2014

Penske Automotive Reports Second Quarter and First-Half Results Record Second Quarter Income from Continuing Operations and Earnings per Share

Operating Margin Increases 40 Basis Points

Earnings per Share from Continuing Operations Rises 26.8% to $0.71

BLOOMFIELD HILLS, Mich., July 31, 2013 /PRNewswire/ --



Second Quarter 2013

Six Months 2013

  • Revenue Increases 11.6% to $3.7 Billion
         
  • Same-store Retail Revenue Increases 11.5 % 
                    
  • Income from Continuing Operations Increases 27.4% to $64.0 Million 
                    
  • EPS from Continuing Operations Increases 26.8% to $0.71 per share
                 
  • EBITDA Increases 23.4% to $126.7 Million
  • Revenue Increases 9.6% to $7.1 Billion
              
  • Same-store Retail Revenue Increases 9.4% 
               
  • Income from Continuing Operations Increases 20.8% to $120.9 Million 
                   
  • EPS from Continuing Operations Increases 20.7% to $1.34 per share
                 
  • EBITDA Increases 16.6% to $238.5 Million

Penske Automotive Group, Inc. (NYSE: PAG), an international automotive retailer, announced today record second quarter income from continuing operations and related earnings per share.   For the second quarter 2013, income from continuing operations attributable to common shareholders increased 27.4% to $64.0 million and related earnings per share increased 26.8% to $0.71 per share. This compares to income from continuing operations attributable to common shareholders of $50.2 million, or $0.56 per share in the same period last year. 

(Logo:  http://photos.prnewswire.com/prnh/20130530/MM23675LOGO)

Total revenue increased 11.6% to $3.7 billion, including a same-store retail revenue increase of 11.5%. The revenue increase was driven by a 14.1% increase in total retail unit sales, including a 12.3% increase on a same-store basis. Gross profit improved 12.7% to $569.0 million while operating income increased 24.9% to $113.7 million.   

"Our business produced an outstanding quarter," said Chairman Roger Penske.  "We delivered solid growth across each area of our business, increased our service and parts margin by 160 basis points, leveraged selling, general and administrative expenses by 190 basis points and improved our operating income by 40 basis points to 3.1%.  We continue to expect the U.S. and U.K. automotive markets to perform well, and we remain confident in our ability to continue growing our business." 

Highlights of the Second Quarter

  • Total Retail Unit Sales increased 14.1% to 93,639
    • +14.3% in the United States; +13.9% Internationally
    • New unit retail sales +11.6%
    • Used unit retail sales +17.4%
                 
  • Same-store Retail Revenue increased 11.5%
    • New +11.4%; Used +13.2%; Finance & Insurance +16.4%; Service and Parts +6.6%
    • +13.2% in the United States; +8.5% Internationally
               
  • Average Transaction Price Per Unit
    • New $37,617; +1.1%
    • Used $25,567; -1.6%
                   
  • Average Gross Profit Per Unit
    • New $2,807, -$181/unit;  Gross Margin 7.5%, -50 basis points
    • Used $1,928, -$84/unit; Gross Margin 7.5%, -20 basis points
    • Finance & Insurance $1,024, +$33/unit

For the six months ended June 30, 2013, total revenue increased 9.6% to $7.1 billion and income from continuing operations attributable to common shareholders increased 20.8% to $120.9 million and related earnings per share increased 20.7% to $1.34 per share. This compares to income from continuing operations attributable to common shareholders of $100.0 million, and earnings per share of $1.11 per share in the same period last year.

Acquisitions

As previously announced, the company has signed an agreement to acquire a distributor of commercial vehicles, related spare parts and aftermarket support across Australia and New Zealand and portions of Southeast Asia from Transpacific Industries Group Limited.  The business to be acquired, Western Star Trucks Australia, primarily distributes heavy and medium-duty trucks for Western Star, MAN Truck and Bus and Dennis Eagle Refuse Collection through a network of over 80 independent dealers while serving customers across a number of industries, including logistics, construction, mining, manufacturing, agricultural and waste/refuse collection.  Closing of the transaction is expected to occur in the third quarter 2013.  The transaction is subject to specified closing conditions, including OEM approval.  Including vehicle inventory, parts, assets and goodwill, the company expects the total purchase price to be approximately $200 million which will be financed using available cash flow from operations and availability under the company's credit and floorplan facilities. 

