PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS
Penske Automotive Group (NYSE: PAG) reported Q2 2024 results, with revenue increasing 3% to $7.7 billion, a quarterly record. Highlights include:
- Record retail automotive service and parts revenue of $753 million, up 10%
- Earnings before taxes of $326 million and earnings per share of $3.61
- Sequential improvement in earnings before taxes (10%) and EPS (12%) from Q1 2024
- New and used retail automotive units delivered increased 2%
- Retail commercial truck same-store revenue decreased 7%
The company's diversification drove performance, with strong results in retail automotive and commercial truck businesses. PAG repurchased 0.4 million shares for $58.1 million and increased its quarterly dividend by 11% to $1.07 per share.
Penske Automotive Group (NYSE: PAG) ha riportato i risultati del secondo trimestre del 2024, con un aumento del fatturato del 3% a 7,7 miliardi di dollari, un record per il trimestre. I punti salienti includono:
- Ricavi record per servizi e parti automotive al dettaglio di 753 milioni di dollari, in aumento del 10%
- Utile ante imposte di 326 milioni di dollari e utile per azione di 3,61 dollari
- Miglioramento sequenziale dell'utile ante imposte (10%) e dell'utile per azione (12%) rispetto al primo trimestre del 2024
- Le unità auto al dettaglio nuove e usate consegnate sono aumentate del 2%
- I ricavi da vendite di camion commerciali a negozio comparabile sono diminuiti del 7%
La diversificazione dell'azienda ha guidato le performance, con risultati forti nei settori automotive al dettaglio e camion commerciali. PAG ha riacquistato 0,4 milioni di azioni per 58,1 milioni di dollari e ha aumentato il dividendo trimestrale dell'11% a 1,07 dollari per azione.
Penske Automotive Group (NYSE: PAG) anunció los resultados del segundo trimestre de 2024, con un aumento del 3% en los ingresos, alcanzando 7.7 mil millones de dólares, un récord trimestral. Los aspectos más destacados incluyen:
- Ingresos récord de 753 millones de dólares por servicios y piezas automotrices al por menor, un aumento del 10%
- Ganancias antes de impuestos de 326 millones de dólares y ganancias por acción de 3.61 dólares
- Mejora secuencial en ganancias antes de impuestos (10%) y EPS (12%) desde el primer trimestre de 2024
- Aumento del 2% en las unidades automotrices nuevas y usadas entregadas
- Los ingresos de camiones comerciales en tiendas comparables cayeron un 7%
La diversificación de la empresa impulso el rendimiento, con resultados sólidos en los negocios automotrices al por menor y camiones comerciales. PAG recompró 0.4 millones de acciones por 58.1 millones de dólares y aumentó su dividendo trimestral en un 11% a 1.07 dólares por acción.
Penske Automotive Group (NYSE: PAG)는 2024년 2분기 실적을 발표했으며, 매출이 3% 증가하여 77억 달러에 달하는 분기별 기록을 세웠습니다. 주요 내용은 다음과 같습니다:
- 7억 5300만 달러의 자동차 소매 서비스 및 부품 매출로 10% 증가한 기록 수치
- 세전 수익 3억 2600만 달러, 주당 수익 3.61달러
- 2024년 1분기 대비 세전 수익(10%) 및 주당 수익(12%)의 순증가
- 새 및 중고 소매 자동차 단위 배달이 2% 증가함
- 소매 상업용 트럭 동종 매장 수익이 7% 감소함
회사의 다각화가 성과를 이끌었으며, 소매 자동차 및 상업용 트럭 사업에서 강력한 결과를 냈습니다. PAG는 58.1백만 달러에 40만 주를 재매입했으며, 분기 배당금을 11% 인상하여 주당 1.07달러로 올렸습니다.
Penske Automotive Group (NYSE: PAG) a annoncé les résultats du deuxième trimestre 2024, avec une augmentation de 3% de son chiffre d'affaires à 7,7 milliards de dollars, un record pour le trimestre. Les points forts comprennent :
- Chiffre d'affaires record pour les services et pièces automobiles de 753 millions de dollars, en hausse de 10%
- Résultat avant impôts de 326 millions de dollars et bénéfice par action de 3,61 dollars
- Amélioration séquentielle du résultat avant impôts (10%) et du BPA (12%) par rapport au premier trimestre 2024
- Augmentation de 2% des unités automobiles de détail neuves et d'occasion livrées
- Le chiffre d'affaires des camions commerciaux en magasin comparable a diminué de 7%
La diversification de l'entreprise a permis de réaliser d'excellents résultats, avec de solides performances dans les activités de vente au détail automobile et de camions commerciaux. PAG a racheté 0,4 million d'actions pour 58,1 millions de dollars et a augmenté son dividende trimestriel de 11% à 1,07 dollar par action.
Penske Automotive Group (NYSE: PAG) hat die Ergebnisse für das 2. Quartal 2024 veröffentlicht, mit einem Anstieg des Umsatzes um 3% auf 7,7 Milliarden Dollar, einem vierteljährlichen Rekord. Zu den Highlights gehören:
- Rekordumsatz im Einzelhandel für Auto-Service und -Teile von 753 Millionen Dollar, ein Plus von 10%
- Gewinne vor Steuer von 326 Millionen Dollar und Gewinn pro Aktie von 3,61 Dollar
- Sequenzielle Verbesserung bei Gewinn vor Steuern (10%) und EPS (12%) im Vergleich zum 1. Quartal 2024
- Neue und gebrauchte Einzelhandelsautomobile, die ausgeliefert wurden, stiegen um 2%
- Same-Store-Umsatz von Nutzfahrzeugen im Einzelhandel ging um 7% zurück
Die Diversifizierung des Unternehmens hat die Leistung vorangetrieben, mit starken Ergebnissen im Einzelhandel für Pkw und Nutzfahrzeuge. PAG hat 0,4 Millionen Aktien für 58,1 Millionen Dollar zurückgekauft und die Quartalsdividende um 11% auf 1,07 Dollar pro Aktie erhöht.
