16.7) % | |||||
Net Income Attributable to Common Stockholders | $ 236.4 | $ 190.7 | 24.0 % | $ 918.9 | $ 1,053.2 | (12.8) % | |||||
Amounts Attributable to Common Stockholders: | |||||||||||
Net Income | $ 237.3 | $ 192.0 | 23.6 % | $ 923.4 | $ 1,058.6 | (12.8) % | |||||
Less: Income Attributable to Non-Controlling Interests | 0.9 | 1.3 | (30.8) % | 4.5 | 5.4 | (16.7) % | |||||
Net Income Attributable to Common Stockholders | $ 236.4 | $ 190.7 | 24.0 % | $ 918.9 | $ 1,053.2 | (12.8) % | |||||
Income Per Share | $ 3.54 | $ 2.84 | 24.6 % | $ 13.74 | $ 15.50 | (11.4) % | |||||
Weighted Average Shares Outstanding | 66.8 | 67.2 | (0.6) % | 66.9 | 68.0 | (1.6) % | |||||
nm – not meaningful | |||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | ||||||
December 31, | December 31, | |||||
2024 | 2023 | |||||
Assets: | ||||||
Cash and Cash Equivalents | $ 72.4 | $ 96.4 | ||||
Accounts Receivable, Net | 1,002.1 | 1,114.6 | ||||
Inventories | 4,640.2 | 4,293.1 | ||||
Other Current Assets | 213.1 | 175.6 | ||||
Total Current Assets | 5,927.8 | 5,679.7 | ||||
Property and Equipment, Net | 3,006.2 | 2,765.2 | ||||
Operating Lease Right-of-Use Assets | 2,467.2 | 2,405.5 | ||||
Intangibles | 3,382.9 | 2,983.1 | ||||
Other Long-Term Assets | 1,936.8 | 1,838.0 | ||||
Total Assets | $ 16,720.9 | $ 15,671.5 | ||||
Liabilities and Equity: | ||||||
Floor Plan Notes Payable | $ 2,535.8 | $ 2,255.6 | ||||
Floor Plan Notes Payable – Non-Trade | 1,488.2 | 1,515.9 | ||||
Accounts Payable | 851.7 | 866.9 | ||||
Accrued Expenses and Other Current Liabilities | 889.0 | 809.8 | ||||
Current Portion Long-Term Debt | 721.2 | 209.7 | ||||
Total Current Liabilities | 6,485.9 | 5,657.9 | ||||
Long-Term Debt | 1,130.8 | 1,419.5 | ||||
Long-Term Operating Lease Liabilities | 2,392.6 | 2,336.0 | ||||
Other Long-Term Liabilities | 1,484.3 | 1,502.5 | ||||
Total Liabilities | 11,493.6 | 10,915.9 | ||||
Equity | 5,227.3 | 4,755.6 | ||||
Total Liabilities and Equity | $ 16,720.9 | $ 15,671.5 | ||||
PENSKE AUTOMOTIVE GROUP, INC. | |||||||
Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Geographic Revenue Mix: | |||||||
62.7 % | 62.6 % | 60.1 % | 60.4 % | ||||
27.3 % | 28.3 % | 30.6 % | 31.3 % | ||||
Other International | 10.0 % | 9.1 % | 9.3 % | 8.3 % | |||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||
Revenue: (Amounts in Millions) | |||||||
Retail Automotive | $ 6,722.1 | $ 6,177.9 | |||||
Retail Commercial Truck | 773.7 | 904.8 | 3,521.1 | 3,684.3 | |||
Commercial Vehicle Distribution and Other | 224.1 | 189.4 | 777.9 | 634.0 | |||
Total | $ 7,719.9 | $ 7,272.1 | |||||
Gross Profit: (Amounts in Millions) | |||||||
Retail Automotive | $ 1,076.9 | $ 1,002.4 | $ 4,250.6 | $ 4,176.2 | |||
Retail Commercial Truck | 138.1 | 143.2 | 584.5 | 592.4 | |||
Commercial Vehicle Distribution and Other | 45.8 | 42.5 | 178.2 | 165.2 | |||
Total | $ 1,260.8 | $ 1,188.1 | $ 5,013.3 | $ 4,933.8 | |||
Gross Margin: | |||||||
Retail Automotive | 16.0 % | 16.2 % | 16.3 % | 16.6 % | |||
Retail Commercial Truck | 17.8 % | 15.8 % | 16.6 % | 16.1 % | |||
Commercial Vehicle Distribution and Other | 20.4 % | 22.4 % | 22.9 % | 26.1 % | |||