The business to be acquired has a seasoned local management team which is expected to provide a seamless transition.  Upon closing, the transaction is expected to generate approximately $420-460 million in estimated annual U.S. dollar-related revenues for Penske Automotive Group and is expected to be $0.10 to $0.14 accretive per fully diluted share on an annualized basis, excluding acquisition-related costs.  Penske Automotive expects to incur $0.02 per share in acquisition-related costs in its third-quarter 2013.

Additionally, the company has been awarded new open points for a Toyota-Scion dealership in the Phoenix, Arizona, metropolitan market, a Hyundai dealership in the Austin, Texas, market, and a Bentley dealership in the Central New Jersey market.

Conference Call

Penske Automotive will host a conference call discussing financial results relating to the second quarter of 2013 on July 31, 2013, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 762-4758 [International, please dial (480) 629-9035]. The call will also be simultaneously broadcast over the Internet through the Investors Relations section of the Penske Automotive Group website.  Additionally, an investor presentation relating to the second quarter 2013 financial results and Western Star Trucks Australia acquisition has been posted to 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., headquartered in Bloomfield Hills, Michigan, operates 324 retail automotive franchises, representing 39 different brands and 30 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 172 franchises in 18 states and Puerto Rico and 152 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 17,000 employees.

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"). 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 future sales potential, potential earnings,  outlook, and ability to complete the aforementioned acquisition. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters or other disruptions that interrupt the supply of vehicles or parts to us; changes in consumer credit availability, the outcome of legal and administrative matters, completion of closing conditions, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive's business, markets, conditions and other uncertainties, which could affect Penske Automotive's future performance. These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2012, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.

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Inquiries should contact:








David K. Jones
Executive Vice President and

Chief Financial Officer

Penske Automotive Group, Inc.
248-648-2800
dave.jones@penskeautomotive.com



Anthony R. Pordon
Executive Vice President Investor Relations and Corporate Development

Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com





 



PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Thousands, Except Per Share Data)

(Unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2013


2012


2013


2012

Revenues:








New Vehicle

$    1,930,040


$    1,711,868


$    3,678,822


$    3,261,792

Used Vehicle

1,082,310


936,978


2,084,338


1,872,273

Finance and Insurance, Net

95,849


81,279


182,595


159,242

Service and Parts

391,554


362,194


776,919


723,314

Fleet, Wholesale and Other

199,422


222,732


381,100


462,143

        Total Revenues

$    3,699,175


$    3,315,051


$    7,103,774


$    6,478,764

Cost of Sales:








New Vehicle

$    1,786,015


$    1,574,457


$    3,399,029


$    2,994,512

Used Vehicle

1,000,703


864,454


1,924,164


1,723,791

Service and Parts

156,358


150,160


317,196


303,002

Fleet, Wholesale and Other

187,076


221,009


360,155


457,524

        Total Cost of Sales

3,130,152


2,810,080


6,000,544


5,478,829

        Gross Profit

569,023


504,971


1,103,230


999,935

SG&A Expenses

440,331


400,637


854,770


788,619

Depreciation

14,985


13,319


29,516


26,310

        Operating Income

113,707


91,015


218,944


185,006

Floor Plan Interest Expense

(10,900)


(9,845)


(21,168)


(19,368)

Other Interest Expense

(12,066)


(11,478)


(23,793)


(23,572)

Equity in Earnings of Affiliates

8,901


8,168


11,249


12,578

        Income from Continuing Operations Before Income Taxes    

99,642


77,860


185,232


154,644

Income Taxes

(35,164)


(27,093)