- Record quarterly revenue of $7.7 billion, up 3% year-over-year
- Record retail automotive service and parts revenue of $753 million, up 10%
- Sequential improvement in earnings before taxes (10%) and EPS (12%) from Q1 2024
- New and used retail automotive units delivered increased 2%
- Quarterly dividend increased by 11% to $1.07 per share
- Strong liquidity position with $1.7 billion available
- Low leverage ratio of 1.2x as of June 30, 2024
- Net income attributable to common stockholders decreased to $241.2 million from $300.8 million in the prior year period
- Earnings per share decreased to $3.61 from $4.41 in the same period of 2023
- Retail automotive same-store revenue decreased 1%
- Retail automotive same-store gross profit decreased 5%
- Retail commercial truck same-store revenue decreased 7%
- Equity earnings from Penske Transportation Solutions investment decreased compared to the same period in 2023
Insights
Penske Automotive Group's Q2 2024 results present a mixed picture. While the company achieved record quarterly revenue of
- Record retail automotive service and parts revenue of
$753 million , up10% - Sequential improvement in earnings before taxes (
10% ) and EPS (12% ) from Q1 2024 2% increase in new and used retail automotive units delivered
The company's diversification strategy seems to be paying off, with strong performance in retail automotive and commercial truck businesses. The
However, investors should be aware of some challenges:
- Same-store retail automotive gross profit decreased by
5% - Retail commercial truck same-store revenue decreased by
7% - Earnings from Penske Transportation Solutions investment declined year-over-year
The company's focus on efficiency and cost control, evidenced by the sequential decline in SG&A expenses as a percentage of gross profit, is a positive sign. Additionally, the continued share repurchases and dividend increases demonstrate confidence in the company's financial position.
Overall, while facing some headwinds, Penske Automotive Group appears to be navigating the challenging automotive retail environment relatively well, leveraging its diversified business model and focusing on high-margin segments like service and parts.
Penske Automotive Group's Q2 2024 results offer interesting insights into current market trends in the automotive and commercial truck sectors:
- New vehicle sales are showing resilience, with a
4% increase in units delivered and a2% same-store revenue growth - Used vehicle market appears softer, with flat unit sales and a
6% decrease in same-store revenue - Finance & Insurance revenues are down, possibly indicating tighter credit conditions or changes in consumer financing behavior
- Service & Parts continue to be a bright spot, with
5% same-store revenue growth in the retail automotive segment
The commercial truck segment's performance suggests a potential slowdown in the trucking industry, with new vehicle sales slightly down and used vehicle sales up. This could indicate fleet operators are opting for used vehicles to manage costs in an uncertain economic environment.
The sequential improvement in new vehicle gross profit per unit (
Penske's acquisition strategy, adding an estimated
The strong performance in the service and parts business across both automotive and commercial truck segments underscores the importance of after-sales services in the current market. This trend is likely to continue as vehicles become more complex and consumers hold onto their vehicles longer.
Revenue Increases
Record Retail Automotive Service and Parts Revenue of
Earnings Before Taxes of
Sequential Improvement in Earnings Before Taxes and Earnings Per Share of
Second Quarter 2024 Operating Highlights Compared to Second Quarter 2023
- New and Used Retail Automotive Units Delivered – increased
2% - New Vehicle +
4% ; Used Vehicle flat
- New Vehicle +
- Retail Automotive Same-Store Revenue – decreased
1% - New Vehicle +
2% ; Used Vehicle -6% ; Finance & Insurance -4% ; Service & Parts +5%
- New Vehicle +
- Retail Automotive Same-Store Gross Profit – decreased
5% - New Vehicle -
15% ; Used Vehicle -7% ; Finance & Insurance -4% ; Service & Parts +4%
- New Vehicle -
- New and Used Retail Commercial Truck Units – flat
- New Vehicle -
1% ; Used Vehicle +9%
- New Vehicle -
- Retail Commercial Truck Same-Store Revenue – decreased
7% - New Vehicle -
4% ; Used Vehicle -10% ; Finance & Insurance -22% ; Service & Parts -9%
- New Vehicle -
- Retail Commercial Truck Same-Store Gross Profit – decreased
5% - New Vehicle flat; Used Vehicle -
5% ; Finance & Insurance -22% ; Service & Parts -5%
- New Vehicle flat; Used Vehicle -
Second Quarter 2024 Performance
