Penske Automotive Reports Record Second Quarter And Record First-Half 2018 Results
BLOOMFIELD HILLS, Mich., July 26, 2018 /PRNewswire/ --
Second Quarter 2018 Six Months 2018
------------------- ---------------
Revenue Increases 10.3% to $5.9 Billion Revenue Increases 11.7% to $11.7 Billion
Income
Income from Continuing Operations from Continuing Operations Attributable to Common
Attributable to Common Shareholders Shareholders Increases 28.2% to $242.6 Million
Increases 27.0% to $134.6 Million
Earnings
Earnings Per Share from Continuing Operations
Per Share from Continuing Operations Attributable to Common Shareholders Increases
Attributable to Common Shareholders 29.1% to $2.84
Increases 28.5% to $1.58
--------------------------------------------- -------------------------------------------------
Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company consisting of franchised retail automotive dealerships, stand-alone used vehicle supercenters, heavy and medium duty retail truck dealerships, and distribution of commercial trucks and power systems, today announced record second quarter and record first-half 2018 results. For the three months ended June 30, 2018, income from continuing operations attributable to common shareholders increased 27.0% to $134.6 million, and related earnings per share increased 28.5% to $1.58 when compared to the same period last year. Retail unit sales increased 3.1% to 134,214. Total revenue increased 10.3% to $5.9 billion. Excluding foreign exchange, total revenue increased 7.4%, while same-store retail revenue increased 5.8%. Foreign exchange rates positively impacted earnings per share attributable to common shareholders by $0.03. As a result of tax reform enacted in 2017, the company's effective tax rate in the second quarter of 2018 was 23.3% compared to 32.0% in the second quarter of 2017.
"Our business produced outstanding results in the second quarter, demonstrating the strength of our diversified transportation services model," said Penske Automotive Group Chairman Roger S. Penske. "The retail automotive dealership business remains strong, generating same-store increases in new, used, and finance & insurance gross profit per unit retailed. I am particularly pleased with the performance of the stand-alone used vehicle supercenter operations which retailed 18,832 vehicles, generated $346.7 million in revenue, and returned over 4.3% on sales during the quarter. Contributing to the company's record second quarter was a 45.5% same-store retail revenue increase in the company's North American retail commercial truck business and our investment in Penske Truck Leasing."
For the six months ended June 30, 2018, total revenue increased 11.7% to $11.7 billion, with an 8.3% increase in same-store retail revenue. Income from continuing operations attributable to common shareholders increased 28.2% to $242.6 million and related earnings per share increased 29.1% to $2.84 when compared to the same period last year. Excluding foreign exchange, total revenue increased 7.3%, while same-store retail revenue increased 3.9%. Foreign exchange rates positively impacted earnings per share attributable to common shareholders by $0.10. As a result of tax reform enacted in 2017, the company's effective tax rate for the six months ended June 30, 2018 was 24.2% compared to 32.4% for the six months ended June 30, 2017.
Automotive Retail Highlights of the Second Quarter
-- Same-Store Retail Unit Sales +1.6% to 126,484
-- New unit retail sales +0.1%
-- Used unit retail sales +3.1%
-- Same-Store Retail Revenue +8.8%; Excluding Foreign Exchange +5.8%
-- New +7.3%; Used +11.7%; Finance & Insurance +9.7%; Service and Parts
+6.0%
-- Same-Store Average Gross Profit Per Unit
-- New $3,127, +$32/unit; Gross Margin 7.5%, -40 basis points
-- Used $1,574, +$151/unit; Gross Margin 5.8%, +10 basis points
-- Finance & Insurance $1,247, +$90/unit
-- Same-Store Average Variable Gross Profit Per Unit $3,562, +$174
-- Excluding Foreign Exchange, $3,464, +$76/unit
Retail Commercial Truck Operations
Penske Automotive Group operates twenty-one medium and heavy-duty truck dealership locations in the U.S. and Canada offering primarily Freightliner and Western Star brands. For the three months ended June 30, 2018, the company retailed 2,504 units, generated $338.8 million in revenue and $52.4 million in gross profit. For the six months ended June 30, 2018, the company retailed 4,609 units, generated $631.2 million in revenue and $99.0 million in gross profit. Same-store revenue increased 45.5% and 41.5% for the three and six months ended June 30, 2018, respectively.
Penske Truck Leasing
Penske Truck Leasing Co., L.P. ("PTL") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. During the third quarter of 2017, the company increased its ownership interests in PTL by 5.5%, bringing our total ownership interest in PTL to 28.9%. The company accounts for its ownership interest in PTL using the equity method of accounting. For the three and six months ended June 30, 2018, the company recorded $35.0 million and $51.0 million in earnings from this investment compared to $24.9 million and $36.8 million for the same periods last year, respectively.
Dividend and Share Repurchases
On July 18, 2018, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.36 per share, the twenty-ninth consecutive increase in the quarterly dividend.
During the three months ended June 30, 2018, the company repurchased 119,608 shares for $5.8 million, or an average of $48.61 per share. For the six months ended June 30, 2018, the company repurchased 1,252,624 shares for $55.8 million. Approximately $150.0 million remains available to repurchase shares under the company's existing share repurchase authorization.
