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Penske Automotive Reports Fourth Quarter And Full Year Results

Penske Automotive Group, Inc. (NYSE:PAG):
Fourth Quarter 2012   Full Year 2012
  • Revenue Increases 17.9% to $3.4 Billion
  • Revenue Increases 18.3% to $13.2 Billion
  • Same-store Retail Revenue Increases 11.4 %
  • Same-store Retail Revenue Increases 9.9%
  • Income from Continuing Operations Increases 19.5% to $51.0 Million
  • Adjusted Inc. from Continuing Operations Increases 25.8% to $206.0 Million
  • EPS from Continuing Operations Increases 21.3% to $0.57 per share
  • Adjusted EPS from Continuing Operations Increases 26.7% to $2.28 per share
  • EBITDA Increases 14.4% to $102.2 Million
  • Adjusted EBITDA Increases 19.6% to $407.6 Million

Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, announced today record fourth quarter income from continuing operations and related earnings per share. For the fourth quarter 2012, income from continuing operations attributable to common shareholders increased 19.5% to $51.0 million and related earnings per share increased 21.3% to $0.57 per share. This compares to income from continuing operations attributable to common shareholders of $42.7 million, or $0.47 per share in the same period last year. Fourth quarter results include $1.7 million ($1.2 million after-taxes, or $0.01 per share) in expenses for insurance deductibles and clean-up costs associated with Superstorm Sandy.

Total revenue increased 17.9% to $3.4 billion, including a same-store retail revenue increase of 11.4% in the fourth quarter. The revenue increase was driven by a 19.3% increase in total retail unit sales, including an 11.5% increase on a same-store basis. Gross profit improved 16.9% to $515.1 million while operating income increased 19.9% to $91.5 million.

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