Total | 16.3 % | 16.3 % | 16.5 % | 16.7 % | |||
Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Operating Items as a Percentage of Revenue: | |||||||
Gross Profit | 16.3 % | 16.3 % | 16.5 % | 16.7 % | |||
Selling, General and Administrative Expenses | 11.5 % | 11.6 % | 11.6 % | 11.5 % | |||
Operating Income | 4.3 % | 3.7 % | 4.3 % | 4.6 % | |||
Income Before Income Taxes | 4.1 % | 3.5 % | 4.1 % | 4.8 % | |||
Operating Items as a Percentage of Total Gross Profit: | |||||||
Selling, General and Administrative Expenses | 70.3 % | 71.0 % | 70.6 % | 68.9 % | |||
Operating Income | 26.5 % | 22.4 % | 26.3 % | 27.4 % | |||
Three Months Ended | Twelve Months Ended | ||||||||||
December 31, | December 31, | ||||||||||
(Amounts in Millions) | 2024 | 2023 | 2024 | 2023 | |||||||
EBITDA(1) | $ 379.9 | $ 316.5 | $ 1,485.7 | $ 1,653.1 | |||||||
Floor Plan Credits | $ 15.7 | $ 12.5 | $ 53.0 | $ 45.2 | |||||||
Rent Expense | $ 66.6 | $ 62.4 | $ 263.1 | $ 247.9 | |||||||
_______________________ | |||||||||||
(1) See the following Non-GAAP reconciliation table. | |||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||
Retail Automotive Units: | |||||||||||||||
New Retail | 55,391 | 51,786 | 7.0 % | 204,442 | 197,070 | 3.7 % | |||||||||
Used Retail | 54,034 | 57,490 | (6.0) % | 246,608 | 256,721 | (3.9) % | |||||||||
Total Retail | 109,425 | 109,276 | 0.1 % | 451,050 | 453,791 | (0.6) % | |||||||||
New Agency | 11,105 | 8,113 | 36.9 % | 40,548 | 32,672 | 24.1 % | |||||||||
Total Retail and Agency | 120,530 | 117,389 | 2.7 % | 491,598 | 486,463 | 1.1 % | |||||||||
Retail Automotive Revenue: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 3,367.3 | $ | 2,989.2 | 12.6 % | $ | 12,055.9 | $ | 11,273.3 | 6.9 % | |||||
Used Vehicles | 2,034.8 | 1,970.0 | 3.3 % | 8,770.7 | 8,919.5 | (1.7) % | |||||||||
Finance and Insurance, Net | 203.3 | 207.6 | (2.1) % | 811.1 | 838.6 | (3.3) % | |||||||||
Service and Parts | 770.5 | 680.9 | 13.2 % | 3,047.4 | 2,734.3 | 11.5 % | |||||||||
Fleet and Wholesale | 346.2 | 330.2 | 4.8 % | 1,471.1 | 1,443.4 | 1.9 % | |||||||||
Total Revenue | $ | 6,722.1 | $ | 6,177.9 | 8.8 % | $ | 26,156.2 | $ | 25,209.1 | 3.8 % | |||||
Retail Automotive Gross Profit: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 310.9 | $ | 301.9 | 3.0 % | $ | 1,148.4 | $ | 1,238.5 | (7.3) % | |||||
Used Vehicles | 97.1 | 83.3 | 16.6 % | 455.1 | 432.4 | 5.2 % | |||||||||
Finance and Insurance, Net | 203.3 | 207.6 | (2.1) % | 811.1 | 838.6 | (3.3) % | |||||||||
Service and Parts | 449.6 | 395.9 | 13.6 % | 1,771.4 | 1,605.7 | 10.3 % | |||||||||
Fleet and Wholesale | 16.0 | 13.7 | 16.8 % | 64.6 | 61.0 | 5.9 % | |||||||||
Total Gross Profit | $ | 1,076.9 | $ | 1,002.4 | 7.4 % | $ | 4,250.6 | $ | 4,176.2 | 1.8 % | |||||
Retail Automotive Revenue Per Vehicle Retailed: | |||||||||||||||
New Vehicles (excluding agency) | $ | 60,288 | $ | 57,364 | 5.1 % | $ | 58,503 | $ | 56,857 | 2.9 % | |||||
Used Vehicles | 37,657 | 34,266 | 9.9 % | 35,565 | 34,744 | 2.4 % | |||||||||
Retail Automotive Gross Profit Per Vehicle Retailed: | |||||||||||||||
New Vehicles (excluding agency) | $ | 5,146 | $ | 5,531 | (7.0) % | $ | 5,187 | $ | 5,967 | (13.1) % | |||||
