Penske Automotive Reports First Quarter 2019 Results
BLOOMFIELD HILLS, Mich., April 25, 2019 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company, today announced first quarter 2019 results. For the three months ended March 31, 2019, the company reported income from continuing operations attributable to common shareholders of $100.1 million, or $1.19 per share, compared to $108.0 million, or $1.26 per share in the prior year.
During the three months ended March 31, 2019, income from continuing operations and related earnings per share were negatively impacted by $7.6 million after taxes, or $0.09 per share, from net restructuring charges and product availability shortages related to Worldwide Light Vehicle Testing Protocol (WLTP). These costs were partially offset by $2.4 million after taxes, or $0.03 per share, related to the favorable outcome of a litigation matter at Penske Truck Leasing. Foreign exchange negatively affected earnings per share by $0.04 in the first quarter 2019.
The results for the three months ended March 31, 2018 include a net benefit totaling $1.0 million or $0.01 per share, related to strategic dealership actions. On January 1, 2019, the company adopted ASC 842 for lease recognition and recorded operating lease right-of-use assets and operating lease liabilities of approximately $2.3 billion each on our balance sheet as of March 31, 2019.
Chairman Roger Penske said, "I am pleased with our first quarter performance and optimistic about the remainder of the year. We repurchased 1.5%, or 1.3 million, of our outstanding shares while holding long-term debt flat with December last year. Further, I am particularly pleased to see the 5.6% increase in same-store service and parts revenue when excluding the impact of foreign exchange and the increase in our used to new ratio. As I look forward, the product availability issues created by WLTP have improved, and I am encouraged by the strong order book in the U.K., the continued strength in our retail truck operations, and the resilience shown by our dealership operations."
Automotive Retail Highlights of the First Quarter
-- Same-Store Retail Unit Sales -3.8% to 124,725
-- New Retail Units -8.5%
-- Used Retail Units +0.1%
-- Same-Store Retail Revenue -4.5%; Excluding Foreign Exchange -1.4%
Actual
Excl. F/X
New Vehicles -9.4% -6.9%
---
Used Vehicles -0.5% +3.4%
---
Finance & Insurance -0.4% +2.8%
---
Service & Parts +3.0% +5.6%
---
-- Same-Store Average Gross Profit Per Unit
New
Used
F & I
Actual $3,153 $1,301 $1,262
---
Change +$49 -$209 +$42
---
Excl. Foreign Exchange $3,253 $1,347 $1,303
---
Change +$149 -$163 +$83
---
Used Supercenter Operations
For the three months ended March 31, 2019, the used supercenters retailed 18,040 used units and generated $314.4 million in revenue. The company expects to open four additional used vehicle supercenters during the second half of 2019, including two sites in the U.S. and another two in the U.K.
Retail Commercial Truck Operations
For the three months ended March 31, 2019, total medium and heavy duty truck units retailed increased 9.4% and revenue increased 13.6% to $332.3 million. Same-store units retailed increased 7.7% and revenue increased 12.4%. Service and parts represented 27.5% of revenue and 66.4% of gross profit. Same-store service and parts revenue increased 1.1%.
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. The company accounts for its ownership interest in PTL using the equity method of accounting. For the three months ended March 31, 2019, the company recorded $25.8 million in earnings from this investment compared to $16.0 million for the same period last year.
Dividend and Share Repurchases
On January 30, 2019, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.38 per share, the 31(st) consecutive increase in the quarterly dividend.
During the three months ended March 31, 2019, the company repurchased approximately 1.5% of its outstanding shares, representing 1,258,348 shares, for $54.3 million, or an average of $43.19 per share. As of March 31, 2019, the company had remaining share repurchase authorization of approximately $145.7 million.