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2018 on Thursday, July 26, 2018, at 2:00 p.m.Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230?1092 - [International, please dial (612) 234?9959]. The call will also be simultaneously broadcast over the Internet through the Investor Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2018 financial results has been posted to the company's website. To access the presentation or to listen to the company's webcast, please refer to www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 26,000 people worldwide and is a member of the Fortune 500 and Russell 2000, and is ranked among the World's Most Admired Companies by Fortune Magazine. For additional information, visit the company's website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization ("EBITDA"). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company's disclosures and provide a meaningful presentation of the company's results from its core business operations excluding the impact of items not related to the company's ongoing core business operations, and improve the period-to-period comparability of the company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company's financial information that is presented in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales and earnings potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters such as the recent hurricanes, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10?K for the year ended December 31, 2017, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
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Inquiries should contact:
J.D. Carlson Anthony R. Pordon
Executive Vice President and Executive Vice President Investor Relations
Chief Financial Officer and Corporate Development
Penske Automotive Group, Inc. Penske Automotive Group, Inc.
248-648-2810 248-648-2540
jcarlson@penskeautomotive.com tpordon@penskeautomotive.com
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
Three Months Ended June 30
(Amounts In Millions, Except Per Share Data)
(Unaudited)
Three Months Ended
June 30, 2018 vs. 2017
-------- -------------
2018 2017 Change % Change
---- ---- ------ --------
Revenue $5,940.3 $5,383.4 $556.9 10.3%
Cost of Sales 5,050.5 4,566.1 484.4 10.6%
------- ------- ----- ----
Gross Profit $889.8 $817.3 $72.5 8.9%
SG&A Expenses 675.4 622.0 53.4 8.6%
Depreciation 25.7 23.3 2.4 10.3%
---- ---- --- ----
Operating Income $188.7 $172.0 $16.7 9.7%
Floor Plan Interest Expense (19.9) (15.5) 4.4 28.4%
Other Interest Expense (28.6) (26.4) 2.2 8.3%
Equity in Earnings of Affiliates 36.0 26.8 9.2 34.3%
---- ---- --- ----
Income from Continuing Operations Before Income Taxes $176.2 $156.9 $19.3 12.3%
Income Taxes (41.0) (50.2) (9.2) (18.3)%
----- ----- ---- ------
Income from Continuing Operations $135.2 $106.7 $28.5 26.7%
Income from Discontinued Operations, net of tax - 0.2 (0.2) nm
--- --- ---- ---
Net Income $135.2 $106.9 $28.3 26.5%
Less: Income Attributable to Non-Controlling Interests 0.6 0.7 (0.1) nm
--- --- ---- ---
Net Income Attributable to Common Shareholders $134.6 $106.2 $28.4 26.7%
====== ====== ===== ====
Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations $135.2 $106.7 $28.5 26.7%
Less: Income Attributable to Non-Controlling Interests 0.6 0.7 (0.1) nm
--- --- ---- ---
Income from Continuing Operations, net of tax $134.6 $106.0 $28.6 27.0%
Income from Discontinued Operations, net of tax - 0.2 (0.2) nm
--- --- ---- ---
Net Income Attributable to Common Shareholders $134.6 $106.2 $28.4 26.7%
====== ====== ===== ====
Income from Continuing Operations Per Share $1.58 $1.23 $0.35 28.5%
===== ===== ===== ====
Income Per Share $1.58 $1.23 $0.35 28.5%
===== ===== ===== ====
Weighted Average Shares Outstanding 85.0 86.1 (1.1) (1.3)%
==== ==== ==== =====
nm - not meaningful
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Statements of Income
Six Months Ended June 30
(Amounts In Millions, Except Per Share Data)
(Unaudited)
Six Months Ended
June 30, 2018 vs. 2017
-------- -------------
2018 2017 Change % Change
---- ---- ------ --------
Revenue $11,687.2 $10,464.5 $1,222.7 11.7%
Cost of Sales 9,933.0 8,872.9 1,060.1 11.9%
------- ------- ------- ----
Gross Profit $1,754.2 $1,591.6 $162.6 10.2%
SG&A Expenses 1,338.5 1,223.7 114.8 9.4%
Depreciation 51.3 45.7 5.6 12.3%
---- ---- --- ----
Operating Income $364.4 $322.2 $42.2 13.1%
Floor Plan Interest Expense (38.8) (29.2) 9.6 32.9%
Other Interest Expense (58.4) (51.4) 7.0 13.6%