Used Vehicles | 1,797 | 1,448 | 24.1 % | 1,845 | 1,685 | 9.5 % | |||||||||
Finance and Insurance (excluding agency) | 1,826 | 1,876 | (2.7) % | 1,767 | 1,825 | (3.2) % | |||||||||
Agency | 2,639 | 2,232 | 18.2 % | 2,516 | 2,233 | 12.7 % | |||||||||
Retail Automotive Gross Margin: | |||||||||||||||
New Vehicles | 9.2 % | 10.1 % | (90)bps | 9.5 % | 11.0 % | (150)bps | |||||||||
Used Vehicles | 4.8 % | 4.2 % | +60bps | 5.2 % | 4.8 % | +40bps | |||||||||
Service and Parts | 58.4 % | 58.1 % | +30bps | 58.1 % | 58.7 % | (60)bps | |||||||||
Fleet and Wholesale | 4.6 % | 4.1 % | +50bps | 4.4 % | 4.2 % | +20bps | |||||||||
Total Gross Margin | 16.0 % | 16.2 % | (20)bps | 16.3 % | 16.6 % | (30)bps | |||||||||
Retail Automotive Revenue Mix Percentages: | |||||||||||||||
New Vehicles | 50.1 % | 48.4 % | +170bps | 46.1 % | 44.7 % | +140bps | |||||||||
Used Vehicles | 30.3 % | 31.9 % | (160)bps | 33.5 % | 35.4 % | (190)bps | |||||||||
Finance and Insurance, Net | 3.0 % | 3.4 % | (40)bps | 3.1 % | 3.3 % | (20)bps | |||||||||
Service and Parts | 11.5 % | 11.0 % | +50bps | 11.7 % | 10.8 % | +90bps | |||||||||
Fleet and Wholesale | 5.1 % | 5.3 % | (20)bps | 5.6 % | 5.8 % | (20)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
Retail Automotive Gross Profit Mix Percentages: | |||||||||||||||
New Vehicles | 28.9 % | 30.1 % | (120)bps | 27.0 % | 29.7 % | (270)bps | |||||||||
Used Vehicles | 9.0 % | 8.3 % | +70bps | 10.7 % | 10.4 % | +30bps | |||||||||
Finance and Insurance, Net | 18.9 % | 20.7 % | (180)bps | 19.1 % | 20.1 % | (100)bps | |||||||||
Service and Parts | 41.7 % | 39.5 % | +220bps | 41.7 % | 38.4 % | +330bps | |||||||||
Fleet and Wholesale | 1.5 % | 1.4 % | +10bps | 1.5 % | 1.4 % | +10bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||
Retail Automotive Same-Store Units: | |||||||||||||||
New Retail | 52,037 | 51,122 | 1.8 % | 191,816 | 193,937 | (1.1) % | |||||||||
Used Retail | 50,505 | 53,508 | (5.6) % | 224,759 | 236,152 | (4.8) % | |||||||||
Total Retail | 102,542 | 104,630 | (2.0) % | 416,575 | 430,089 | (3.1) % | |||||||||
New Agency | 9,637 | 7,159 | 34.6 % | 34,740 | 29,645 | 17.2 % | |||||||||
Total Retail and Agency | 112,179 | 111,789 | 0.3 % | 451,315 | 459,734 | (1.8) % | |||||||||
Retail Automotive Same-Store Revenue: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 3,163.2 | $ | 2,951.2 | 7.2 % | $ | 11,284.6 | $ | 11,099.7 | 1.7 % | |||||
Used Vehicles | 1,896.1 | 1,878.8 | 0.9 % | 8,039.3 | 8,428.7 | (4.6) % | |||||||||
Finance and Insurance, Net | 196.7 | 201.9 | (2.6) % | 772.8 | 808.2 | (4.4) % | |||||||||
Service and Parts | 723.9 | 673.4 | 7.5 % | 2,856.8 | 2,691.0 | 6.2 % | |||||||||
Fleet and Wholesale | 326.1 | 320.1 | 1.9 % | 1,364.1 | 1,380.3 | (1.2) % | |||||||||
Total Revenue | $ | 6,306.0 | $ | 6,025.4 | 4.7 % | $ | 24,317.6 | $ | 24,407.9 | (0.4) % | |||||
Retail Automotive Same-Store Gross Profit: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 288.3 | $ | 297.1 | (3.0) % | $ | 1,066.1 | $ | 1,217.8 | (12.5) % | |||||
Used Vehicles | 90.1 | 81.0 | 11.2 % | 418.7 | 417.7 | 0.2 % | |||||||||
Finance and Insurance, Net | 196.7 | 201.9 | (2.6) % | 772.8 | 808.2 | (4.4) % | |||||||||
