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Penske Automotive Reports Second Quarter And First-Half Results

Penske Automotive Group, Inc. (NYSE:PAG):

Second Quarter 2012       First Half 2012
  • Revenue Increases 19.2% to $3.4 Billion
  • Revenue Increases 18.6% to $6.6 Billion
  • Same-store Retail Revenue Increases 9.4%
  • Same-store Retail Revenue Increases 8.5%
  • Inc. from Continuing Operations Increases 26.4% to $49.5 Million
  • Inc. from Continuing Operations Increases 32.0% to $99.5 Million
  • EPS from Continuing Operations Increases 31.0% to $0.55 per share
  • EPS from Continuing Operations Increases 34.1% to $1.10 per share
  • EBITDA Increases 23.7% to $102.1 Million
  • EBITDA Increases 28.6% to $204.7 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 2012, income from continuing operations attributable to common shareholders increased 26.4% to $49.5 million and related earnings per share increased 31.0% to $0.55 per share. This compares to income from continuing operations attributable to common shareholders of $39.2 million, or $0.42 per share in the same period last year.

Total revenue increased by 19.2% to $3.4 billion and was driven by an increase in total retail unit sales of 20.9%. The increase in retail unit sales was highlighted by a 24.8% increase in new unit sales and a 16.4% increase in used retail unit sales. Total same-store retail unit sales increased 12.0% in the second quarter. Same-store retail revenue increased 9.4% in the second quarter. Gross profit improved 12.6% to $513.4 million, operating income increased 29.5% to $90.3 million, and operating margin improved by 20 basis points.

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