Equity in Earnings of Affiliates 53.3 40.0 13.3 33.3%
---- ---- ---- ----
Income from Continuing Operations Before Income Taxes $320.5 $281.6 $38.9 13.8%
Income Taxes (77.6) (91.3) (13.7) (15.0)%
----- ----- ----- ------
Income from Continuing Operations $242.9 $190.3 $52.6 27.6%
Income (Loss) from Discontinued Operations, net of tax 0.1 (0.4) 0.5 nm
--- ---- --- ---
Net Income $243.0 $189.9 $53.1 28.0%
Less: Income Attributable to Non-Controlling Interests 0.3 1.1 (0.8) nm
--- --- ---- ---
Net Income Attributable to Common Shareholders $242.7 $188.8 $53.9 28.5%
====== ====== ===== ====
Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations $242.9 $190.3 $52.6 27.6%
Less: Income Attributable to Non-Controlling Interests 0.3 1.1 (0.8) nm
--- --- ---- ---
Income from Continuing Operations, net of tax $242.6 $189.2 $53.4 28.2%
Income (Loss) from Discontinued Operations, net of tax 0.1 (0.4) 0.5 nm
--- ---- --- ---
Net Income Attributable to Common Shareholders $242.7 $188.8 $53.9 28.5%
====== ====== ===== ====
Income from Continuing Operations Per Share $2.84 $2.20 $0.64 29.1%
===== ===== ===== ====
Income Per Share $2.84 $2.20 $0.64 29.1%
===== ===== ===== ====
Weighted Average Shares Outstanding 85.5 85.9 (0.4) (0.5)%
==== ==== ==== =====
nm - not meaningful
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Millions)
(Unaudited)
June 30, December 31,
2018 2017
---- ----
Assets:
Cash and Cash Equivalents $45.8 $45.7
Accounts Receivable, Net 919.6 954.9
Inventories 3,895.1 3,944.1
Other Current Assets 97.5 81.8
---- ----
Total Current Assets 4,958.0 5,026.5
Property and Equipment, Net 2,144.9 2,108.6
Intangibles 2,174.8 2,134.5
Other Long-Term Assets 1,292.8 1,271.0
------- -------
Total Assets $10,570.5 $10,540.6
========= =========
Liabilities and Equity:
Floor Plan Notes Payable $2,278.0 $2,343.2
Floor Plan Notes Payable - Non-Trade 1,325.7 1,418.6
Accounts Payable 680.0 641.6
Accrued Expenses 529.7 523.5
Current Portion Long-Term Debt 92.3 72.8
Liabilities Held for Sale 0.7 0.7
--- ---
Total Current Liabilities 4,906.4 5,000.4
Long-Term Debt 2,059.6 2,090.4
Other Long-Term Liabilities 1,078.7 1,021.8
------- -------
Total Liabilities 8,044.7 8,112.6
Equity 2,525.8 2,428.0
------- -------
Total Liabilities and Equity $10,570.5 $10,540.6
========= =========
Supplemental Balance Sheet Information
New vehicle days' supply 72 67
Used vehicle days' supply 45 55
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2018 2017 2018 2017
---- ---- ---- ----
Geographic Revenue Mix:
North America 55.4% 60.3% 54.2% 58.4%
U.K. 35.5% 32.0% 36.8% 33.9%
Other International 9.1% 7.7% 9.0% 7.7%
--- --- --- ---
Total 100.0% 100.0% 100.0% 100.0%
===== ===== ===== =====
Revenue: (Amounts in Millions)
Retail Automotive $5,455.5 $5,040.7 $10,751.5 $9,797.1
Retail Commercial Trucks 338.8 228.5 631.2 440.2
Commercial Vehicles Australia/Power Systems and Other 146.0 114.2 304.5 227.2
----- ----- ----- -----
Total $5,940.3 $5,383.4 $11,687.2 $10,464.5
======== ======== ========= =========
Gross Profit: (Amounts in Millions)
Retail Automotive $798.0 $746.0 $1,576.3 $1,454.3
Retail Commercial Trucks 52.4 40.0 99.0 76.4
Commercial Vehicles Australia/Power Systems and Other 39.4 31.3 78.9 60.9
---- ---- ---- ----
Total $889.8 $817.3 $1,754.2 $1,591.6
====== ====== ======== ========
Gross Margin:
Retail Automotive 14.6% 14.8% 14.7% 14.8%
Retail Commercial Trucks 15.5% 17.5% 15.7% 17.4%
Commercial Vehicles Australia/Power Systems and Other 27.0% 27.4% 25.9% 26.8%
---- ---- ---- ----
Total 15.0% 15.2% 15.0% 15.2%
==== ==== ==== ====
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2018 2017 2018 2017
---- ---- ---- ----
Operating Items as a Percentage of Revenue:
Gross Profit 15.0% 15.2% 15.0% 15.2%
Selling, General and Administrative Expenses 11.4% 11.6% 11.5% 11.7%
Operating Income 3.2% 3.2% 3.1% 3.1%
Income from Continuing Operations Before Income Taxes 3.0% 2.9% 2.7% 2.7%
Operating Items as a Percentage of Total Gross Profit:
Selling, General and Administrative Expenses 75.9% 76.1% 76.3% 76.9%
Operating Income 21.2% 21.0% 20.8% 20.2%
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
(Amounts in Millions) 2018 2017 2018 2017
---- ---- ---- ----
EBITDA* $230.5 $206.6 $430.2 $378.7
Floorplan Credits $10.3 $10.1 $18.8 $18.4
Rent Expense $59.0 $55.4 $116.9 $108.8
Capital Expenditures $54.1 $76.5 $118.8 $113.4
Stock Repurchases $5.8 $5.8 $55.8 $8.5
_________________________
* See the following Non-GAAP reconciliation table.