(63,571)


(53,926)

        Income from Continuing Operations

64,478


50,767


121,661


100,718

(Loss) from Discontinued Operations, Net of Tax

(1,983)


(1,155)


(1,147)


(4,100)

        Net Income

62,495


49,612


120,514


96,618

Less: Income Attributable to Non-Controlling Interests

(453)


(520)


(808)


(708)

        Net Income Attributable to Common Shareholders

$         62,042


$         49,092


$       119,706


$         95,910

Income from Continuing Operations Per Share

$             0.71


$             0.56


$             1.34


$             1.11

Income Per Share

$             0.69


$             0.54


$             1.32


$             1.06

Weighted Average Shares Outstanding

90,305


90,337


90,380


90,395

Amounts Attributable to Common Shareholders:








Reported Income from Continuing Operations

$          64,478


$          50,767


$        121,661


$        100,718

Less:  Income Attributable to Non-Controlling Interests

(453)


(520)


(808)


(708)

        Income from Continuing Operations, net of tax

$          64,025


$          50,247


$        120,853


$        100,010

(Loss) Income from Discontinued Operations, net of tax

(1,983)


(1,155)


(1,147)


(4,100)

        Net Income

$          62,042


$          49,092


$        119,706


$          95,910


 


PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Thousands)

(Unaudited)



June 30,


December 31,


2013


2012

Assets




Cash and Cash Equivalents

$                     26,254


$                     43,447

Accounts Receivable, Net

530,647


554,851

Inventories

2,125,771


2,000,206

Other Current Assets

90,352


90,485

Assets Held for Sale

33,849


73,398

Total Current Assets

2,806,873


2,762,387

Property and Equipment, Net

1,148,495


1,031,188

Intangibles

1,231,166


1,261,299

Other Long-Term Assets

351,098


324,116

Total Assets

$                5,537,632


$                5,378,990





Liabilities and Equity




Floor Plan Notes Payable

$                1,474,440


$                1,408,362

Floor Plan Notes Payable – Non-Trade           

753,130


725,526

Accounts Payable

314,050


263,881

Accrued Expenses

226,968


223,972

Current Portion Long-Term Debt

44,896


19,493

Liabilities Held for Sale

23,547


51,279

Total Current Liabilities

2,837,031


2,692,513

Long-Term Debt

875,307


918,024

Other Long-Term Liabilities

469,029


452,132

Total Liabilities

4,181,367


4,062,669

Equity

1,356,265


1,316,321

Total Liabilities and Equity

$                5,537,632


$                5,378,990


 


PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Thousands, Except Per Share Data)

(Unaudited)



Three Months Ended



June 30,



2013


2012


% Increase/

(Decrease)

Revenues:






New Vehicle

$    1,930,040


$    1,711,868


12.7%

Used Vehicle

1,082,310


936,978


15.5%

Finance and Insurance, Net

95,849


81,279


17.9%

Service and Parts

391,554


362,194


8.1%

Fleet, Wholesale and Other

199,422


222,732


(10.5%)

        Total Revenues

$    3,699,175


$    3,315,051


11.6%

Cost of Sales:






New Vehicle

$    1,786,015


$    1,574,457


13.4%

Used Vehicle

1,000,703


864,454


15.8%

Service and Parts

156,358


150,160


4.1%

Fleet, Wholesale and Other

187,076


221,009


(15.4%)

        Total Cost of Sales

3,130,152


2,810,080


11.4%

        Gross Profit

569,023


504,971


12.7%

SG&A Expenses

440,331


400,637


9.9%

Depreciation

14,985


13,319


12.5%

        Operating Income

113,707


91,015


24.9%

Floor Plan Interest Expense

(10,900)


(9,845)


10.7%

Other Interest Expense

(12,066)


(11,478)


5.1%

Equity in Earnings of Affiliates

8,901


8,168


9.0%

        Income from Continuing Operations Before Income Taxes    

99,642


77,860


28.0%

Income Taxes

(35,164)