The Company's financial performance for the three months ended June 30, 2024, was driven by its diversification which included continued strong performance of the retail automotive and commercial truck businesses. Highlights during the second quarter included record total quarterly revenue of
Commenting on the Company's financial results, Chair and CEO Roger Penske said, "I am pleased to see that our service and parts business remains strong and contributed to our record total quarterly revenue of
For the six months ended June 30, 2024, revenue increased
Retail Automotive Dealerships
For the three months ended June 30, 2024, total new and used units delivered increased
Retail Commercial Truck Dealerships
As of June 30, 2024, Premier Truck Group operated 48 North American retail commercial truck locations. New truck demand continues to be driven by replacement purchases. For the three months ended June 30, 2024, retail unit sales were flat. 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 446,000 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a
Corporate Development, Capital Allocation, Liquidity, and Leverage
During the six months ended June 30, 2024, we repurchased 0.4 million shares of common stock for approximately
During June 2024, we acquired three full-service Freightliner and Western Star dealerships and two independent repair facilities operating in
As of June 30, 2024, the Company had approximately
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2024 on Wednesday, July 31, 2024, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (877) 692-8955 [International, please dial (234) 720-6979] using access code 8247256. 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 second quarter 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 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 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, our ability to successfully complete pending acquisitions and satisfy applicable closing conditions, our ability to successfully integrate acquired dealerships into our existing operations and obtain certain contemplated synergies, those related to macro-economic, geo-political and industry conditions and events, including their impact on new and used vehicle sales, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to PTS and PTG, personal discretionary spending levels, interest 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, the shortage of vehicle components, international conflicts, including the war in
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 |
shulgrave@penskeautomotive.com | tpordon@penskeautomotive.com |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||
Consolidated Condensed Statements of Income | |||||||||||
(Amounts In Millions, Except Per Share Data) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
Revenue | $ 7,696.7 | $ 7,468.5 | 3.1 % | 2.3 % | |||||||
Cost of Sales | 6,432.6 | 6,195.5 | 3.8 % | 12,635.2 | 12,282.2 | 2.9 % | |||||
Gross Profit | $ 1,264.1 | $ 1,273.0 | (0.7) % | $ 2,509.3 | $ 2,525.3 | (0.6) % | |||||
SG&A Expenses | 887.5 | 858.1 | 3.4 % | 1,767.3 | 1,703.0 | 3.8 % | |||||
Depreciation | 38.6 | 34.1 | 13.2 % | 76.4 | 68.0 | 12.4 % | |||||
Operating Income | $ 338.0 | $ 380.8 | (11.2) % | $ 665.6 | $ 754.3 | (11.8) % | |||||
Floor Plan Interest Expense | (46.6) | (30.8) | 51.3 % | (91.4) | (58.7) | 55.7 % | |||||
Other Interest Expense | (19.9) | (24.2) | (17.8) % | (41.2) | (45.0) | (8.4) % | |||||
Equity in Earnings of Affiliates | 54.0 | 74.5 | (27.5) % | 87.3 | 156.6 | (44.3) % | |||||
Income Before Income Taxes | $ 325.5 | $ 400.3 | (18.7) % | $ 620.3 | $ 807.2 | (23.2) % | |||||
Income Taxes | (82.6) | (97.7) | (15.5) % | (161.2) | (205.0) | (21.4) % | |||||
Net Income | $ 242.9 | $ 302.6 | (19.7) % | $ 459.1 | $ 602.2 | (23.8) % | |||||
Less: Income Attributable to Non-Controlling Interests | 1.7 | 1.8 | (5.6) % | 2.7 | 3.1 | (12.9) % | |||||
Net Income Attributable to Common Stockholders | $ 241.2 | $ 300.8 | (19.8) % | $ 456.4 | $ 599.1 | (23.8) % | |||||
Amounts Attributable to Common Stockholders: | |||||||||||
Net Income | $ 242.9 | $ 302.6 | (19.7) % | $ 459.1 | $ 602.2 | (23.8) % | |||||
Less: Income Attributable to Non-Controlling Interests | 1.7 | 1.8 | (5.6) % | 2.7 | 3.1 | (12.9) % | |||||
Net Income Attributable to Common Stockholders | $ 241.2 | $ 300.8 | (19.8) % | $ 456.4 | $ 599.1 | (23.8) % | |||||
Income Per Share | $ 3.61 | $ 4.41 | (18.1) % | $ 6.81 | $ 8.72 | (21.9) % | |||||
Weighted Average Shares Outstanding | 66.9 | 68.2 | (1.9) % | 67.0 | 68.7 | (2.5) % |
PENSKE AUTOMOTIVE GROUP, INC. | ||||||
Consolidated Condensed Balance Sheets | ||||||