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Selected Data - Revenue and Gross Profit Mix
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2018 2017 2018 2017
---- ---- ---- ----
Retail Automotive Revenue Mix:
Premium:
BMW / MINI 23% 23% 22% 23%
Audi 13% 14% 14% 14%
Mercedes-Benz 9% 10% 9% 10%
Land Rover / Jaguar 9% 8% 9% 8%
Porsche 6% 6% 6% 6%
Ferrari / Maserati 3% 3% 3% 3%
Lexus 3% 3% 3% 3%
Acura 1% 1% 1% 1%
Bentley 1% 1% 1% 1%
Others 2% 1% 2% 1%
--- --- --- ---
Total Premium 70% 70% 70% 70%
Volume Non-U.S.:
Toyota 9% 10% 9% 10%
Honda 7% 7% 6% 7%
Volkswagen 4% 3% 4% 4%
Nissan 1% 1% 1% 1%
Others 1% 2% 2% 2%
--- --- --- ---
Total Volume Non-U.S. 22% 23% 22% 24%
U.S.:
General Motors / Chrysler / Ford 2% 3% 2% 3%
--- --- --- ---
Stand-Alone Used 6% 4% 6% 3%
--- --- --- ---
Total 100% 100% 100% 100%
=== === === ===
Retail Automotive Geographic Revenue Mix:
U.S. 54% 60% 53% 58%
U.K. 39% 34% 40% 36%
Other International 7% 6% 7% 6%
--- --- --- ---
Total 100% 100% 100% 100%
=== === === ===
Retail Automotive Geographic Gross Profit Mix:
U.S. 59% 64% 58% 62%
U.K. 35% 31% 36% 32%
Other International 6% 5% 6% 6%
--- --- --- ---
Total 100% 100% 100% 100%
=== === === ===
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Selected Data - Three Months Ended June 30
(Unaudited)
Three Months Ended
June 30, 2018 vs. 2017
-------- -------------
2018 2017 Change % Change
---- ---- ------ --------
Retail Automotive Units:
New Retail 61,071 63,919 (2,848) (4.5)%
Used Retail 73,143 66,208 6,935 10.5%
------ ------ ----- ----
Total 134,214 130,127 4,087 3.1%
======= ======= ===== ===
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles $2,528.6 $2,401.7 $126.9 5.3%
Used Vehicles 1,896.9 1,640.1 256.8 15.7%
Finance and Insurance, Net 162.9 147.2 15.7 10.7%
Service and Parts 547.8 520.3 27.5 5.3%
Fleet and Wholesale 319.3 331.4 (12.1) (3.7)%
----- ----- ----- -----
Total Revenue $5,455.5 $5,040.7 $414.8 8.2%
======== ======== ====== ===
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles $189.8 $190.3 $(0.5) (0.3)%
Used Vehicles 112.5 93.8 18.7 19.9%
Finance and Insurance, Net 162.9 147.2 15.7 10.7%
Service and Parts 328.2 309.7 18.5 6.0%
Fleet and Wholesale 4.6 5.0 (0.4) (8.0)%
--- --- ---- -----
Total Gross Profit $798.0 $746.0 $52.0 7.0%
====== ====== ===== ===
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles $41,404 $37,575 $3,829 10.2%
Used Vehicles 25,934 24,772 1,162 4.7%
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles $3,109 $2,977 $132 4.4%
Used Vehicles 1,538 1,416 122 8.6%
Finance and Insurance 1,213 1,131 82 7.3%
Total Variable Gross Profit Per Vehicle (1) 3,466 3,314 152 4.6%
Retail Automotive Gross Margin:
New Vehicles 7.5% 7.9% (0.4)% (5.1)%
Used Vehicles 5.9% 5.7% 0.2% 3.5%
Service and Parts 59.9% 59.5% 0.4% 0.7%
Fleet and Wholesale 1.4% 1.5% (0.1)% (6.7)%
--- --- ----- -----
Total Gross Margin 14.6% 14.8% (0.2)% (1.4)%
==== ==== ===== =====
Retail Automotive Revenue Mix Percentages:
New Vehicles 46.3% 47.7% (1.4)% (2.9)%
Used Vehicles 34.8% 32.5% 2.3% 7.1%
Finance and Insurance, Net 3.0% 2.9% 0.1% 3.4%
Service and Parts 10.0% 10.3% (0.3)% (2.9)%
Fleet and Wholesale 5.9% 6.6% (0.7)% (10.6)%
--- ---
Total 100.0% 100.0%
===== =====
Retail Automotive Gross Profit Mix Percentages:
New Vehicles 23.8% 25.5% (1.7)% (6.7)%
Used Vehicles 14.1% 12.6% 1.5% 11.9%
Finance and Insurance, Net 20.4% 19.7% 0.7% 3.6%
Service and Parts 41.1% 41.5% (0.4)% (1.0)%
Fleet and Wholesale 0.6% 0.7% (0.1)% (14.3)%
--- ---
Total 100.0% 100.0%
===== =====
_________________________
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales.