(27,093)


29.8%

        Income from Continuing Operations

64,478


50,767


27.0%

(Loss) from Discontinued Operations, Net of Tax

(1,983)


(1,155)


71.7%

         Net Income

62,495


49,612


26.0%

Less:  Income Attributable to Non-Controlling Interests

(453)


(520)


(12.9%)

         Net Income Attributable to Common Shareholders

$         62,042


$         49,092


26.4%

Income from Continuing Operations Per Share

$             0.71


$             0.56


26.8%

Income Per Share

$             0.69


$             0.54


27.8%

Weighted Average Shares Outstanding

90,305


90,337


0.0%

Amounts Attributable to Common Shareholders:






Reported Income from Continuing Operations

$          64,478


$          50,767


27.0%

Less:  Income Attributable to Non-Controlling Interests

(453)


(520)


(12.9%)

        Income from Continuing Operations, net of tax

$          64,025


$          50,247


27.4%

(Loss) Income from Discontinued Operations, net of tax

(1,983)


(1,155)


71.7%

        Net Income

$          62,042


$          49,092


26.4%








 


PENSKE AUTOMOTIVE GROUP, INC.

Selected Data

(Unaudited)



Three Months Ended


June 30,


2013


2012


% Increase/

(Decrease)

Total Retail Units:






New Retail

51,307


45,987


11.6%

Used Retail

42,332


36,048


17.4%

        Total Retail

93,639


82,035


14.1%







Same-Store Retail Units:






New Same-Store Retail

50,084


45,453


10.2%

Used Same-Store Retail

41,061


35,723


14.9%

        Total Same-Store Retail

91,145


81,176


12.3%







Same-Store Retail Revenue:  (Amounts in thousands)    






New Vehicles

$    1,884,391


$    1,691,192


11.4%

Used Vehicles

1,054,784


931,746


13.2%

Finance and Insurance, Net

94,043


80,808


16.4%

Service and Parts

381,812


358,126


6.6%

        Total Same-Store Retail

$    3,415,030


$    3,061,872


11.5%







Revenue Mix:






New Vehicles

52.2%


51.6%


60 bps

Used Vehicles

29.3%


28.3%


100 bps

Finance and Insurance, Net

2.6%


2.5%


10 bps

Service and Parts

10.6%


10.9%


(30 bps)

Fleet, Wholesale and Other

5.3%


6.7%


(140 bps)







Average Revenue per Vehicle Retailed:






New Vehicles

$         37,617


$         37,225


1.1%

Used Vehicles

25,567


25,993


(1.6%)







Gross Profit per Vehicle Retailed:






New Vehicles

$           2,807


$           2,988


(6.1%)

Used Vehicles

1,928


2,012


(4.2%)

Finance and Insurance

1,024


991


3.3%







Operating items as a percentage of revenue:






New Vehicle Gross Profit

7.5%


8.0%


(50 bps)

Used Vehicle Gross Profit

7.5%


7.7%


(20 bps)

Service and Parts Gross Profit

60.1%


58.5%


160 bps

        Total Gross Profit

15.4%


15.2%


20 bps

Selling, General and Admin. Expenses

11.9%


12.1%


(20 bps)

Operating Income

3.1%


2.7%


40 bps

Inc. From Cont. Ops. Before Inc. Taxes

2.7%


2.3%


40 bps







Operating items as a percentage of total gross profit:






Selling, General and Administrative Expenses

77.4%


79.3%


(190 bps)

Operating Income

20.0%


18.0%


200 bps

 


PENSKE AUTOMOTIVE GROUP, INC.