Service and Parts | 425.7 | 391.0 | 8.9 % | 1,674.4 | 1,577.6 | 6.1 % | |||||||||
Fleet and Wholesale | 15.6 | 13.9 | 12.2 % | 63.1 | 60.5 | 4.3 % | |||||||||
Total Gross Profit | $ | 1,016.4 | $ | 984.9 | 3.2 % | $ | 3,995.1 | $ | 4,081.8 | (2.1) % | |||||
Retail Automotive Same-Store Revenue Per Vehicle Retailed: | |||||||||||||||
New Vehicles (excluding agency) | $ | 60,340 | $ | 57,392 | 5.1 % | $ | 58,397 | $ | 56,903 | 2.6 % | |||||
Used Vehicles | 37,542 | 35,112 | 6.9 % | 35,769 | 35,692 | 0.2 % | |||||||||
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: | |||||||||||||||
New Vehicles (excluding agency) | $ | 5,132 | $ | 5,534 | (7.3) % | $ | 5,164 | $ | 5,979 | (13.6) % | |||||
Used Vehicles | 1,785 | 1,513 | 18.0 % | 1,863 | 1,769 | 5.3 % | |||||||||
Finance and Insurance (excluding agency) | 1,902 | 1,923 | (1.1) % | 1,845 | 1,878 | (1.8) % | |||||||||
Agency | 2,376 | 2,079 | 14.3 % | 2,301 | 1,986 | 15.9 % | |||||||||
Retail Automotive Same-Store Gross Margin: | |||||||||||||||
New Vehicles | 9.1 % | 10.1 % | (100)bps | 9.4 % | 11.0 % | (160)bps | |||||||||
Used Vehicles | 4.8 % | 4.3 % | +50bps | 5.2 % | 5.0 % | +20bps | |||||||||
Service and Parts | 58.8 % | 58.1 % | +70bps | 58.6 % | 58.6 % | —bps | |||||||||
Fleet and Wholesale | 4.8 % | 4.3 % | +50bps | 4.6 % | 4.4 % | +20bps | |||||||||
Total Gross Margin | 16.1 % | 16.3 % | (20)bps | 16.4 % | 16.7 % | (30)bps | |||||||||
Retail Automotive Same-Store Revenue Mix Percentages: | |||||||||||||||
New Vehicles | 50.2 % | 49.0 % | +120bps | 46.4 % | 45.5 % | +90bps | |||||||||
Used Vehicles | 30.1 % | 31.2 % | (110)bps | 33.1 % | 34.5 % | (140)bps | |||||||||
Finance and Insurance, Net | 3.1 % | 3.4 % | (30)bps | 3.2 % | 3.3 % | (10)bps | |||||||||
Service and Parts | 11.5 % | 11.2 % | +30bps | 11.7 % | 11.0 % | +70bps | |||||||||
Fleet and Wholesale | 5.1 % | 5.2 % | (10)bps | 5.6 % | 5.7 % | (10)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
Retail Automotive Same-Store Gross Profit Mix Percentages: | |||||||||||||||
New Vehicles | 28.4 % | 30.2 % | (180)bps | 26.7 % | 29.8 % | (310)bps | |||||||||
Used Vehicles | 8.9 % | 8.2 % | +70bps | 10.5 % | 10.2 % | +30bps | |||||||||
Finance and Insurance, Net | 19.4 % | 20.5 % | (110)bps | 19.3 % | 19.8 % | (50)bps | |||||||||
Service and Parts | 41.9 % | 39.7 % | +220bps | 41.9 % | 38.6 % | +330bps | |||||||||
Fleet and Wholesale | 1.4 % | 1.4 % | —bps | 1.6 % | 1.6 % | —bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||
Retail Commercial Truck Units: | |||||||||||||||
New Retail | 3,544 | 4,513 | (21.5) % | 16,923 | 18,242 | (7.2) % | |||||||||
Used Retail | 888 | 896 | (0.9) % | 3,628 | 3,138 | 15.6 % | |||||||||
Total | 4,432 | 5,409 | (18.1) % | 20,551 | 21,380 | (3.9) % | |||||||||
Retail Commercial Truck Revenue: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 494.6 | $ | 619.2 | (20.1) % | $ | 2,359.5 | $ | 2,480.2 | (4.9) % | |||||
Used Vehicles | 55.8 | 59.6 | (6.4) % | 227.0 | 229.9 | (1.3) % | |||||||||
Finance and Insurance, Net | 4.1 | 6.0 | (31.7) % | 18.8 | 21.9 | (14.2) % | |||||||||
Service and Parts | 210.7 | 212.2 | (0.7) % | 886.3 | 907.3 | (2.3) % | |||||||||