(Amounts In Millions) | ||||||
(Unaudited) | ||||||
June 30, | December 31, | |||||
2024 | 2023 | |||||
Assets: | ||||||
Cash and Cash Equivalents | $ 115.1 | $ 96.4 | ||||
Accounts Receivable, Net | 1,040.5 | 1,114.6 | ||||
Inventories | 4,705.9 | 4,293.1 | ||||
Other Current Assets | 217.7 | 175.6 | ||||
Total Current Assets | 6,079.2 | 5,679.7 | ||||
Property and Equipment, Net | 2,914.3 | 2,765.2 | ||||
Operating Lease Right-of-Use Assets | 2,466.1 | 2,405.5 | ||||
Intangibles | 3,288.3 | 2,983.1 | ||||
Other Long-Term Assets | 1,885.6 | 1,838.0 | ||||
Total Assets | $ 16,633.5 | $ 15,671.5 | ||||
Liabilities and Equity: | ||||||
Floor Plan Notes Payable | $ 2,578.2 | $ 2,255.6 | ||||
Floor Plan Notes Payable – Non-Trade | 1,562.7 | 1,515.9 | ||||
Accounts Payable | 943.4 | 866.9 | ||||
Accrued Expenses and Other Current Liabilities | 916.9 | 809.8 | ||||
Current Portion Long-Term Debt | 171.7 | 209.7 | ||||
Total Current Liabilities | 6,172.9 | 5,657.9 | ||||
Long-Term Debt | 1,594.6 | 1,419.5 | ||||
Long-Term Operating Lease Liabilities | 2,397.4 | 2,336.0 | ||||
Other Long-Term Liabilities | 1,482.3 | 1,502.5 | ||||
Total Liabilities | 11,647.2 | 10,915.9 | ||||
Equity | 4,986.3 | 4,755.6 | ||||
Total Liabilities and Equity | $ 16,633.5 | $ 15,671.5 |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||
Consolidated Operations | |||||||
Selected Data | |||||||
(Unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Geographic Revenue Mix: | |||||||
59.8 % | 59.7 % | 58.2 % | 59.0 % | ||||
31.2 % | 32.2 % | 32.7 % | 32.9 % | ||||
Other International | 9.0 % | 8.1 % | 9.1 % | 8.1 % | |||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||
Revenue: (Amounts in Millions) | |||||||
Retail Automotive | $ 6,615.4 | $ 6,406.0 | |||||
Retail Commercial Truck | 892.3 | 919.2 | 1,684.1 | 1,814.8 | |||
Commercial Vehicle Distribution and Other | 189.0 | 143.3 | 367.0 | 286.9 | |||
Total | $ 7,696.7 | $ 7,468.5 | |||||
Gross Profit: (Amounts in Millions) | |||||||
Retail Automotive | $ 1,075.0 | $ 1,085.9 | $ 2,132.2 | $ 2,148.5 | |||
Retail Commercial Truck | 144.5 | 146.8 | 289.3 | 293.8 | |||
Commercial Vehicle Distribution and Other | 44.6 | 40.3 | 87.8 | 83.0 | |||
Total | $ 1,264.1 | $ 1,273.0 | $ 2,509.3 | $ 2,525.3 | |||
Gross Margin: | |||||||
Retail Automotive | 16.2 % | 17.0 % | 16.3 % | 16.9 % | |||
Retail Commercial Truck | 16.2 % | 16.0 % | 17.2 % | 16.2 % | |||
Commercial Vehicle Distribution and Other | 23.6 % | 28.1 % | 23.9 % | 28.9 % | |||
Total | 16.4 % | 17.0 % | 16.6 % | 17.1 % | |||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Operating Items as a Percentage of Revenue: | |||||||
Gross Profit | 16.4 % | 17.0 % | 16.6 % | 17.1 % | |||
Selling, General and Administrative Expenses | 11.5 % | 11.5 % | 11.7 % | 11.5 % | |||
Operating Income | 4.4 % | 5.1 % | 4.4 % | 5.1 % | |||
Income Before Income Taxes | 4.2 % | 5.4 % | 4.1 % | 5.5 % | |||
Operating Items as a Percentage of Total Gross Profit: | |||||||
Selling, General and Administrative Expenses | 70.2 % | 67.4 % | 70.4 % | 67.4 % | |||
Operating Income | 26.7 % | 29.9 % | 26.5 % | 29.9 % |
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
(Amounts in Millions) | 2024 | 2023 | 2024 | 2023 | |||||||
EBITDA(1) | $ 384.0 | $ 458.6 | $ 737.9 | $ 920.2 | |||||||
Floor Plan Credits | $ 13.0 | $ 11.2 | $ 23.9 | $ 21.1 | |||||||
Rent Expense | $ 65.3 | $ 62.2 | $ 130.6 | $ 123.9 | |||||||
_______________________ | |||||||||||
(1) See the following Non-GAAP reconciliation table. |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||
Retail Automotive Operations | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||
Retail Automotive Units: | |||||||||||||||
New Retail | 50,861 | 49,562 | 2.6 % | 99,528 | 97,224 | 2.4 % | |||||||||
Used Retail | 65,571 | 65,386 | 0.3 % | 134,836 | 133,222 | 1.2 % | |||||||||
Total Retail | 116,432 | 114,948 | 1.3 % | 234,364 | 230,446 | 1.7 % | |||||||||
New Agency | 10,221 | 8,931 | 14.4 % | 19,153 | 15,864 | 20.7 % | |||||||||
Total Retail and Agency | 126,653 | 123,879 | 2.2 % | 253,517 | 246,310 | 2.9 % | |||||||||
Retail Automotive Revenue: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 2,995.8 | $ | 2,820.1 | 6.2 % | $ | 5,798.4 | $ | 5,541.4 | 4.6 % | |||||
Used Vehicles | 2,275.8 | 2,330.3 | (2.3) % | 4,612.0 | 4,627.4 | (0.3) % | |||||||||
Finance and Insurance, Net | 208.7 | 214.1 | (2.5) % | 414.7 | 420.9 | (1.5) % | |||||||||
Service and Parts | 752.8 | 685.2 | 9.9 % | 1,498.9 | 1,368.2 | 9.6 % | |||||||||
Fleet and Wholesale | 382.3 | 356.3 | 7.3 % | 769.4 | 747.9 | 2.9 % | |||||||||
Total Revenue | $ | 6,615.4 | $ | 6,406.0 | 3.3 % | $ | 13,093.4 | $ | 12,705.8 | 3.1 % | |||||