Selected Data (Continued)

(Unaudited)



Three Months Ended


June 30,


2013


2012


% Increase/

(Decrease)







Other (Amounts in Thousands):       






EBITDA *

$       126,693


$       102,657


23.4%

Rent Expense

44,961


43,184


4.1%

Floorplan Credits

6,478


6,428


0.8%


* See the following Non-GAAP reconciliation tables


 


PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

(Amounts In Thousands, Except Per Share Data)

(Unaudited)



Six Months Ended


June 30,


2013


2012


% Increase/

(Decrease)

Revenues:






New Vehicle

$    3,678,822


$    3,261,792


12.8%

Used Vehicle

2,084,338


1,872,273


11.3%

Finance and Insurance, Net

182,595


159,242


14.7%

Service and Parts

776,919


723,314


7.4%

Fleet, Wholesale and Other

381,100


462,143


(17.5%)

        Total Revenues

$    7,103,774


$    6,478,764


9.6%

Cost of Sales:






New Vehicle

$    3,399,029


$    2,994,512


13.5%

Used Vehicle

1,924,164


1,723,791


11.6%

Service and Parts

317,196


303,002


4.7%

Fleet, Wholesale and Other

360,155


457,524


(21.3%)

        Total Cost of Sales

6,000,544


5,478,829


9.5%

        Gross Profit

1,103,230


999,935


10.3%

SG&A Expenses

854,770


788,619


8.4%

Depreciation

29,516


26,310


12.2%

        Operating Income

218,944


185,006


18.3%

Floor Plan Interest Expense

(21,168)


(19,368)


9.3%

Other Interest Expense

(23,793)


(23,572)


0.9%

Equity in Earnings of Affiliates

11,249


12,578


(10.6%)

        Income from Continuing Operations Before Income Taxes    

185,232


154,644


19.8%

Income Taxes

(63,571)


(53,926)


17.9%

        Income from Continuing Operations

121,661


100,718


20.8%

(Loss) from Discontinued Operations, Net of Tax

(1,147)


(4,100)


(72.0%)

        Net Income

120,514


96,618


24.7%

Less:  Income Attributable to Non-Controlling Interests

(808)


(708)


14.1%

        Net Income Attributable to Common Shareholders

$       119,706


$         95,910


24.8%

Income from Continuing Operations Per Share

$             1.34


$             1.11


20.7%

Income Per Share

$             1.32


$             1.06


24.5%

Weighted Average Shares Outstanding

90,380


90,395


0.0%

Amounts Attributable to Common Shareholders:






Reported Income from Continuing Operations

$        121,661


$        100,718


20.8%

Less:  Income Attributable to Non-Controlling Interests

(808)


(708)


14.1%

         Income from Continuing Operations, net of tax

$        120,853


$        100,010


20.8%

(Loss) Income from Discontinued Operations, net of tax

(1,147)


(4,100)


(72.0%)

         Net Income

$        119,706


$          95,910


24.8%


 


PENSKE AUTOMOTIVE GROUP, INC.

Selected Data

(Unaudited)



Six Months Ended


June 30,


2013


2012


% Increase/

(Decrease)

Total Retail Units:






New Retail

97,270


87,914


10.6%

Used Retail

82,429


72,519


13.7%

        Total Retail

179,699


160,433


12.0%







Same-Store Retail Units:






New Same-Store Retail

94,120


86,746


8.5%

Used Same-Store Retail

79,304


71,778


10.5%

         Total Same-Store Retail

173,424


158,524


9.4%







Same-Store Retail Revenue:  (Amounts in thousands)    






New Vehicles

$    3,566,038


$    3,220,917


10.7%

Used Vehicles

2,020,907


1,860,114


8.6%

Finance and Insurance, Net

178,415


157,909


13.0%

Service and Parts

750,489


716,496


4.7%

        Total Same-Store Retail

$    6,515,849


$    5,955,436


9.4%







Revenue Mix:






New Vehicles

51.8%


50.3%


150 bps

Used Vehicles

29.3%


28.9%


40 bps

Finance and Insurance, Net

2.6%


2.5%


10 bps

Service and Parts

10.9%


11.2%


(30 bps)

Fleet, Wholesale and Other

5.4%


7.1%


(170 bps)







Average Revenue per Vehicle Retailed:






