Penske Automotive Group Inc. (PAG: Quote) reported that its first-quarter net income attributable to common shareholders was $46.82 million or $0.52 per share, compared to $33.93 million or $0.37 per share in the same quarter last year.
Income from continuing operations attributable to common shareholders increased 37.3% to $50.0 million and related earnings per share increased 41.0% to $0.55 per share. This compares to income from continuing operations attributable to common shareholders of $36.4 million, or $0.39 per share in the same period last year.
First quarter revenue increased by 17.9% to $3.2 billion, driven by an improvement in total retail unit sales of 18.1% and growth in the Company's used-to-new ratio to 0.89 to 1 from 0.78 to 1 in the same period last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share on revenues of $3.12 billion for the quarter. Analysts' estimates typically exclude special items.
by RTT Staff Writer
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