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Penske Automotive Group reports excellent quarter

Staff writer ▼ | October 30, 2014
Penske Automotive Group announced today the highest third quarter and nine-months income from continuing operations and earnings per share in the history of the company.
Penske Automotive Group
Autos   The highest third quarter
For the third quarter of 2014, when compared to the same period last year, income from continuing operations attributable to common shareholders increased 15.6% to $76.4 million and related earnings per share increased 16.4% to $0.85 per share.

Total revenue increased 17.5% to $4.4 billion. The revenue increase was driven by a 10.2% increase in total retail unit sales, including a 5.3% increase on a same-store basis. Gross profit improved 15.3% to $658.7 million while operating income increased 17.1% to $128.0 million.

Commenting on the company's record results, Penske Automotive Group Chairman Roger S. Penske said, "Our business delivered another strong quarter, including an 11.2% increase in same-store retail revenue. Our results in the quarter were highlighted by another outstanding performance from our U.K. operations as our international diversification continues to complement our U.S. operations."