Retail Automotive Gross Profit: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 291.0 | $ | 326.8 | (11.0) % | $ | 563.4 | $ | 640.6 | (12.1) % | |||||
Used Vehicles | 119.5 | 123.3 | (3.1) % | 249.4 | 245.9 | 1.4 % | |||||||||
Finance and Insurance, Net | 208.7 | 214.1 | (2.5) % | 414.7 | 420.9 | (1.5) % | |||||||||
Service and Parts | 439.6 | 406.5 | 8.1 % | 872.0 | 805.4 | 8.3 % | |||||||||
Fleet and Wholesale | 16.2 | 15.2 | 6.6 % | 32.7 | 35.7 | (8.4) % | |||||||||
Total Gross Profit | $ | 1,075.0 | $ | 1,085.9 | (1.0) % | $ | 2,132.2 | $ | 2,148.5 | (0.8) % | |||||
Retail Automotive Revenue Per Vehicle Retailed: | |||||||||||||||
New Vehicles (excluding agency) | $ | 58,437 | $ | 56,557 | 3.3 % | $ | 57,820 | $ | 56,687 | 2.0 % | |||||
Used Vehicles | 34,707 | 35,639 | (2.6) % | 34,204 | 34,735 | (1.5) % | |||||||||
Retail Automotive Gross Profit Per Vehicle Retailed: | |||||||||||||||
New Vehicles (excluding agency) | $ | 5,302 | $ | 6,259 | (15.3) % | $ | 5,267 | $ | 6,287 | (16.2) % | |||||
Used Vehicles | 1,822 | 1,887 | (3.4) % | 1,849 | 1,847 | 0.1 % | |||||||||
Finance and Insurance (excluding agency) | 1,766 | 1,840 | (4.0) % | 1,742 | 1,806 | (3.5) % | |||||||||
Agency | 2,390 | 2,153 | 11.0 % | 2,381 | 2,142 | 11.2 % | |||||||||
Retail Automotive Gross Margin: | |||||||||||||||
New Vehicles | 9.7 % | 11.6 % | (190)bps | 9.7 % | 11.6 % | (190)bps | |||||||||
Used Vehicles | 5.3 % | 5.3 % | —bps | 5.4 % | 5.3 % | +10bps | |||||||||
Service and Parts | 58.4 % | 59.3 % | (90)bps | 58.2 % | 58.9 % | (70)bps | |||||||||
Fleet and Wholesale | 4.2 % | 4.3 % | (10)bps | 4.3 % | 4.8 % | (50)bps | |||||||||
Total Gross Margin | 16.2 % | 17.0 % | (80)bps | 16.3 % | 16.9 % | (60)bps | |||||||||
Retail Automotive Revenue Mix Percentages: | |||||||||||||||
New Vehicles | 45.3 % | 44.0 % | +130bps | 44.3 % | 43.6 % | +70bps | |||||||||
Used Vehicles | 34.4 % | 36.4 % | (200)bps | 35.2 % | 36.4 % | (120)bps | |||||||||
Finance and Insurance, Net | 3.2 % | 3.3 % | (10)bps | 3.2 % | 3.3 % | (10)bps | |||||||||
Service and Parts | 11.4 % | 10.7 % | +70bps | 11.4 % | 10.8 % | +60bps | |||||||||
Fleet and Wholesale | 5.7 % | 5.6 % | +10bps | 5.9 % | 5.9 % | —bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
Retail Automotive Gross Profit Mix Percentages: | |||||||||||||||
New Vehicles | 27.1 % | 30.1 % | (300)bps | 26.4 % | 29.8 % | (340)bps | |||||||||
Used Vehicles | 11.1 % | 11.4 % | (30)bps | 11.7 % | 11.4 % | +30bps | |||||||||
Finance and Insurance, Net | 19.4 % | 19.7 % | (30)bps | 19.4 % | 19.6 % | (20)bps | |||||||||
Service and Parts | 40.9 % | 37.4 % | +350bps | 40.9 % | 37.5 % | +340bps | |||||||||
Fleet and Wholesale | 1.5 % | 1.4 % | +10bps | 1.6 % | 1.7 % | (10)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||
Retail Automotive Operations Same-Store | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||
Retail Automotive Same-Store Units: | |||||||||||||||
New Retail | 48,923 | 49,507 | (1.2) % | 95,730 | 97,073 | (1.4) % | |||||||||
Used Retail | 62,230 | 63,233 | (1.6) % | 127,851 | 128,583 | (0.6) % | |||||||||
Total Retail | 111,153 | 112,740 | (1.4) % | 223,581 | 225,656 | (0.9) % | |||||||||
New Agency | 9,333 | 8,918 | 4.7 % | 17,861 | 15,811 | 13.0 % | |||||||||
Total Retail and Agency | 120,486 | 121,658 | (1.0) % | 241,442 | 241,467 | — % | |||||||||
Retail Automotive Same-Store Revenue: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 2,871.6 | $ | 2,818.7 | 1.9 % | $ | 5,560.3 | $ | 5,537.7 | 0.4 % | |||||
Used Vehicles | 2,156.6 | 2,284.2 | (5.6) % | 4,373.4 | 4,530.0 | (3.5) % | |||||||||
Finance and Insurance, Net | 202.7 | 211.9 | (4.3) % | 403.2 | 416.2 | (3.1) % | |||||||||
Service and Parts | 717.3 | 683.0 | 5.0 % | 1,430.9 | 1,363.3 | 5.0 % | |||||||||
Fleet and Wholesale | 366.9 | 351.3 | 4.4 % | 740.5 | 734.7 | 0.8 % | |||||||||
Total Revenue | $ | 6,315.1 | $ | 6,349.1 | (0.5) % | $ | 12,508.3 | $ | 12,581.9 | (0.6) % | |||||
Retail Automotive Same-Store Gross Profit: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 277.5 | $ | 326.7 | (15.1) % | $ | 538.5 | $ | 640.4 | (15.9) % | |||||
Used Vehicles | 113.6 | 121.8 | (6.7) % | 235.0 | 243.1 | (3.3) % | |||||||||
Finance and Insurance, Net | 202.7 | 211.9 | (4.3) % | 403.2 | 416.2 | (3.1) % | |||||||||
Service and Parts | 422.6 | 405.1 | 4.3 % | 839.9 | 802.1 | 4.7 % | |||||||||
Fleet and Wholesale | 15.6 | 15.2 | 2.6 % | 32.0 | 35.5 | (9.9) % | |||||||||
Total Gross Profit | $ | 1,032.0 | $ | 1,080.7 | (4.5) % | $ | 2,048.6 | $ | 2,137.3 | (4.2) % | |||||
Retail Automotive Same-Store Revenue Per Vehicle Retailed: | |||||||||||||||
New Vehicles (excluding agency) | $ | 58,259 | $ | 56,592 | 2.9 % | $ | 57,651 | $ | 56,737 | 1.6 % | |||||