Wholesale and Other | 8.5 | 7.8 | 9.0 % | 29.5 | 45.0 | (34.4) % | |||||||||
Total Revenue | $ | 773.7 | $ | 904.8 | (14.5) % | $ | 3,521.1 | $ | 3,684.3 | (4.4) % | |||||
Retail Commercial Truck Gross Profit: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 36.0 | $ | 38.0 | (5.3) % | $ | 155.9 | $ | 148.2 | 5.2 % | |||||
Used Vehicles | 5.2 | 5.5 | (5.5) % | 16.7 | 19.6 | (14.8) % | |||||||||
Finance and Insurance, Net | 4.1 | 6.0 | (31.7) % | 18.8 | 21.9 | (14.2) % | |||||||||
Service and Parts | 90.1 | 90.3 | (0.2) % | 380.3 | 383.6 | (0.9) % | |||||||||
Wholesale and Other | 2.7 | 3.4 | (20.6) % | 12.8 | 19.1 | (33.0) % | |||||||||
Total Gross Profit | $ | 138.1 | $ | 143.2 | (3.6) % | $ | 584.5 | $ | 592.4 | (1.3) % | |||||
Retail Commercial Truck Revenue Per Vehicle Retailed: | |||||||||||||||
New Vehicles | $ | 139,570 | $ | 137,197 | 1.7 % | $ | 139,428 | $ | 135,959 | 2.6 % | |||||
Used Vehicles | 62,891 | 66,464 | (5.4) % | 62,580 | 73,263 | (14.6) % | |||||||||
Retail Commercial Truck Gross Profit Per Vehicle Retailed: | |||||||||||||||
New Vehicles | $ | 10,183 | $ | 8,412 | 21.1 % | $ | 9,214 | $ | 8,126 | 13.4 % | |||||
Used Vehicles | 5,739 | 6,104 | (6.0) % | 4,612 | 6,251 | (26.2) % | |||||||||
Finance and Insurance | 930 | 1,102 | (15.6) % | 917 | 1,022 | (10.3) % | |||||||||
Retail Commercial Truck Gross Margin: | |||||||||||||||
New Vehicles | 7.3 % | 6.1 % | +120bps | 6.6 % | 6.0 % | +60bps | |||||||||
Used Vehicles | 9.3 % | 9.2 % | +10bps | 7.4 % | 8.5 % | (110)bps | |||||||||
Service and Parts | 42.8 % | 42.6 % | +20bps | 42.9 % | 42.3 % | +60bps | |||||||||
Wholesale and Other | 31.8 % | 43.6 % | (1,180)bps | 43.4 % | 42.4 % | +100bps | |||||||||
Total Gross Margin | 17.8 % | 15.8 % | +200bps | 16.6 % | 16.1 % | +50bps | |||||||||
Retail Commercial Truck Revenue Mix Percentages: | |||||||||||||||
New Vehicles | 63.9 % | 68.4 % | (450)bps | 67.0 % | 67.3 % | (30)bps | |||||||||
Used Vehicles | 7.2 % | 6.6 % | +60bps | 6.4 % | 6.2 % | +20bps | |||||||||
Finance and Insurance, Net | 0.5 % | 0.7 % | (20)bps | 0.5 % | 0.6 % | (10)bps | |||||||||
Service and Parts | 27.2 % | 23.5 % | +370bps | 25.2 % | 24.6 % | +60bps | |||||||||
Wholesale and Other | 1.2 % | 0.8 % | +40bps | 0.9 % | 1.3 % | (40)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
Retail Commercial Truck Gross Profit Mix Percentages: | |||||||||||||||
New Vehicles | 26.1 % | 26.5 % | (40)bps | 26.7 % | 25.0 % | +170bps | |||||||||
Used Vehicles | 3.8 % | 3.8 % | —bps | 2.9 % | 3.3 % | (40)bps | |||||||||
Finance and Insurance, Net | 3.0 % | 4.2 % | (120)bps | 3.2 % | 3.7 % | (50)bps | |||||||||
Service and Parts | 65.2 % | 63.1 % | +210bps | 65.1 % | 64.8 % | +30bps | |||||||||
Wholesale and Other | 1.9 % | 2.4 % | (50)bps | 2.1 % | 3.2 % | (110)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||
Retail Commercial Truck Same-Store Units: | |||||||||||||||
New Retail | 3,261 | 4,513 | (27.7) % | 15,856 | 17,876 | (11.3) % | |||||||||
Used Retail | 863 | 896 | (3.7) % | 3,498 | 3,109 | 12.5 % | |||||||||
Total | 4,124 | 5,409 | (23.8) % | 19,354 | 20,985 | (7.8) % | |||||||||
