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PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS

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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.

Positive
  • 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
Negative
  • 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 $7.7 billion, a 3% increase year-over-year, net income and earnings per share declined compared to Q2 2023. However, there are some positive trends to note:

  • 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
  • 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 10% increase in service and parts revenue is particularly noteworthy, as it's a high-margin segment that can provide stability during fluctuations in vehicle sales.

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 a 2% 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 ($73 increase) is a positive sign, possibly indicating easing supply constraints or improved pricing power. However, the year-over-year decline in gross profits across most segments suggests ongoing margin pressures.

Penske's acquisition strategy, adding an estimated $2 billion in annualized revenue through recent deals, demonstrates confidence in the long-term prospects of the automotive retail and commercial truck markets. This expansion could help offset potential weakness in organic growth.

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 3% to $7.7 Billion, a Quarterly Record

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 and Earnings Per Share of 10% and 12%, Respectively, from First Quarter of 2024

BLOOMFIELD HILLS, Mich., July 31, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced quarterly results for the second quarter of 2024. For the quarter, revenue increased 3% from the second quarter of 2023 to $7.7 billion. Net income attributable to common stockholders was $241.2 million compared to $300.8 million in the prior year period, and related earnings per share was $3.61 compared to $4.41 for the same period in 2023. Foreign currency exchange negatively impacted revenue by $0.8 million, net income attributable to common stockholders by $0.4 million, and had no impact on earnings per share.

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
  • Retail Automotive Same-Store Revenue – decreased 1%
    • New Vehicle +2%; Used Vehicle -6%; Finance & Insurance -4%; Service & Parts +5%
  • Retail Automotive Same-Store Gross Profit – decreased 5%
    • New Vehicle -15%; Used Vehicle -7%; Finance & Insurance -4%; Service & Parts +4%
  • New and Used Retail Commercial Truck Units – flat
    • New Vehicle -1%; Used Vehicle +9%
  • Retail Commercial Truck Same-Store Revenue – decreased 7%
    • New Vehicle -4%; Used Vehicle -10%; Finance & Insurance -22%; Service & Parts -9%
  • Retail Commercial Truck Same-Store Gross Profit – decreased 5%
    • New Vehicle flat; Used Vehicle -5%; Finance & Insurance -22%; Service & Parts -5%

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 $7.7 billion, which included a 10% increase in quarterly retail automotive service and parts revenue to $753 million, which is also a quarterly record. In addition, on a sequential basis, retail automotive gross profit per new vehicle retailed improved by $73 and equity earnings from the Company's investment in Penske Transportation Solutions increased 63%. As a result, when compared to the first quarter of 2024, earnings before taxes increased 10% and earnings per share increased 12%.

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 $7.7 billion. In addition, our focus on efficiency and controlling costs drove a sequential decline in selling, general, and administrative expenses as a percentage of gross profit by 50 basis points to 70.2%."

For the six months ended June 30, 2024, revenue increased 2% to $15.1 billion. Net income attributable to common stockholders was $456.4 million compared to $599.1 million in the prior year period, and related earnings per share was $6.81 compared to $8.72 for the same period in 2023. Foreign currency exchange positively impacted revenue by $97.3 million, net income attributable to common stockholders by $1.0 million, and earnings per share by $0.01.

Retail Automotive Dealerships

For the three months ended June 30, 2024, total new and used units delivered increased 2% to 126,653, and total retail automotive revenue increased 3% to $6.6 billion. Same-store new and used units delivered decreased 1% to 120,486, and same-store revenue decreased 1%. Same-store service and parts revenue and gross profit increased 5% and 4%, respectively. Total retail automotive gross profit decreased 1% to $1.1 billion, including a 5% decrease on a same-store basis.

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 $892.3 million compared to $919.2 million in the same period last year. Earnings before taxes was $51.7 million compared to $55.5 million in the same period in 2023. For the six months ended June 30, 2024, revenue was $1.7 billion compared to $1.8 billion in the same period last year. Earnings before taxes was $102.2 million compared to $112.6 million in the same period in 2023.

