Penske Automotive releases record results for 3rd quarter

Total revenue increased 2.4 percent to $5.7 billion, while same-store retail revenue increased by 0.2 percent.
Total revenue increased 2.4 percent to $5.7 billion, while same-store retail revenue increased by 0.2 percent. | File photo

International transportation services company Penske Automotive Group Inc. has posted record third quarter and nine months results for 2018.

The 2018 third-quarter income from continuing operations increased 38 percent to $130.1 million, and related earnings per share increased 39.1 percent to $1.53 compared to last year. Total revenue increased 2.4 percent to $5.7 billion, while same-store retail revenue increased by 0.2 percent. 

Income and earnings per share from continuing operations attributable to common shareholders included a tax benefit of $11.6 million, or $0.14 per share, for the three and nine months ended Sept. 30.

"I am particularly pleased to report another quarter of record revenues, income from continuing operations and earnings per share, which continue to demonstrate the benefit of our diversification," Chairman Roger S. Penske said. "The strength of our performance in the third quarter was driven by increases in new vehicle, used vehicle and finance & insurance gross profit per retail unit sold, coupled with a 70 basis-point increase in service and parts gross margin."

The full Third Quarter 2018 Results can be accessed here

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Penske Automotive Group 2555 Telegraph Road Bloomfield Township, MI 48302