Used Vehicles | 34,655 | 36,123 | (4.1) % | 34,207 | 35,230 | (2.9) % | |||||||||
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: | |||||||||||||||
New Vehicles (excluding agency) | $ | 5,283 | $ | 6,265 | (15.7) % | $ | 5,240 | $ | 6,295 | (16.8) % | |||||
Used Vehicles | 1,825 | 1,926 | (5.2) % | 1,838 | 1,891 | (2.8) % | |||||||||
Finance and Insurance (excluding agency) | 1,810 | 1,870 | (3.2) % | 1,794 | 1,840 | (2.5) % | |||||||||
Agency | 2,198 | 1,975 | 11.3 % | 2,187 | 1,921 | 13.8 % | |||||||||
Retail Automotive Same-Store Gross Margin: | |||||||||||||||
New Vehicles | 9.7 % | 11.6 % | (190)bps | 9.7 % | 11.6 % | (190)bps | |||||||||
Used Vehicles | 5.3 % | 5.3 % | —bps | 5.4 % | 5.4 % | —bps | |||||||||
Service and Parts | 58.9 % | 59.3 % | (40)bps | 58.7 % | 58.8 % | (10)bps | |||||||||
Fleet and Wholesale | 4.3 % | 4.3 % | —bps | 4.3 % | 4.8 % | (50)bps | |||||||||
Total Gross Margin | 16.3 % | 17.0 % | (70)bps | 16.4 % | 17.0 % | (60)bps | |||||||||
Retail Automotive Same-Store Revenue Mix Percentages: | |||||||||||||||
New Vehicles | 45.5 % | 44.4 % | +110bps | 44.5 % | 44.0 % | +50bps | |||||||||
Used Vehicles | 34.1 % | 36.0 % | (190)bps | 35.0 % | 36.0 % | (100)bps | |||||||||
Finance and Insurance, Net | 3.2 % | 3.3 % | (10)bps | 3.2 % | 3.3 % | (10)bps | |||||||||
Service and Parts | 11.4 % | 10.8 % | +60bps | 11.4 % | 10.8 % | +60bps | |||||||||
Fleet and Wholesale | 5.8 % | 5.5 % | +30bps | 5.9 % | 5.9 % | —bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
Retail Automotive Same-Store Gross Profit Mix Percentages: | |||||||||||||||
New Vehicles | 26.9 % | 30.2 % | (330)bps | 26.3 % | 30.0 % | (370)bps | |||||||||
Used Vehicles | 11.0 % | 11.3 % | (30)bps | 11.5 % | 11.4 % | +10bps | |||||||||
Finance and Insurance, Net | 19.6 % | 19.6 % | —bps | 19.7 % | 19.5 % | +20bps | |||||||||
Service and Parts | 40.9 % | 37.5 % | +340bps | 41.0 % | 37.5 % | +350bps | |||||||||
Fleet and Wholesale | 1.6 % | 1.4 % | +20bps | 1.5 % | 1.6 % | (10)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||
Retail Commercial Truck Operations | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||
Retail Commercial Truck Units: | |||||||||||||||
New Retail | 4,483 | 4,539 | (1.2) % | 7,974 | 9,056 | (11.9) % | |||||||||
Used Retail | 765 | 704 | 8.7 % | 1,814 | 1,359 | 33.5 % | |||||||||
Total | 5,248 | 5,243 | 0.1 % | 9,788 | 10,415 | (6.0) % | |||||||||
Retail Commercial Truck Revenue: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 615.4 | $ | 616.4 | (0.2) % | $ | 1,109.6 | $ | 1,216.6 | (8.8) % | |||||
Used Vehicles | 48.7 | 52.4 | (7.1) % | 111.1 | 101.9 | 9.0 % | |||||||||
Finance and Insurance, Net | 4.2 | 5.0 | (16.0) % | 9.5 | 10.0 | (5.0) % | |||||||||
Service and Parts | 219.2 | 232.1 | (5.6) % | 442.8 | 460.1 | (3.8) % | |||||||||
Wholesale and Other | 4.8 | 13.3 | (63.9) % | 11.1 | 26.2 | (57.6) % | |||||||||
Total Revenue | $ | 892.3 | $ | 919.2 | (2.9) % | $ | 1,684.1 | $ | 1,814.8 | (7.2) % | |||||
Retail Commercial Truck Gross Profit: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 39.3 | $ | 37.5 | 4.8 % | $ | 73.9 | $ | 70.0 | 5.6 % | |||||
Used Vehicles | 3.4 | 4.0 | (15.0) % | 6.7 | 9.4 | (28.7) % | |||||||||
Finance and Insurance, Net | 4.2 | 5.0 | (16.0) % | 9.5 | 10.0 | (5.0) % | |||||||||
Service and Parts | 94.1 | 95.4 | (1.4) % | 192.2 | 193.7 | (0.8) % | |||||||||
Wholesale and Other | 3.5 | 4.9 | (28.6) % | 7.0 | 10.7 | (34.6) % | |||||||||
Total Gross Profit | $ | 144.5 | $ | 146.8 | (1.6) % | $ | 289.3 | $ | 293.8 | (1.5) % | |||||
Retail Commercial Truck Revenue Per Vehicle Retailed: | |||||||||||||||
New Vehicles | $ | 137,269 | $ | 135,798 | 1.1 % | $ | 139,150 | $ | 134,345 | 3.6 % | |||||
Used Vehicles | 63,665 | 74,421 | (14.5) % | 61,266 | 75,009 | (18.3) % | |||||||||
Retail Commercial Truck Gross Profit Per Vehicle Retailed: | |||||||||||||||
New Vehicles | $ | 8,765 | $ | 8,254 | 6.2 % | $ | 9,266 | $ | 7,723 | 20.0 % | |||||
Used Vehicles | 4,502 | 5,722 | (21.3) % | 3,742 | 6,914 | (45.9) % | |||||||||
Finance and Insurance | 798 | 960 | (16.9) % | 969 | 961 | 0.8 % | |||||||||
Retail Commercial Truck Gross Margin: | |||||||||||||||
New Vehicles | 6.4 % | 6.1 % | +30bps | 6.7 % | 5.8 % | +90bps | |||||||||
Used Vehicles | 7.0 % | 7.6 % | (60)bps | 6.0 % | 9.2 % | (320)bps | |||||||||
Service and Parts | 42.9 % | 41.1 % | +180bps | 43.4 % | 42.1 % | +130bps | |||||||||
Wholesale and Other | 72.9 % | 36.8 % | +3,610bps | 63.1 % | 40.8 % | +2,230bps | |||||||||
Total Gross Margin | 16.2 % | 16.0 % | +20bps | 17.2 % | 16.2 % | +100bps | |||||||||
Retail Commercial Truck Revenue Mix Percentages: | |||||||||||||||