New Vehicles

$         37,821


$         37,102


1.9%

Used Vehicles

25,286


25,818


(2.1%)







Gross Profit per Vehicle Retailed:






New Vehicles

$           2,877


$           3,040


(5.4%)

Used Vehicles

1,943


2,048


(5.1%)

Finance and Insurance

1,016


993


2.4%







Operating items as a percentage of revenue:






New Vehicle Gross Profit

7.6%


8.2%


(60 bps)

Used Vehicle Gross Profit

7.7%


7.9%


(20 bps)

Service and Parts Gross Profit

59.2%


58.1%


110 bps

        Total Gross Profit

15.5%


15.4%


10 bps

Selling, General and Admin. Expenses

12.0%


12.2%


(20 bps)

Operating Income

3.1%


2.9%


20 bps

Inc. From Cont. Ops. Before Inc. Taxes

2.6%


2.4%


20 bps







Operating items as a percentage of total gross profit:






Selling, General and Administrative Expenses

77.5%


78.9%


(140 bps)

Operating Income

19.8%


18.5%


130 bps


 


PENSKE AUTOMOTIVE GROUP, INC.

Selected Data (Continued)

(Unaudited)



Six Months Ended


June 30,


2013


2012


% Increase/

(Decrease)







Other (Amounts in Thousands):       






EBITDA *

$       238,541


$       204,526


16.6%

Rent Expense

89,472


86,119


3.9%

Floorplan Credits

12,645


11,205


12.9%


* See the following Non-GAAP reconciliation tables


 


PENSKE AUTOMOTIVE GROUP, INC.

Selected Data

Brand Revenue Mix

(Unaudited)



Three Months Ended


Six Months Ended


June 30,


June 30,


2013


2012


2013


2012

Brand Revenue Mix:








Premium:








        BMW

24%


24%


25%


24%

        Audi

13%


12%


13%


12%

        Mercedes-Benz

11%


11%


11%


11%

        Lexus

4%


4%


4%


4%

        Land Rover

4%


4%


4%


5%

        Porsche

5%


5%


5%


5%

        Ferrari / Maserati

3%


3%


3%


3%

        Acura

1%


2%


2%


2%

        Other

3%


3%


2%


3%

        Total Premium

68%


68%


69%


69%

Foreign:








        Toyota

11%


11%


11%


10%

        Honda

11%


11%


10%


11%

        Nissan

2%


2%


2%


2%

        Volkswagen

2%


2%


2%


2%

        Other

2%


2%


2%


2%

        Total Foreign

28%


28%


27%


27%

Domestic Big 3








        General Motors / Chrysler / Ford     

4%


4%


4%


4%









Revenue Mix:








U.S.

66%


64%


64%


63%

International

34%


36%


36%


37%


 


PENSKE AUTOMOTIVE GROUP, INC.

Non-GAAP Reconciliation

(Unaudited)


Reconciliation of net income to EBITDA for the three months and six months ended June 30, 2013 and 2012:



Three Months Ended


June 30,

(Amounts in Thousands)

2013


2012


% Increase/

(Decrease)







Net Income

$         62,495


$         49,612


26.0%

Depreciation

14,985


13,319


12.5%

Other Interest Expense

12,066


11,478


5.1%

Income Taxes

35,164


27,093


29.8%

Loss (income) from Discontinued Operations, net      

1,983


1,155


71.7%

EBITDA

$       126,693


$       102,657


23.4%


 



Six Months Ended


June 30,

(Amounts in Thousands)

2013


2012


% Increase/

(Decrease)







Net Income

$       120,514


$         96,618


24.7%

Depreciation

29,516


26,310


12.2%

Other Interest Expense

23,793


23,572


0.9%

Income Taxes

63,571


53,926


17.9%

Loss (income) from Discontinued Operations, net      

1,147


4,100


(72.0%)

EBITDA

$       238,541


$       204,526


16.6%


 

SOURCE Penske Automotive Group, Inc.



RELATED LINKS
http://www.penskeautomotive.com

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