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the first quarter of 2019 on Thursday, April 25, 2019, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1093 [International, please dial (612) 332-0107]. The call will also be simultaneously broadcast over the Internet through the Investor's section of the Penske Automotive Group website. Additionally, an investor presentation relating to the first quarter 2019 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 27,000 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 product availability, 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, changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse impacts related to the outcome of the United Kingdom's potential departure from the European Union, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to WLTP, natural disasters, 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, 2018, 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
(Amounts In Millions, Except Per Share Data)
(Unaudited)
Three Months Ended
March 31,
2019 2018 Change
Revenue $
5,564.4 $
5,746.9 (3.2)
%
Cost of Sales 4,712.9 4,882.5 (3.5)
%
Gross Profit $
851.5 $
864.4 (1.5)
%
SG&A Expenses 666.4 663.1 0.5
%
Depreciation 26.4 25.6 3.1
%
Operating Income $
158.7 $
175.7 (9.7)
%
Floor Plan Interest Expense (21.8) (18.9) 15.3
%
Other Interest Expense (29.9) (29.8) 0.3
%
Equity in Earnings of Affiliates 26.8 17.3 54.9
%
Income from Continuing Operations Before Income Taxes $
133.8 $
144.3 (7.3)
%
Income Taxes (34.7) (36.6) (5.2)
%
Income from Continuing Operations $
99.1 $
107.7 (8.0)
%
Income from Discontinued Operations, net of tax 0.1 0.1
nm
Net Income $
99.2 $
107.8 (8.0)
%
Less: Loss Attributable to Non-Controlling Interests (1.0) (0.3)
nm
Net Income Attributable to Common Shareholders $
100.2 $
108.1 (7.3)
%
Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations $
99.1 $
107.7 (8.0)
%
Less: Loss Attributable to Non-Controlling Interests (1.0) (0.3)
nm
Income from Continuing Operations, net of tax $
100.1 $
108.0 (7.3)
%
Income from Discontinued Operations, net of tax 0.1 0.1
nm
Net Income Attributable to Common Shareholders $
100.2 $
108.1 (7.3)
%
Income from Continuing Operations Per Share $
1.19 $
1.26 (5.6)
%
Income Per Share $
1.19 $
1.26 (5.6)
%
Weighted Average Shares Outstanding 84.4 86.0 (1.9)
%
nm - not meaningful
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Millions)
(Unaudited)
March 31, December 31,
2019 2018
Assets:
Cash and Cash Equivalents $
43.5 $
39.4
Accounts Receivable, Net 1,034.1 929.1
Inventories 4,104.1 4,040.1
Other Current Assets 101.5 86.6
Total Current Assets 5,283.2 5,095.2
Property and Equipment, Net 2,276.1 2,250.0
Operating Lease Right-of-Use Assets 2,340.6
Intangibles 2,247.9 2,238.2
Other Long-Term Assets 1,351.3 1,321.1
Total Assets $
13,499.1 $
10,904.5
Liabilities and Equity:
Floor Plan Notes Payable $
2,419.2 $
2,362.2
Floor Plan Notes Payable - Non-Trade 1,488.7 1,428.6
Accounts Payable 668.5 598.2
Accrued Expenses and Other Current Liabilities 698.7 566.6
Current Portion Long-Term Debt 94.5 92.0
Liabilities Held for Sale 0.5 0.7
Total Current Liabilities 5,370.1 5,048.3
Long-Term Debt 2,118.3 2,124.7
Long-Term Operating Lease Liabilities 2,308.4
Other Long-Term Liabilities 1,040.6 1,096.8
Total Liabilities 10,837.4 8,269.8
Equity 2,661.7 2,634.7
Total Liabilities and Equity $
13,499.1 $
10,904.5
Supplemental Balance Sheet Information
New vehicle days' supply 62 72
Used vehicle days' supply 41 57
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)
Three Months Ended
March 31,
2019 2018
Geographic Revenue Mix:
North America 54.9 53.0
% %
U.K. 36.7 38.2
% %
Other International 8.4 8.8
% %
Total 100.0 100.0
% %
Revenue: (Amounts in Millions)
Retail Automotive $
5,091.2 $
5,296.0
Retail Commercial Trucks 332.3 292.4
Commercial Vehicles Australia/Power Systems and Other 140.9 158.5
Total $
5,564.4 $
5,746.9
Gross Profit: (Amounts in Millions)
Retail Automotive $
761.5 $
778.3
Retail Commercial Trucks 54.4 46.6
Commercial Vehicles Australia/Power Systems and Other 35.6 39.5
Total $
851.5 $
864.4
Gross Margin:
Retail Automotive 15.0 14.7
% %
Retail Commercial Trucks 16.4 15.9
% %
Commercial Vehicles Australia/Power Systems and Other 25.3 24.9
% %
Total 15.3 15.0
% %
Three Months Ended
March 31,
2019 2018
Operating Items as a Percentage of Revenue:
Gross Profit 15.3 15.0
% %
Selling, General and Administrative Expenses 12.0 11.5
% %
Operating Income 2.9 3.1
% %
Income from Continuing Operations Before Income Taxes 2.4 2.5
% %
Operating Items as a Percentage of Total Gross Profit:
Selling, General and Administrative Expenses 78.3 76.7
% %
Operating Income 18.6 20.3
% %