New Vehicles | 69.0 % | 67.1 % | +190bps | 65.9 % | 67.0 % | (110)bps | |||||||||
Used Vehicles | 5.5 % | 5.7 % | (20)bps | 6.6 % | 5.6 % | +100bps | |||||||||
Finance and Insurance, Net | 0.5 % | 0.5 % | —bps | 0.6 % | 0.6 % | —bps | |||||||||
Service and Parts | 24.6 % | 25.3 % | (70)bps | 26.3 % | 25.4 % | +90bps | |||||||||
Wholesale and Other | 0.4 % | 1.4 % | (100)bps | 0.6 % | 1.4 % | (80)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
Retail Commercial Truck Gross Profit Mix Percentages: | |||||||||||||||
New Vehicles | 27.2 % | 25.5 % | +170bps | 25.5 % | 23.8 % | +170bps | |||||||||
Used Vehicles | 2.4 % | 2.7 % | (30)bps | 2.3 % | 3.2 % | (90)bps | |||||||||
Finance and Insurance, Net | 2.9 % | 3.4 % | (50)bps | 3.3 % | 3.4 % | (10)bps | |||||||||
Service and Parts | 65.1 % | 65.0 % | +10bps | 66.4 % | 65.9 % | +50bps | |||||||||
Wholesale and Other | 2.4 % | 3.4 % | (100)bps | 2.5 % | 3.7 % | (120)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||
Retail Commercial Truck Operations Same-Store | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||
Retail Commercial Truck Same-Store Units: | |||||||||||||||
New Retail | 4,275 | 4,510 | (5.2) % | 7,637 | 9,027 | (15.4) % | |||||||||
Used Retail | 739 | 701 | 5.4 % | 1,763 | 1,356 | 30.0 % | |||||||||
Total | 5,014 | 5,211 | (3.8) % | 9,400 | 10,383 | (9.5) % | |||||||||
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 585.1 | $ | 611.7 | (4.3) % | $ | 1,059.4 | $ | 1,212.0 | (12.6) % | |||||
Used Vehicles | 46.9 | 52.2 | (10.2) % | 108.0 | 101.8 | 6.1 % | |||||||||
Finance and Insurance, Net | 3.9 | 5.0 | (22.0) % | 8.9 | 10.0 | (11.0) % | |||||||||
Service and Parts | 207.6 | 229.3 | (9.5) % | 420.8 | 457.2 | (8.0) % | |||||||||
Wholesale and Other | 4.3 | 13.3 | (67.7) % | 10.4 | 26.0 | (60.0) % | |||||||||
Total Revenue | $ | 847.8 | $ | 911.5 | (7.0) % | $ | 1,607.5 | $ | 1,807.0 | (11.0) % | |||||
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) | |||||||||||||||
New Vehicles | $ | 37.1 | $ | 37.0 | 0.3 % | $ | 69.6 | $ | 69.5 | 0.1 % | |||||
Used Vehicles | 3.8 | 4.0 | (5.0) % | 7.8 | 9.4 | (17.0) % | |||||||||
Finance and Insurance, Net | 3.9 | 5.0 | (22.0) % | 8.9 | 10.0 | (11.0) % | |||||||||
Service and Parts | 89.5 | 94.3 | (5.1) % | 183.4 | 192.5 | (4.7) % | |||||||||
Wholesale and Other | 3.3 | 4.7 | (29.8) % | 6.2 | 10.4 | (40.4) % | |||||||||
Total Gross Profit | $ | 137.6 | $ | 145.0 | (5.1) % | $ | 275.9 | $ | 291.8 | (5.4) % | |||||
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: | |||||||||||||||
New Vehicles | $ | 136,857 | $ | 135,637 | 0.9 % | $ | 138,722 | $ | 134,259 | 3.3 % | |||||
Used Vehicles | 63,431 | 74,485 | (14.8) % | 61,255 | 75,043 | (18.4) % | |||||||||
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: | |||||||||||||||
New Vehicles | $ | 8,684 | $ | 8,211 | 5.8 % | $ | 9,110 | $ | 7,700 | 18.3 % | |||||
Used Vehicles | 5,140 | 5,733 | (10.3) % | 4,410 | 6,922 | (36.3) % | |||||||||
Finance and Insurance | 784 | 958 | (18.2) % | 947 | 960 | (1.4) % | |||||||||
Retail Commercial Truck Same-Store Gross Margin: | |||||||||||||||
New Vehicles | 6.3 % | 6.0 % | +30bps | 6.6 % | 5.7 % | +90bps | |||||||||
Used Vehicles | 8.1 % | 7.7 % | +40bps | 7.2 % | 9.2 % | (200)bps | |||||||||
Service and Parts | 43.1 % | 41.1 % | +200bps | 43.6 % | 42.1 % | +150bps | |||||||||
Wholesale and Other | 76.7 % | 35.3 % | +4,140bps | 59.6 % | 40.0 % | +1,960bps | |||||||||
Total Gross Margin | 16.2 % | 15.9 % | +30bps | 17.2 % | 16.1 % | +110bps | |||||||||
Retail Commercial Truck Same-Store Revenue Mix Percentages: | |||||||||||||||
New Vehicles | 69.0 % | 67.1 % | +190bps | 65.9 % | 67.1 % | (120)bps | |||||||||
Used Vehicles | 5.5 % | 5.7 % | (20)bps | 6.7 % | 5.6 % | +110bps | |||||||||
Finance and Insurance, Net | 0.5 % | 0.5 % | —bps | 0.6 % | 0.6 % | —bps | |||||||||
Service and Parts | 24.5 % | 25.2 % | (70)bps | 26.2 % | 25.3 % | +90bps | |||||||||
Wholesale and Other | 0.5 % | 1.5 % | (100)bps | 0.6 % | 1.4 % | (80)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % | |||||||||||
Retail Commercial Truck Same-Store Gross Profit Mix Percentages: | |||||||||||||||
New Vehicles | 27.0 % | 25.5 % | +150bps | 25.2 % | 23.8 % | +140bps | |||||||||
Used Vehicles | 2.8 % | 2.8 % | —bps | 2.8 % | 3.2 % | (40)bps | |||||||||
Finance and Insurance, Net | 2.8 % | 3.4 % | (60)bps | 3.2 % | 3.4 % | (20)bps | |||||||||
Service and Parts | 65.0 % | 65.0 % | —bps | 66.5 % | 66.0 % | +50bps | |||||||||
Wholesale and Other | 2.4 % | 3.3 % | (90)bps | 2.3 % | 3.6 % | (130)bps | |||||||||
Total | 100.0 % | 100.0 % | 100.0 % | 100.0 % |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||
Supplemental Data | |||||||
(Unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Retail Automotive Revenue Mix: | |||||||
Premium: | |||||||
BMW / MINI | 26 % | 25 % | 26 % | 25 % | |||
Audi | 10 % | 11 % | 10 % | 11 % | |||
Mercedes-Benz | 9 % | 9 % | 9 % | 9 % | |||
Land Rover / Jaguar | 8 % | 7 % | 8 % | 8 % | |||
Porsche | 9 % | 8 % | 8 % | 8 % | |||
Ferrari / Maserati | 3 % | 3 % | 3 % | 3 % | |||
Lexus | 3 % | 3 % | 3 % | 3 % | |||
Acura | 1 % | 1 % | 1 % | 1 % | |||
1 % | 1 % | 1 % | 1 % | ||||
Others | 2 % | 3 % | 3 % | 2 % | |||
Total Premium | 72 % | 71 % | 72 % | 71 % | |||
Volume Non- | |||||||
Toyota | 11 % | 10 % | 11 % | 10 % | |||
Honda | 6 % | 6 % | 5 % | 6 % | |||
Volkswagen | 2 % | 2 % | 2 % | 2 % | |||
Hyundai | 1 % | 1 % | 1 % | 1 % | |||
Others | 1 % | 2 % | 2 % | 1 % | |||
Total Volume Non- | 21 % | 21 % | 21 % | 20 % | |||
General Motors / Stellantis / Ford | 1 % | 1 % | 1 % | 1 % | |||
Used Vehicle Centers | 6 % | 7 % | 6 % | 8 % | |||
Total | 100 % | 100 % | 100 % | 100 % |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
Capital Expenditures / Stock Repurchases: | 2024 | 2023 | 2024 | 2023 | |||||||||||
(Amounts in Millions) | |||||||||||||||
Capital expenditures | $ | 99.2 | $ | 83.1 | $ | 201.7 | $ | 185.5 | |||||||
Cash paid for acquisitions, net of cash acquired | $ | 197.2 | $ | 80.5 | $ | 440.8 | $ | 80.5 | |||||||
Stock repurchases: | |||||||||||||||
Aggregate purchase price | $ | 43.5 | $ | 240.2 | $ | 76.4 | $ | 350.4 | |||||||
Shares repurchased | 0.3 | 1.7 | 0.5 | 2.6 |
Balance Sheet and Other Highlights: | June 30, 2024 | December 31, 2023 | |||
(Amounts in Millions) | |||||
Cash and Cash Equivalents | $ | 115.1 | $ | 96.4 | |
Inventories | $ | 4,705.9 | $ | 4,293.1 | |
Total Floor Plan Notes Payable | $ | 4,140.9 | $ | 3,771.5 | |
Total Long-Term Debt | $ | 1,766.3 | $ | 1,629.2 | |
Equity | $ | 4,986.3 | $ | 4,755.6 | |
Debt to Total Capitalization Ratio | 26.2 % | 25.5 % | |||
Leverage Ratio (1) | 1.2x | 1.0x | |||
New vehicle days' supply | 52 days | 39 days | |||
Used vehicle days' supply | 40 days | 48 days | |||
__________________________ | |||||
(1) See the following Non-GAAP reconciliation table |
PENSKE AUTOMOTIVE GROUP, INC. | ||||||||||
Consolidated Non-GAAP Reconciliations | ||||||||||
(Unaudited) | ||||||||||
The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization | ||||||||||
Three Months Ended | ||||||||||
June 30, | 2024 vs. 2023 | |||||||||
(Amounts in Millions) | 2024 | 2023 | Change | % Change | ||||||
Net Income | $ | 242.9 | $ | 302.6 | $ | (59.7) | (19.7) % | |||
Add: Depreciation | 38.6 | 34.1 | 4.5 | 13.2 % | ||||||
Other Interest Expense | 19.9 | 24.2 | (4.3) | (17.8) % | ||||||
Income Taxes | 82.6 | 97.7 | (15.1) | (15.5) % | ||||||
EBITDA | $ | 384.0 | $ | 458.6 | $ | (74.6) | (16.3) % | |||
Six Months Ended | ||||||||||
June 30, | 2024 vs. 2023 | |||||||||
(Amounts in Millions) | 2024 | 2023 | Change | % Change | ||||||
Net Income | $ | 459.1 | $ | 602.2 | $ | (143.1) | (23.8) % | |||
Add: Depreciation | 76.4 | 68.0 | 8.4 | 12.4 % | ||||||
Other Interest Expense | 41.2 | 45.0 | (3.8) | (8.4) % | ||||||
Income Taxes | 161.2 | 205.0 | (43.8) | (21.4) % | ||||||
EBITDA | $ | 737.9 | $ | 920.2 | $ | (182.3) | (19.8) % |
The following table reconciles the leverage ratio as of June 30, 2024, and December 31, 2023: | |||||||||||
Six | Six | Trailing Twelve | Twelve | ||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||
(Amounts in Millions) | December 31, 2023 | June 30, 2024 | June 30, 2024 | December 31, 2023 | |||||||
Net Income | $ 456.4 | $ 459.1 | $ 915.5 | $ 1,058.6 | |||||||
Add: Depreciation | 73.0 | 76.4 | 149.4 | 141.0 | |||||||
Other Interest Expense | 47.6 | 41.2 | 88.8 | 92.6 | |||||||
Income Taxes | 155.9 | 161.2 | 317.1 | 360.9 | |||||||
EBITDA | $ 732.9 | $ 737.9 | $ 1,470.8 | $ 1,653.1 | |||||||
Add: Impairment Charges (1) | 40.7 | — | 40.7 | 40.7 | |||||||
Adjusted EBITDA | $ 773.6 | $ 737.9 | $ 1,511.5 | $ 1,693.8 | |||||||
Total Non-Vehicle Long-Term Debt | $ 1,766.3 | $ 1,629.2 | |||||||||
Leverage Ratio | 1.2x | 1.0x | |||||||||
__________________________ | |||||||||||
(1) Impairment charges relate to our Used Vehicle Dealerships International reporting unit |
View original content to download multimedia:https://www.prnewswire.com/news-releases/penske-automotive-group-reports-quarterly-results-302210771.html
SOURCE Penske Automotive Group, Inc.
FAQ
What was Penske Automotive Group's (PAG) revenue in Q2 2024?
How did PAG's earnings per share (EPS) change in Q2 2024 compared to Q2 2023?
What was the performance of PAG's retail automotive service and parts revenue in Q2 2024?
How did PAG's retail automotive same-store revenue perform in Q2 2024?