- Posted May 01, 2013
- Tweet This | Share on Facebook
Penske first quarter net income rises 23 percent
BLOOMFIELD HILLS (AP) -- Penske Automotive Group Inc. said Monday that its first-quarter net income rose 23 percent, helped by higher U.S. demand for vehicles.
The Bloomfield Hills, Mich.-based auto retailer posted net income attributable to common shareholders of $57.7 million, or 64 cents per share, up from $46.8 million, or 52 cents per share, in the same quarter of 2012.
Excluding discontinued operations, the company earned 63 cents per share for the recent quarter.
Revenue rose 7.7 percent to $3.4 billion from $3.16 billion.
Analysts, on average, expected earnings of 62 cents per share on $3.48 billion in revenue, according to FactSet.
The company said its revenue at dealerships open at least a year increased 7.4 percent. The metric is a key measure of a retailer's health, because it excludes revenue at dealerships that recently opened or closed.
Total retail unit sales increased 9.9 percent, or 6.8 percent on a same-store basis, the company said.
U.S. sales increased 12.7 percent, while international sales rose 4.5 percent. Retail sales of new vehicles rose 9.7 percent, while sales of used vehicles increased 10.2 percent.
Published: Wed, May 1, 2013
headlines Oakland County
- Annual Dinner & Meeting
- FORCE Team arrests six in prolific auto theft ring
- Michigan allocates $12 million to support community-based organizations in advancing environmental and climate justice
- Oakland County and SMART launch pilot program providing free transit for veterans and dependents
- Supreme Court sides with the Consumer Financial Protection Bureau
headlines National
- More lawyers—and clients—want to learn about sustainable development practices
- Top artificial intelligence insurance tips for lawyers
- Lawyer charged with illegally transmitting Michigan data after 2020 election
- Viral video shows former Rikers Island inmate as she learns she passed bar exam on first try
- How Sullivan & Cromwell is scrutinizing potential new hires after campus protests
- No separate hearing required when police seize cars loaned to drivers accused of drug crimes, SCOTUS rules