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Selected Data - Six Months Ended June 30
(Unaudited)
Six Months Ended
June 30, 2018 vs. 2017
-------- -------------
2018 2017 Change % Change
---- ---- ------ --------
Retail Automotive Units:
New Retail 120,333 126,107 (5,774) (4.6)%
Used Retail 146,371 128,492 17,879 13.9%
------- ------- ------ ----
Total 266,704 254,599 12,105 4.8%
======= ======= ====== ===
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles $4,975.4 $4,709.1 $266.3 5.7%
Used Vehicles 3,763.7 3,181.1 582.6 18.3%
Finance and Insurance, Net 323.7 284.6 39.1 13.7%
Service and Parts 1,091.3 1,019.2 72.1 7.1%
Fleet and Wholesale 597.4 603.1 (5.7) (0.9)%
----- ----- ---- -----
Total Revenue $10,751.5 $9,797.1 $954.4 9.7%
========= ======== ====== ===
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles $373.0 $367.4 $5.6 1.5%
Used Vehicles 222.2 187.9 34.3 18.3%
Finance and Insurance, Net 323.7 284.6 39.1 13.7%
Service and Parts 646.3 603.4 42.9 7.1%
Fleet and Wholesale 11.1 11.0 0.1 0.9%
---- ---- --- ---
Total Gross Profit $1,576.3 $1,454.3 $122.0 8.4%
======== ======== ====== ===
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles $41,347 $37,342 $4,005 10.7%
Used Vehicles 25,713 24,757 956 3.9%
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles $3,100 $2,913 $187 6.4%
Used Vehicles 1,518 1,463 55 3.8%
Finance and Insurance 1,213 1,118 95 8.5%
Total Variable Gross Profit Per Vehicle (1) 3,445 3,299 146 4.4%
Retail Automotive Gross Margin:
New Vehicles 7.5% 7.8% (0.3)% (3.8)%
Used Vehicles 5.9% 5.9% - % - %
Service and Parts 59.2% 59.2% - % - %
Fleet and Wholesale 1.9% 1.8% 0.1% 5.6%
--- --- --- ---
Total Gross Margin 14.7% 14.8% (0.1)% (0.7)%
==== ==== ===== =====
Retail Automotive Revenue Mix Percentages:
New Vehicles 46.3% 48.1% (1.8)% (3.7)%
Used Vehicles 35.0% 32.5% 2.5% 7.7%
Finance and Insurance, Net 3.0% 2.9% 0.1% 3.4%
Service and Parts 10.2% 10.4% (0.2)% (1.9)%
Fleet and Wholesale 5.5% 6.1% (0.6)% (9.8)%
--- ---
Total 100.0% 100.0%
===== =====
Retail Automotive Gross Profit Mix Percentages:
New Vehicles 23.7% 25.3% (1.6)% (6.3)%
Used Vehicles 14.1% 12.9% 1.2% 9.3%
Finance and Insurance, Net 20.5% 19.6% 0.9% 4.6%
Service and Parts 41.0% 41.5% (0.5)% (1.2)%
Fleet and Wholesale 0.7% 0.7% - % - %
--- ---
Total 100.0% 100.0%
===== =====
_________________________
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales.
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations Same-Store
Selected Data - Three Months June 30
(Unaudited)
Three Months Ended
June 30, 2018 vs. 2017
-------- -------------
2018 2017 Change % Change
---- ---- ------ --------
Retail Automotive Same-Store Units:
New Retail 60,324 60,272 52 0.1%
Used Retail 66,160 64,185 1,975 3.1%
------ ------ ----- ---
Total 126,484 124,457 2,027 1.6%
======= ======= ===== ===
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles $2,518.9 $2,347.1 $171.8 7.3%
Used Vehicles 1,790.5 1,603.3 187.2 11.7%
Finance and Insurance, Net 157.8 143.9 13.9 9.7%
Service and Parts 542.9 512.2 30.7 6.0%
Fleet and Wholesale 306.5 320.5 (14.0) (4.4)%
----- ----- ----- -----
Total Revenue $5,316.6 $4,927.0 $389.6 7.9%
======== ======== ====== ===
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles $188.6 $186.5 $2.1 1.1%
Used Vehicles 104.1 91.3 12.8 14.0%
Finance and Insurance, Net 157.8 143.9 13.9 9.7%
Service and Parts 322.9 303.9 19.0 6.3%
Fleet and Wholesale 4.4 5.0 (0.6) (12.0)%
--- --- ---- ------
Total Gross Profit $777.8 $730.6 $47.2 6.5%
====== ====== ===== ===
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles $41,757 $38,942 $2,815 7.2%
Used Vehicles 27,064 24,980 2,084 8.3%
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles $3,127 $3,095 $32 1.0%
Used Vehicles 1,574 1,423 151 10.6%
Finance and Insurance 1,247 1,157 90 7.8%
Total Variable Gross Profit Per Vehicle (1) 3,562 3,388 174 5.1%
Retail Automotive Same-Store Gross Margin:
New Vehicles 7.5% 7.9% (0.4)% (5.1)%
Used Vehicles 5.8% 5.7% 0.1% 1.8%
Service and Parts 59.5% 59.3% 0.2% 0.3%
Fleet and Wholesale 1.4% 1.6% (0.2)% (12.5)%
--- --- ----- ------
Total Gross Margin 14.6% 14.8% (0.2)% (1.4)%
==== ==== ===== =====
Retail Automotive Revenue Mix Percentages:
New Vehicles 47.4% 47.6% (0.2)% (0.4)%
Used Vehicles 33.7% 32.5% 1.2% 3.7%
Finance and Insurance, Net 3.0% 2.9% 0.1% 3.4%
Service and Parts 10.2% 10.4% (0.2)% (1.9)%
Fleet and Wholesale 5.7% 6.6% (0.9)% (13.6)%
--- ---
Total 100.0% 100.0%
===== =====
Retail Automotive Gross Profit Mix Percentages:
New Vehicles 24.2% 25.5% (1.3)% (5.1)%
Used Vehicles 13.4% 12.5% 0.9% 7.2%
Finance and Insurance, Net 20.3% 19.7% 0.6% 3.0%
Service and Parts 41.5% 41.6% (0.1)% (0.2)%
Fleet and Wholesale 0.6% 0.7% (0.1)% (14.3)%
--- ---
Total 100.0% 100.0%
===== =====
_________________________
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales.
