Penske Automotive Group Inc

NYSE:PAGUnited States

Oct 29, 2024

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• Penske Automotive Group Q3 Earnings Fall, Revenue Climbs, from 7:53AM ET on Tuesday Oct 29, 2024 by MT Newswires

  7:53AM ET on Tuesday Oct 29, 2024 by MT Newswires
  Companies Mentioned: PAG
  07:53 AM EDT, 10/29/2024 (MT Newswires) -- Penske Automotive Group (PAG) reported Q3 earnings Tuesday of $3.39 per share, down from $3.92 a year earlier. Analysts polled by Capital IQ expected $3.34. Revenue for the quarter ended Sept. 30 was $7.59 ...

• -- Earnings Flash (PAG) PENSKE AUTOMOTIVE GROUP Posts Q3 Revenue $7.59B, from 6:58AM ET on Tuesday Oct 29, 2024 by MT Newswires

  6:58AM ET on Tuesday Oct 29, 2024 by MT Newswires
  Companies Mentioned: PAG
  06:58 AM EDT, 10/29/2024 (MT Newswires) -- ...

• PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS, from 6:58AM ET on Tuesday Oct 29, 2024 by PR Newswire

  6:58AM ET on Tuesday Oct 29, 2024 by PR Newswire
  Companies Mentioned: PAG

  Quarterly Revenue Increases 2% to $7.6 Billion

  Record Quarterly Retail Automotive Service and Parts Revenue of $778.0 Million, up 14%

  Same-Store Retail Automotive Service and Parts Revenue up 7% and Related Gross Profit up 6%

• PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS, from 6:58AM ET on Tuesday Oct 29, 2024 by Dow Jones

  6:58AM ET on Tuesday Oct 29, 2024 by Dow Jones
  Companies Mentioned: PAG
  Three Months Ended Nine Months Ended September 30, September 30, -------------------- -------------------- Capital Expenditures / Stock Repurchases: 2024 2023 2024 2023 ----------- ------- -------- ---------- ($ Amounts in Millions) Capital expenditures $ 80.9 $ 86.6 $ 282.6 $ 272.1 Cash paid for acquisitions $ 196.6 $ 130.8 $ 637.4 $ 211.3 Stock repurchases: Aggregate purchase price $ 0.1 $ 14.1 $ 76.5 $ 364.5 Shares repurchased 476 87,182 511,073 2,690,741 Balance Sheet and Other Highlights: September 30, 2024 December 31, 2023 ---------------------------- ---------------------------- (Amounts in Millions) Cash and Cash Equivalents $ 91.9 $ 96.4 Inventories $ 4,822.4 $ 4,293.1 Total Floor Plan Notes Payable $ 4,174.3 $ 3,771.5 Total Long-Term Debt $ 1,878.0 $ 1,629.2 Equity $ 5,234.0 $ 4,755.6 Debt to Total Capitalization Ratio 26.4 % 25.5 % Leverage Ratio (1) 1.3x 1.0x New vehicle days' 53 days 39 days supply Used vehicle days' 43 days 48 days supply __________________________ (1) See the following Non-GAAP reconciliation table PENSKE AUTOMOTIVE GROUP, INC. Consolidated Non-GAAP Reconciliations (Unaudited) The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization ("EBITDA") for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 vs. 2023 ------------------------ (Amounts in Millions) 2024 2023 Change % Change ----------- ----------- -------- ---------- Net Income $ 227.0 $ 264.4 $ (37.4) (14.1) % Add: Depreciation 40.6 35.4 5.2 14.7 % Other Interest Expense 22.9 24.5 (1.6) (6.5) % Income Taxes 77.4 92.1 (14.7) (16.0) % EBITDA $ 367.9 $ 416.4 $ (48.5) (11.6) % ======= ======= ======= ========== Nine Months Ended September 30, 2024 vs. 2023 ------------------------ (Amounts in Millions) 2024 2023 Change % Change ----------- ----------- -------- ---------- Net Income $ 686.1 $ 866.6 $(180.5) (20.8) % Add: Depreciation 117.0 103.4 13.6 13.2 % Other Interest Expense 64.1 69.5 (5.4) (7.8) % Income Taxes 238.6 297.1 (58.5) (19.7) % EBITDA $ 1,105.8 $ 1,336.6 $(230.8) (17.3) % ======= ======= ======= ========== The following table reconciles the leverage ratio as of September 30, 2024, and December 31, 2023: Three Nine Trailing Twelve Twelve Months Ended Months Ended Months Ended Months Ended (Amounts in Millions) December 31, 2023 September 30, 2024 September 30, 2024 December 31, 2023 --------------------------- --------------------------- --------------------------- -------------------------- Net Income $ 192.0 $ 686.1 $ 878.1 $ 1,058.6 Add: Depreciation 37.6 117.0 154.6 141.0 Other Interest Expense 23.1 64.1 87.2 92.6 Income Taxes 63.8 238.6 302.4 360.9 EBITDA $ 316.5 $ 1,105.8 $ 1,422.3 $ 1,653.1 =========================== =========================== Add: Impairment Charges (1) 40.7 -- 40.7 40.7 Adjusted EBITDA $ 357.2 $ 1,105.8 $ 1,463.0 $ 1,693.8 =========================== =========================== Total Non-Vehicle Long-Term Debt $ 1,878.0 $ 1,629.2 Leverage Ratio 1.3x 1.0x __________________________ (1) Impairment charges relate to our Used Vehicle Dealerships International reporting unit
  

• Press Release: PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS, from 6:58AM ET on Tuesday Oct 29, 2024 by Dow Jones

  6:58AM ET on Tuesday Oct 29, 2024 by Dow Jones
  Companies Mentioned: PAG