Penske Automotive Group, Inc. (NYSE:PAG) delivered a profit and beat Wall Street?s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Markets are at 5-year highs! Discover the best stocks to own. Click here for our fresh Feature Stock Pick now!Penske Automotive Group, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 29.09% to $0.71 in the quarter versus EPS of $0.55 in the year-earlier quarter.
Revenue: Rose 9.68% to $3.7 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Penske Automotive Group, Inc. reported adjusted EPS income of $0.71 per share. By that measure, the company beat the mean analyst estimate of $0.64. It beat the average revenue estimate of $3.63 billion.
Quoting Management: ?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.?
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