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 451.0 | $ | 619.2 | (27.2) % | $ | 2,196.6 | $ | 2,424.0 | (9.4) % | |||||
Used Vehicles | 54.0 | 59.6 | (9.4) % | 217.8 | 228.3 | (4.6) % | |||||||||
Finance and Insurance, Net | 3.5 | 6.0 | (41.7) % | 16.4 | 21.0 | (21.9) % | |||||||||
Service and Parts | 202.6 | 211.4 | (4.2) % | 826.1 | 881.3 | (6.3) % | |||||||||
Wholesale and Other | 8.1 | 7.8 | 3.8 % | 27.2 | 45.0 | (39.6) % | |||||||||
Total Revenue | $ | 719.2 | $ | 904.0 | (20.4) % | $ | 3,284.1 | $ | 3,599.6 | (8.8) % | |||||
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 32.9 | $ | 38.0 | (13.4) % | $ | 142.5 | $ | 142.9 | (0.3) % | |||||
Used Vehicles | 4.9 | 5.5 | (10.9) % | 17.1 | 19.7 | (13.2) % | |||||||||
Finance and Insurance, Net | 3.5 | 6.0 | (41.7) % | 16.4 | 21.0 | (21.9) % | |||||||||
Service and Parts | 86.2 | 89.9 | (4.1) % | 355.2 | 373.1 | (4.8) % | |||||||||
Wholesale and Other | 2.2 | 3.2 | (31.3) % | 10.9 | 18.3 | (40.4) % | |||||||||
Total Gross Profit | $ | 129.7 | $ | 142.6 | (9.0) % | $ | 542.1 | $ | 575.0 | (5.7) % | |||||
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: | |||||||||||||||
New Vehicles | $ | 138,296 | $ | 137,197 | 0.8 % | $ | 138,537 | $ | 135,603 | 2.2 % | |||||
Used Vehicles | 62,614 | 66,464 | (5.8) % | 62,277 | 73,428 | (15.2) % | |||||||||
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: | |||||||||||||||
New Vehicles | $ | 10,075 | $ | 8,412 | 19.8 % | $ | 8,985 | $ | 7,996 | 12.4 % | |||||
Used Vehicles | 5,669 | 6,104 | (7.1) % | 4,885 | 6,331 | (22.8) % | |||||||||
Finance and Insurance | 856 | 1,102 | (22.3) % | 845 | 1,003 | (15.8) % | |||||||||
Retail Commercial Truck Same-Store Gross Margin: | |||||||||||||||
New Vehicles | 7.3 % | 6.1 % | +120bps | 6.5 % | 5.9 % | +60bps | |||||||||
Used Vehicles | 9.1 % | 9.2 % | (10)bps | 7.9 % | 8.6 % | (70)bps | |||||||||
Service and Parts | 42.5 % | 42.5 % | —bps | 43.0 % | 42.3 % | +70bps | |||||||||
Wholesale and Other | 27.2 % | 41.0 % | (1,380)bps | 40.1 % | 40.7 % | (60)bps | |||||||||
Total Gross Margin | 18.0 % | 15.8 % | +220bps | 16.5 % | 16.0 % | +50bps | |||||||||
Retail Commercial Truck Same-Store Revenue Mix Percentages: | |||||||||||||||
New Vehicles | 62.7 % | 68.5 % | (580)bps | 66.9 % | 67.3 % | (40)bps | |||||||||
Used Vehicles | 7.5 % | 6.6 % | +90bps | 6.6 % | 6.3 % | +30bps | |||||||||
Finance and Insurance, Net | 0.5 % | 0.7 % | (20)bps | 0.5 % | 0.6 % | (10)bps | |||||||||
Service and Parts | 28.2 % | 23.4 % | +480bps | 25.2 % | 24.5 % | +70bps | |||||||||
Wholesale and Other | 1.1 % | 0.8 % | +30bps | 0.8 % | 1.3 % | (50)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
Retail Commercial Truck Same-Store Gross Profit Mix Percentages: | |||||||||||||||
New Vehicles | 25.4 % | 26.6 % | (120)bps | 26.3 % | 24.9 % | +140bps | |||||||||
Used Vehicles | 3.8 % | 3.9 % | (10)bps | 3.2 % | 3.4 % | (20)bps | |||||||||
Finance and Insurance, Net | 2.7 % | 4.2 % | (150)bps | 3.0 % | 3.7 % | (70)bps | |||||||||
Service and Parts | 66.5 % | 63.0 % | +350bps | 65.5 % | 64.9 % | +60bps | |||||||||
Wholesale and Other | 1.6 % | 2.3 % | (70)bps | 2.0 % | 3.1 % | (110)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | |||||||
Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Retail Automotive Revenue Mix: | |||||||
Premium: | |||||||
BMW / MINI | 28 % | 27 % | 26 % | 26 % | |||
Audi | 10 % | 10 % | 10 % | 11 % | |||
Mercedes-Benz | 9 % | 9 % | 9 % | 9 % | |||
Land Rover / Jaguar | 7 % | 7 % | 8 % | 7 % | |||
Porsche | 10 % | 9 % | 9 % | 8 % | |||
Ferrari / Maserati | 3 % | 2 % | 3 % | 3 % | |||
Lexus | 3 % | 3 % | 3 % | 3 % | |||
Acura | 1 % | 1 % | 1 % | 1 % | |||
1 % | 1 % | 1 % | 1 % | ||||
Others | 2 % | 3 % | 2 % | 2 % | |||
Total Premium | 74 % | 72 % | 72 % | 71 % | |||
Volume Non- | |||||||
Toyota | 10 % | 11 % | 11 % | 10 % | |||
Honda | 5 % | 6 % | 6 % | 6 % | |||
Volkswagen | 2 % | 2 % | 2 % | 2 % | |||
Hyundai | 2 % | 1 % | 1 % | 1 % | |||
Others | 2 % | 1 % | 1 % | 2 % | |||
Total Volume Non- | 21 % | 21 % | 21 % | 21 % | |||
General Motors / Stellantis / Ford | 2 % | 1 % | 2 % | 1 % | |||
Used Vehicle Dealerships | 3 % | 6 % | 5 % | 7 % | |||
Total | 100 % | 100 % | 100 % | 100 % | |||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
Capital Expenditures / Stock Repurchases: | 2024 | 2023 | 2024 | 2023 | |||||||||||
($ Amounts in Millions) | |||||||||||||||
Capital expenditures | $ | 86.1 | $ | 103.2 | $ | 368.7 | $ | 375.3 | |||||||
Cash paid for acquisitions | $ | 148.8 | $ | 3.6 | $ | 786.2 | $ | 214.9 | |||||||
Stock repurchases: | |||||||||||||||
Aggregate purchase price | $ | 1.0 | $ | 17.6 | $ | 77.5 | $ | 382.2 | |||||||
Shares repurchased | 6,172 | 117,875 | 517,245 | 2,808,616 | |||||||||||
Balance Sheet and Other Highlights: | December 31, | December 31, | |||
(Amounts in Millions) | |||||
Cash and Cash Equivalents | $ | 72.4 | $ | 96.4 | |
Inventories | $ | 4,640.2 | $ | 4,293.1 | |
Total Floor Plan Notes Payable | $ | 4,024.0 | $ | 3,771.5 | |
Total Long-Term Debt | $ | 1,852.0 | $ | 1,629.2 | |
Equity | $ | 5,227.3 | $ | 4,755.6 | |
Debt to Total Capitalization Ratio | 26.2 % | 25.5 % | |||
Leverage Ratio (1) | 1.2x | 1.0x | |||
New vehicle days' supply | 49 days | 39 days | |||
Used vehicle days' supply | 47 days | 48 days | |||
(1) See the following Non-GAAP reconciliation table |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||
The following tables reconcile reported net income and earnings per share to adjusted net income and adjusted earnings per share for the three and twelve months ended December 31, 2024, and 2023: | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
(Amounts in Millions) | December 31, | December 31, | |||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||
Amounts Attributable to Common Stockholders: | |||||||||||||||
Net Income | $ | 236.4 | $ | 190.7 | 24.0 % | $ | 918.9 | $ | 1,053.2 | (12.8) % | |||||
Goodwill Impairment Charges (1) | — | 40.7 | nm | — | 40.7 | nm | |||||||||
Adjusted Net Income | $ | 236.4 | $ | 231.4 | 2.2 % | $ | 918.9 | $ | 1,093.9 | (16.0) % | |||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||
Amounts Attributable to Common Stockholders: | |||||||||||||||
Earnings Per Share | $ | 3.54 | $ | 2.84 | 24.6 % | $ | 13.74 | $ | 15.50 | (11.4) % | |||||