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations Same-Store
Selected Data - Six Months June 30
(Unaudited)
Six Months Ended
June 30, 2018 vs. 2017
-------- -------------
2018 2017 Change % Change
---- ---- ------ --------
Retail Automotive Same-Store Units:
New Retail 117,211 118,173 (962) (0.8)%
Used Retail 106,210 104,224 1,986 1.9%
------- ------- ----- ---
Total 223,421 222,397 1,024 0.5%
======= ======= ===== ===
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles $4,851.3 $4,532.7 $318.6 7.0%
Used Vehicles 3,106.4 2,806.5 299.9 10.7%
Finance and Insurance, Net 276.4 253.1 23.3 9.2%
Service and Parts 1,049.7 981.0 68.7 7.0%
Fleet and Wholesale 496.8 544.8 (48.0) (8.8)%
----- ----- ----- -----
Total Revenue $9,780.6 $9,118.1 $662.5 7.3%
======== ======== ====== ===
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles $358.3 $353.5 $4.8 1.4%
Used Vehicles 173.3 157.2 16.1 10.2%
Finance and Insurance, Net 276.4 253.1 23.3 9.2%
Service and Parts 611.2 575.4 35.8 6.2%
Fleet and Wholesale 7.7 9.9 (2.2) (22.2)%
--- --- ---- ------
Total Gross Profit $1,426.9 $1,349.1 $77.8 5.8%
======== ======== ===== ===
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles $41,389 $38,356 $3,033 7.9%
Used Vehicles 29,248 26,928 2,320 8.6%
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles $3,057 $2,992 $65 2.2%
Used Vehicles 1,631 1,508 123 8.2%
Finance and Insurance 1,237 1,138 99 8.7%
Total Variable Gross Profit Per Vehicle (1) 3,616 3,434 182 5.3%
Retail Automotive Same-Store Gross Margin:
New Vehicles 7.4% 7.8% (0.4)% (5.1)%
Used Vehicles 5.6% 5.6% - % - %
Service and Parts 58.2% 58.7% (0.5)% (0.9)%
Fleet and Wholesale 1.5% 1.8% (0.3)% (16.7)%
--- --- ----- ------
Total Gross Margin 14.6% 14.8% (0.2)% (1.4)%
==== ==== ===== =====
Retail Automotive Revenue Mix Percentages:
New Vehicles 49.6% 49.7% (0.1)% (0.2)%
Used Vehicles 31.8% 30.8% 1.0% 3.2%
Finance and Insurance, Net 2.8% 2.8% - % - %
Service and Parts 10.7% 10.8% (0.1)% (0.9)%
Fleet and Wholesale 5.1% 5.9% (0.8)% (13.6)%
--- ---
Total 100.0% 100.0%
===== =====
Retail Automotive Gross Profit Mix Percentages:
New Vehicles 25.1% 26.2% (1.1)% (4.2)%
Used Vehicles 12.1% 11.7% 0.4% 3.4%
Finance and Insurance, Net 19.4% 18.8% 0.6% 3.2%
Service and Parts 42.8% 42.7% 0.1% 0.2%
Fleet and Wholesale 0.6% 0.6% - % - %
--- ---
Total 100.0% 100.0%
===== =====
_________________________
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales.
PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations
Selected Data - Three Months June 30
(Unaudited)
Three Months Ended
June 30, 2018 vs. 2017
-------- -------------
2018 2017 Change % Change
---- ---- ------ --------
Retail Commercial Truck Units:
New Retail 2,018 1,174 844 71.9%
Used Retail 486 385 101 26.2%
--- --- --- ----
Total 2,504 1,559 945 60.6%
===== ===== === ====
Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles $210.7 $116.5 $94.2 80.9%
Used Vehicles 27.3 23.2 4.1 17.7%
Finance and Insurance, Net 3.6 2.3 1.3 56.5%
Service and Parts 92.2 83.3 8.9 10.7%
Wholesale 5.0 3.2 1.8 56.3%
--- --- --- ----
Total Revenue $338.8 $228.5 $110.3 48.3%
====== ====== ====== ====
Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles $9.5 $5.0 $4.5 90.0%
Used Vehicles 3.1 2.5 0.6 24.0%
Finance and Insurance, Net 3.6 2.3 1.3 56.5%
Service and Parts 35.9 30.3 5.6 18.5%
Wholesale 0.3 (0.1) 0.4 nm
--- ---- --- ---
Total Gross Profit $52.4 $40.0 $12.4 31.0%
===== ===== ===== ====
Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles $104,418 $99,225 $5,193 5.2%
Used Vehicles 56,175 60,139 (3,964) (6.6)%
Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles $4,680 $4,300 $380 8.8%
Used Vehicles 6,469 6,503 (34) (0.5)%
Finance and Insurance 1,445 1,477 (32) (2.2)%
Total Variable Gross Profit Per Vehicle (1) 6,470 6,286 184 2.9%
Retail Commercial Truck Gross Margin:
New Vehicles 4.5% 4.3% 0.2% 4.7%
Used Vehicles 11.4% 10.8% 0.6% 5.6%
Service and Parts 38.9% 36.4% 2.5% 6.9%
---- ---- --- ---
Total Gross Margin 15.5% 17.5% (2.0)% (11.4)%
==== ==== ===== ======
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles 62.2% 51.0% 11.2% 22.0%
Used Vehicles 8.1% 10.2% (2.1)% (20.6)%
Finance and Insurance, Net 1.1% 1.0% 0.1% 10.0%
Service and Parts 27.2% 36.5% (9.3)% (25.5)%
Fleet and Wholesale 1.4% 1.3% 0.1% 7.7%
--- ---
Total 100.0% 100.0%
===== =====
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles 18.1% 12.5% 5.6% 44.8%
Used Vehicles 5.9% 6.3% (0.4)% (6.3)%
Finance and Insurance, Net 6.9% 5.8% 1.1% 19.0%
Service and Parts 68.5% 75.8% (7.3)% (9.6)%
Fleet and Wholesale 0.6% (0.4)% 1.0% nm %
--- -----
Total 100.0% 100.0%
===== =====
__________________________
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales.
PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations
Selected Data - Six Months June 30
(Unaudited)
Six Months Ended
June 30, 2018 vs. 2017
-------- -------------
2018 2017 Change % Change
---- ---- ------ --------
Retail Commercial Truck Units:
New Retail 3,672 2,300 1,372 59.7%
Used Retail 937 766 171 22.3%
--- --- --- ----
Total 4,609 3,066 1,543 50.3%
===== ===== ===== ====
Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles $381.1 $227.2 $153.9 67.7%
Used Vehicles 53.8 42.2 11.6 27.5%
Finance and Insurance, Net 6.8 4.5 2.3 51.1%
Service and Parts 182.6 161.3 21.3 13.2%
Wholesale 6.9 5.0 1.9 38.0%
--- --- --- ----
Total Revenue $631.2 $440.2 $191.0 43.4%
====== ====== ====== ====
Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles $16.2 $9.5 $6.7 70.5%
Used Vehicles 5.8 3.5 2.3 65.7%
Finance and Insurance, Net 6.8 4.5 2.3 51.1%
Service and Parts 69.9 59.1 10.8 18.3%
Wholesale 0.3 (0.2) 0.5 nm
--- ---- --- ---
Total Gross Profit $99.0 $76.4 $22.6 29.6%
===== ===== ===== ====
Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles $103,797 $98,758 $5,039 5.1%
Used Vehicles 57,394 55,019 2,375 4.3%
Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles $4,405 $4,144 $261 6.3%
Used Vehicles 6,161 4,556 1,605 35.2%
Finance and Insurance 1,479 1,452 27 1.9%
Total Variable Gross Profit Per Vehicle (1) 6,249 5,708 541 9.5%
Retail Commercial Truck Gross Margin:
New Vehicles 4.3% 4.2% 0.1% 2.4%
Used Vehicles 10.8% 8.3% 2.5% 30.1%
Service and Parts 38.3% 36.6% 1.7% 4.6%
---- ---- --- ---
Total Gross Margin 15.7% 17.4% (1.7)% (9.8)%
==== ==== ===== =====
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles 60.4% 51.6% 8.8% 17.1%
Used Vehicles 8.5% 9.6% (1.1)% (11.5)%
Finance and Insurance, Net 1.1% 1.0% 0.1% 10.0%
Service and Parts 28.9% 36.6% (7.7)% (21.0)%
Fleet and Wholesale 1.1% 1.2% (0.1)% (8.3)%
--- ---
Total 100.0% 100.0%
===== =====
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles 16.4% 12.4% 4.0% 32.3%
Used Vehicles 5.9% 4.6% 1.3% 28.3%
Finance and Insurance, Net 6.9% 5.9% 1.0% 16.9%
Service and Parts 70.6% 77.4% (6.8)% (8.8)%
Fleet and Wholesale 0.2% (0.3)% 0.5% nm %
--- -----
Total 100.0% 100.0%
===== =====
_________________________
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales.
PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations Same-Store
Selected Data - Three Months June 30
(Unaudited)
Three Months Ended
June 30, 2018 vs. 2017
-------- -------------
2018 2017 Change % Change
---- ---- ------ --------
Retail Commercial Truck Same-Store Units:
New Retail 1,988 1,174 814 69.3%
Used Retail 485 385 100 26.0%
--- --- --- ----
Total 2,473 1,559 914 58.6%
===== ===== === ====
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles $207.1 $116.5 $90.6 77.8%
Used Vehicles 27.2 23.2 4.0 17.2%
Finance and Insurance, Net 2.3 2.3 - - %
Service and Parts 91.1 83.3 7.8 9.4%
Wholesale 4.7 3.2 1.5 46.9%
--- --- --- ----
Total Revenue $332.4 $228.5 $103.9 45.5%
====== ====== ====== ====
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles $9.2 $5.0 $4.2 84.0%
Used Vehicles 3.1 2.5 0.6 24.0%
Finance and Insurance, Net 2.3 2.3 - - %
Service and Parts 35.3 30.3 5.0 16.5%
Wholesale 0.2 (0.1) 0.3 nm
--- ---- --- ---
Total Gross Profit $50.1 $40.0 $10.1 25.3%
===== ===== ===== ====
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles $104,173 $99,225 $4,948 5.0%
Used Vehicles 56,165 60,139 (3,974) (6.6)%
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles $4,607 $4,300 $307 7.1%
Used Vehicles 6,445 6,503 (58) (0.9)%
Finance and Insurance 916 1,477 (561) (38.0)%
Total Variable Gross Profit Per Vehicle (1) 5,904 6,286 (382) (6.1)%
Retail Commercial Truck Same-Store Gross Margin:
New Vehicles 4.4% 4.3% 0.1% 2.3%
Used Vehicles 11.4% 10.8% 0.6% 5.6%
Service and Parts 38.7% 36.4% 2.3% 6.3%
---- ---- --- ---
Total Gross Margin 15.1% 17.5% (2.4)% (13.7)%
==== ==== ===== ======
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles 62.3% 51.0% 11.3% 22.2%
Used Vehicles 8.2% 10.2% (2.0)% (19.6)%
Finance and Insurance, Net 0.7% 1.0% (0.3)% (30.0)%
Service and Parts 27.4% 36.5% (9.1)% (24.9)%
Fleet and Wholesale 1.4% 1.3% 0.1% 7.7%
--- ---
Total 100.0% 100.0%
===== =====
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles 18.4% 12.5% 5.9% 47.2%
Used Vehicles 6.2% 6.3% (0.1)% (1.6)%
Finance and Insurance, Net 4.6% 5.8% (1.2)% (20.7)%
Service and Parts 70.5% 75.8% (5.3)% (7.0)%
Fleet and Wholesale 0.3% (0.4)% 0.7% nm %
--- -----
Total 100.0% 100.0%
===== =====
__________________________
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales.
PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations Same-Store
Selected Data - Six Months June 30
(Unaudited)
Six Months Ended
June 30, 2018 vs. 2017
-------- -------------
2018 2017 Change % Change
---- ---- ------ --------
Retail Commercial Truck Same-Store Units:
New Retail 3,642 2,300 1,342 58.3%
Used Retail 936 766 170 22.2%
--- --- --- ----
Total 4,578 3,066 1,512 49.3%
===== ===== ===== ====
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles $377.5 $227.2 $150.3 66.2%
Used Vehicles 53.7 42.2 11.5 27.3%
Finance and Insurance, Net 4.4 4.5 (0.1) (2.2)%
Service and Parts 180.9 161.3 19.6 12.2%
Wholesale 6.4 5.0 1.4 28.0%
--- --- --- ----
Total Revenue $622.9 $440.2 $182.7 41.5%
====== ====== ====== ====
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles $15.9 $9.5 $6.4 67.4%
Used Vehicles 5.8 3.5 2.3 65.7%
Finance and Insurance, Net 4.4 4.5 (0.1) (2.2)%
Service and Parts 69.1 59.1 10.0 16.9%
Wholesale 0.2 (0.2) 0.4 nm
--- ---- --- ---
Total Gross Profit $95.4 $76.4 $19.0 24.9%
===== ===== ===== ====
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles $103,659 $98,758 $4,901 5.0%
Used Vehicles 57,390 55,019 2,371 4.3%
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles $4,363 $4,144 $219 5.3%
Used Vehicles 6,148 4,556 1,592 34.9%
Finance and Insurance 962 1,452 (490) (33.7)%
Total Variable Gross Profit Per Vehicle (1) 5,701 5,708 (7) (0.1)%
Retail Commercial Truck Same-Store Gross Margin:
New Vehicles 4.2% 4.2% - % - %
Used Vehicles 10.8% 8.3% 2.5% 30.1%
Service and Parts 38.2% 36.6% 1.6% 4.4%
---- ---- --- ---
Total Gross Margin 15.3% 17.4% (2.1)% (12.1)%
==== ==== ===== ======
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles 60.6% 51.6% 9.0% 17.4%
Used Vehicles 8.6% 9.6% (1.0)% (10.4)%
Finance and Insurance, Net 0.7% 1.0% (0.3)% (30.0)%
Service and Parts 29.0% 36.6% (7.6)% (20.8)%
Fleet and Wholesale 1.1% 1.2% (0.1)% (8.3)%
--- ---
Total 100.0% 100.0%
===== =====
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles 16.7% 12.4% 4.3% 34.7%
Used Vehicles 6.1% 4.6% 1.5% 32.6%
Finance and Insurance, Net 4.6% 5.9% (1.3)% (22.0)%
Service and Parts 72.4% 77.4% (5.0)% (6.5)%
Fleet and Wholesale 0.2% (0.3)% 0.5% nm %
--- -----
Total 100.0% 100.0%
===== =====
_________________________
(1) Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales.
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Non-GAAP Reconciliations
(Unaudited)
The following tables reconcile reported net income to earnings before interest, taxes, depreciation and amortization ("EBITDA") for the three and six months ended June 30, 2018 and 2017:
Three Months Ended
June 30, 2018 vs. 2017
-------- -------------
(Amounts in Millions) 2018 2017 Change % Change
---- ---- ------ --------
Net Income $135.2 $106.9 $28.3 26.5%
Add: Depreciation 25.7 23.3 2.4 10.3%
Other Interest Expense 28.6 26.4 2.2 8.3%
Income Taxes 41.0 50.2 (9.2) (18.3)%
(Income) Loss from Discontinued Operations, net of tax - (0.2) 0.2 nm
--- ---- --- ---
EBITDA $230.5 $206.6 $23.9 11.6%
====== ====== ===== ====
Six Months Ended
June 30, 2018 vs. 2017
-------- -------------
(Amounts in Millions) 2018 2017 Change % Change
---- ---- ------ --------
Net Income $243.0 $189.9 $53.1 28.0%
Add: Depreciation 51.3 45.7 5.6 12.3%
Other Interest Expense 58.4 51.4 7.0 13.6%
Income Taxes 77.6 91.3 (13.7) (15.0)%
(Income) Loss from Discontinued Operations, net of tax (0.1) 0.4 (0.5) nm
---- --- ---- ---
EBITDA $430.2 $378.7 $51.5 13.6%
====== ====== ===== ====
nm - not meaningful
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SOURCE Penske Automotive Group, Inc.
