Penske Automotive Group, Inc. (PAG) Monday posted higher profit for the first quarter largely reflecting improved retail sales. Earnings per share from continuing operations beat analysts' estimate.
For the quarter the company posted net earnings attributable to shareholders of $57.66 million, up from $46.81 million a year back. On a per share basis, the firm reported earnings of $0.64 compared with $0.52 last year.
Income from continuing operations per share for the period was $0.63. Eleven analysts, on average, polled by Thomson Reuters estimated earnings per share of $0.62 for the quarter. Analysts estimates typically exclude one-time items.
Revenue for the three months was $3.399 billion, up from $3.156 billion reported for the corresponding period last year. The Street was looking for revenue of $3.48 billion for the period.
On a same-store basis, the firm reported a 7.4 percent rise in retail revenue, citing strong performance across each business area including a 9.9 percent increase in total retail unit sales and 6.8 percent on a same-store basis.
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