Goodwill Impairment Charges (1) | — | 0.61 | nm | — | 0.60 | nm | |||||||||
Adjusted Earnings Per Share | $ | 3.54 | $ | 3.45 | 2.6 % | $ | 13.74 | $ | 16.10 | (14.7) % | |||||
The following table reconciles income before taxes to adjusted income before taxes for the three and twelve months ending December 31, 2024, and 2023: | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
(Amounts in Millions) | December 31, | December 31, | |||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||
Income Before Taxes | $ | 315.2 | $ | 255.8 | 23.2 % | $ | 1,239.9 | $ | 1,419.5 | (12.7) % | |||||
Goodwill Impairment Charges (1) | — | 40.7 | nm | — | 40.7 | nm | |||||||||
Adjusted Income Before Taxes | $ | 315.2 | $ | 296.5 | 6.3 % | $ | 1,239.9 | $ | 1,460.2 | (15.1) % | |||||
(1) Goodwill Impairment charges relate to our former Used Vehicle Dealerships International reporting unit | |||||||||||||||
nm – not meaningful |
PENSKE AUTOMOTIVE GROUP, INC. | ||||||||||
The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization ("EBITDA") for the three and twelve months ended December 31, 2024, and 2023: | ||||||||||
Three Months Ended | ||||||||||
December 31, | 2024 vs. 2023 | |||||||||
(Amounts in Millions) | 2024 | 2023 | Change | % Change | ||||||
Net Income | $ | 237.3 | $ | 192.0 | $ | 45.3 | 23.6 % | |||
Add: Depreciation | 41.0 | 37.6 | 3.4 | 9.0 % | ||||||
Other Interest Expense | 23.7 | 23.1 | 0.6 | 2.6 % | ||||||
Income Taxes | 77.9 | 63.8 | 14.1 | 22.1 % | ||||||
EBITDA | $ | 379.9 | $ | 316.5 | $ | 63.4 | 20.0 % | |||
Add: Goodwill Impairment Charges (1) | — | 40.7 | (40.7) | nm | ||||||
Adjusted EBITDA | $ | 379.9 | $ | 357.2 | $ | 22.7 | 6.4 % | |||
Twelve Months Ended | ||||||||||
December 31, | 2024 vs. 2023 | |||||||||
(Amounts in Millions) | 2024 | 2023 | Change | % Change | ||||||
Net Income | $ | 923.4 | $ | 1,058.6 | $ | (135.2) | (12.8) % | |||
Add: Depreciation | 158.0 | 141.0 | 17.0 | 12.1 % | ||||||
Other Interest Expense | 87.8 | 92.6 | (4.8) | (5.2) % | ||||||
Income Taxes | 316.5 | 360.9 | (44.4) | (12.3) % | ||||||
EBITDA | $ | 1,485.7 | $ | 1,653.1 | $ | (167.4) | (10.1) % | |||
Add: Goodwill Impairment Charges (1) | — | 40.7 | (40.7) | nm | ||||||
Adjusted EBITDA | $ | 1,485.7 | $ | 1,693.8 | $ | (208.1) | (12.3) % | |||
nm – not meaningful |
The following table reconciles the leverage ratio as of December 31, 2024, and December 31, 2023: | |||||
Twelve | Twelve | ||||
Months Ended | Months Ended | ||||
(Amounts in Millions) | December 31, 2024 | December 31, 2023 | |||
Net Income | $ 923.4 | $ 1,058.6 | |||
Add: Depreciation | 158.0 | 141.0 | |||
Other Interest Expense | 87.8 | 92.6 | |||
Income Taxes | 316.5 | 360.9 | |||
EBITDA | $ 1,485.7 | $ 1,653.1 | |||
Add: Goodwill Impairment Charges (1) | — | 40.7 | |||
Adjusted EBITDA | $ 1,485.7 | $ 1,693.8 | |||
Total Non-Vehicle Long-Term Debt | $ 1,852.0 | $ 1,629.2 | |||
Leverage Ratio | 1.2x | 1.0x | |||
(1) Goodwill impairment charges relate to our former Used Vehicle Dealerships International reporting unit |
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SOURCE Penske Automotive Group, Inc.
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