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Penske Automotive Reports Third Quarter And Nine Month Results

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

       
Third Quarter 2012     Nine Months 2012
  • Revenue Increases 17.4% to $3.4 Billion
   
  • Revenue Increases 18.2% to $10.0 Billion
  • Same-store Retail Revenue Increases 11.7%
  • Same-store Retail Revenue Increases 9.6%
  • Adjusted Inc. from Continuing Operations Increases 19.1% to $54.3 Million
  • Adjusted Inc. from Continuing Operations Increases 27.1% to $153.8 Million
  • Adjusted EPS from Continuing Operations Increases 20% to $0.60 per share
  • Adjusted EPS from Continuing Operations Increases 29.8% to $1.70 per share
  • Adjusted EBITDA Increases 7.0% to $100.3 Million
   
  • Adjusted EBITDA Increases 20.6% to $305.1 Million
 

Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, announced today record third quarter adjusted income from continuing operations and related earnings per share. For the third quarter 2012, adjusted income from continuing operations attributable to common shareholders increased 19.1% to $54.3 million and related earnings per share increased 20.0% to $0.60 per share. This compares to adjusted income from continuing operations attributable to common shareholders of $45.6 million, or $0.50 per share in the same period last year.

Adjusted income from continuing operations attributable to common shareholders for the third quarter and nine months ended September 30, 2012, excludes after-tax costs of $13.0 million, or $0.14 per share, of debt redemption costs associated with the redemption of the Company’s $375 million of 7.75% senior subordinated notes due 2016. Adjusted income from continuing operations attributable to common shareholders for the third quarter and nine months ended September 30, 2011 excludes $11.0 million, or $0.12 per share, of net income tax benefits reflecting a positive adjustment from the resolution of certain tax items in the U.K. of $17.0 million, or $0.19 per share, partially offset by a reduction in deferred tax assets of $6.0 million, or $0.07 per share. Actual third quarter 2012 income from continuing operations was $41.3 million, or $0.46 per share, compared to income from continuing operations of $56.6 million, or $0.62 per share in the same period last year.

Stock quotes in this article: PAG 

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