Penske Automotive Q2 earnings rise 295
Penske Automotive Group Inc. reported second quarter net earnings grew 29.5 percent driven mainly by a high quantity of car revenue and a strong performance in all-business sections.
The country's second-biggest car dealer group said today it posted net revenue of $95.7 million throughout the quarter, vs. $73.9 million during the same quarter last year. Sales rose 12% to $4.90 billion during the quarter.
Penske Automotive stated it was aided by stronger efficiency in every area of the company: new vehicles, used autos, parts and service and finance and insurance.
"We just finished the greatest quarter and six-month span in the annals of our business," mentioned Chairman Roger Penske in a media statement. "The operation of our business proceeds to exhibit the versatility and resiliency of the firm's brand mixture and business plan."
Second quarter operating earnings increased 17% to $159.1 million.
The United States constituted 62 percent of Penske's earnings, its company in the UK made up 3 4% and "other" procedures provided 4 percent.
Penske Automotive's retail sales volume increased into a total of 108,577 models offered, up from 100,765 as the business retailed 58,758 new automobiles and 49,519 utilized autos.
But on a same-store basis, gross margins per-vehicle on both new and employed decreased somewhat. Gross profit per new-vehicle sold dropped to $2,992 from $3,125 and employed fell to $1,780 from $1,978.
On a same-store basis, retail sales rose 5.6% to $4.49 billion. Penske's re-Tail revenue on new components increased to 58,191 from 55,063 models. For the quarter, U.S. business light sales rose 3.3 percent.
Penske ranks No. 2 on the Automotive News list of the best 150 car dealer groups in in America, with retail revenue of 216,462 new automobiles in 2014.
It's possible for you to reach Jamie LaReau at [email protected] -- Follow Jamie on
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Penske Automotive Group
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