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 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and six months ended June 30, 2024, the Company recorded $52.9 million and $85.4 million in earnings compared to $73.3 million and $154.1 million for the same periods in 2023. Equity earnings increased by 63% sequentially as full-service leasing continued to perform well and rental utilization improved when compared to the three months ended March 31, 2024.

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 $58.1 million under our securities repurchase program and also acquired 0.1 million shares of our common stock for $18.3 million from employees in connection with a net share settlement feature of employee equity awards. As of June 30, 2024, $157.4 million remained available under the Company's existing repurchase authority. Additionally, the Board of Directors approved a quarterly dividend of $1.07 per share representing an 11%, or $0.11 per share, increase and represents the third increase to the Company's dividend in 2024 and the 15th consecutive quarterly increase. The dividend is payable September 4, 2024, to shareholders of record as of August 15, 2024. Including this dividend distribution and the Company's securities repurchases, the Company will have returned approximately $271 million to shareholders in 2024.

During June 2024, we acquired three full-service Freightliner and Western Star dealerships and two independent repair facilities operating in Minnesota and Wisconsin from River States Truck and Trailer, representing $200 million in estimated annualized revenue. In July 2024, we announced the acquisition of Bill Brown Ford, representing $550 million in estimated annualized revenue. Year-to-date 2024, Penske Automotive Group has completed acquisitions representing nearly $2 billion in estimated annualized revenue.

As of June 30, 2024, the Company had approximately $1.7 billion in liquidity, including $115 million in cash and $1.6 billion of availability under its U.S. and international credit agreements. The Company's leverage ratio at June 30, 2024 was 1.2x.

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 Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,850 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 44,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 446,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, including the Company's 2023 Corporate Responsibility Report highlighting its corporate responsibility strategies, activities, and certain metrics, visit the Company's website at www.penskeautomotive.com.

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 Ukraine, challenges in sourcing labor, or labor strikes or work stoppages, or other disruptions; 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 our third party providers, which systems are increasing 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; 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 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, 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 or emissions standards, 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 period ended March 31, 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

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 %


$ 15,144.5


$ 14,807.5


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:








North America

59.8 %


59.7 %


58.2 %


59.0 %

U.K.

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


$ 13,093.4


$ 12,705.8

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


$ 15,144.5


$ 14,807.5









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 %

Bentley

1 %


1 %


1 %


1 %

Others

2 %


3 %


3 %


2 %

Total Premium

72 %


71 %


72 %


71 %

Volume Non-U.S.:








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-U.S.

21 %


21 %


21 %


20 %

U.S.:








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
("EBITDA") for the three and six months ended June 30, 2024 and 2023:



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

 

Penske Automotive Group logo. (PRNewsFoto/Penske Automotive Group)

 

Cision 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?

Penske Automotive Group (PAG) reported record quarterly revenue of $7.7 billion in Q2 2024, representing a 3% increase from the same period in 2023.

How did PAG's earnings per share (EPS) change in Q2 2024 compared to Q2 2023?

PAG's earnings per share (EPS) decreased to $3.61 in Q2 2024 from $4.41 in Q2 2023. However, there was a sequential improvement of 12% in EPS compared to Q1 2024.

What was the performance of PAG's retail automotive service and parts revenue in Q2 2024?

PAG reported record retail automotive service and parts revenue of $753 million in Q2 2024, representing a 10% increase compared to the same period in the previous year.

How did PAG's retail automotive same-store revenue perform in Q2 2024?

PAG's retail automotive same-store revenue decreased by 1% in Q2 2024 compared to the same period in 2023.

What changes did PAG make to its dividend in Q2 2024?

PAG increased its quarterly dividend by 11% to $1.07 per share, payable on September 4, 2024, to shareholders of record as of August 15, 2024. This marks the third increase in 2024 and the 15th consecutive quarterly increase.

Penske Automotive Group, Inc.

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