Three Months Ended
March 31,
(Amounts in Millions) 2019 2018
EBITDA* $
190.1 $
199.7
Floorplan Credits $
8.5 $
8.5
Rent Expense $
57.2 $
57.9
Capital Expenditures $
63.1 $
64.7
Stock Repurchases $
54.3 $
50.0
___________________________
* 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
March 31,
2019 2018
Retail Automotive Revenue Mix:
Premium:
BMW / MINI 22 22
% %
Audi 12 14
% %
Mercedes-Benz 10 10
% %
Land Rover / Jaguar 10 9
% %
Porsche 5 6
% %
Ferrari / Maserati 3 3
% %
Lexus 3 2
% %
Acura 1 1
% %
Bentley 1 1
% %
Others 3 2
% %
Total Premium 70 70
% %
Volume Non-U.S.:
Toyota 9 9
% %
Honda 6 6
% %
Volkswagen 4 4
% %
Nissan 1 1
% %
Others 2 2
% %
Total Volume Non-U.S. 22 22
% %
U.S.:
General Motors / Chrysler / Ford 2 2
% %
Stand-Alone Used 6 6
% %
Total 100 100
% %
Retail Automotive Geographic Revenue Mix:
U.S. 54 52
% %
U.K. 40 41
% %
Other International 6 7
% %
Total 100 100
% %
Retail Automotive Geographic Gross Profit Mix:
U.S. 58 57
% %
U.K. 37 37
% %
Other International 5 6
% %
Total 100 100
% %
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Selected Data
(Unaudited)
Three Months Ended
March 31,
2019 2018 Change
Retail Automotive Units:
New Retail 54,370 59,262 (8.3)
%
Used Retail 72,744 73,228 (0.7)
%
Total 127,114 132,490 (4.1)
%
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles $
2,231.2 $
2,446.8 (8.8)
%
Used Vehicles 1,852.0 1,866.8 (0.8)
%
Finance and Insurance, Net 160.0 160.8 (0.5)
%
Service and Parts 559.8 543.5 3.0
%
Fleet and Wholesale 288.2 278.1 3.6
%
Total Revenue $
5,091.2 $
5,296.0 (3.9)
%
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles $
172.7 $
183.2 (5.7)
%
Used Vehicles 92.9 109.7 (15.3)
%
Finance and Insurance, Net 160.0 160.8 (0.5)
%
Service and Parts 331.4 318.1 4.2
%
Fleet and Wholesale 4.5 6.5 (30.8)
%
Total Gross Profit $
761.5 $
778.3 (2.2)
%
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles $
41,037 $
41,288 (0.6)
%
Used Vehicles 25,459 25,493 (0.1)
%
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles $
3,176 $
3,091 2.7
%
Used Vehicles 1,278 1,498 (14.7)
%
Finance and Insurance 1,259 1,213 3.8
%
Retail Automotive Gross Margin:
New Vehicles 7.7 7.5
% % +20 bps
Used Vehicles 5.0 5.9
% % -90 bps
Service and Parts 59.2 58.5
% % +70 bps
Fleet and Wholesale 1.6 2.3
% % -70 bps
Total Gross Margin 15.0 14.7
% % +30 bps
Retail Automotive Revenue Mix Percentages:
New Vehicles 43.8 46.2
% % -240 bps
Used Vehicles 36.4 35.2
% % +120 bps
Finance and Insurance, Net 3.1 3.0
% % +10 bps
Service and Parts 11.0 10.3
% % +70 bps
Fleet and Wholesale 5.7 5.3
% % +40 bps
Total 100.0 100.0
% %
Retail Automotive Gross Profit Mix Percentages:
New Vehicles 22.7 23.5
% % -80 bps
Used Vehicles 12.2 14.1
% % -190 bps
Finance and Insurance, Net 21.0 20.7
% % +30 bps
Service and Parts 43.5 40.9
% % +260 bps
Fleet and Wholesale 0.6 0.8
% % -20 bps
Total 100.0 100.0
% %
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations Same-Store
Selected Data
(Unaudited)
Three Months Ended
March 31,
2019 2018 Change
Retail Automotive Same-Store Units:
New Retail 53,112 58,062 (8.5)
%
Used Retail 71,613 71,532 0.1
%
Total 124,725 129,594 (3.8)
%
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles $
2,171.2 $
2,397.3 (9.4)
%
Used Vehicles 1,823.4 1,832.1 (0.5)
%
Finance and Insurance, Net 157.5 158.2 (0.4)
%
Service and Parts 547.5 531.4 3.0
%
Fleet and Wholesale 280.2 271.6 3.2
%
Total Revenue $
4,979.8 $
5,190.6 (4.1)
%
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles $
167.5 $
180.2 (7.0)
%
Used Vehicles 93.1 108.0 (13.8)
%
Finance and Insurance, Net 157.5 158.2 (0.4)
%
Service and Parts 323.9 310.8 4.2
%
Fleet and Wholesale 4.5 6.7 (32.8)
%
Total Gross Profit $
746.5 $
763.9 (2.3)
%
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles $
40,880 $
41,288 (1.0)
%
Used Vehicles 25,462 25,612 (0.6)
%
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles $
3,153 $
3,104 1.6
%
Used Vehicles 1,301 1,510 (13.8)
%
Finance and Insurance 1,262 1,220 3.4
%
Retail Automotive Same-Store Gross Margin:
New Vehicles 7.7 7.5
% % +20
bps
Used Vehicles 5.1 5.9
% % -80
bps
Service and Parts 59.2 58.5
% % +70
bps
Fleet and Wholesale 1.6 2.5
% % -90
bps
Total Gross Margin 15.0 14.7
% % +30
bps
Retail Automotive Revenue Mix Percentages:
New Vehicles 43.6 46.2
% % -260
bps
Used Vehicles 36.6 35.3
% % +130
bps
Finance and Insurance, Net 3.2 3.0
% % +20
bps
Service and Parts 11.0 10.2
% % +80
bps
Fleet and Wholesale 5.6 5.3
% % +30
bps
Total 100.0 100.0
% %
Retail Automotive Gross Profit Mix Percentages:
New Vehicles 22.4 23.6
% % -120
bps
Used Vehicles 12.5 14.1
% % -160
bps
Finance and Insurance, Net 21.1 20.7
% % +40
bps
Service and Parts 43.4 40.7
% % +270
bps
Fleet and Wholesale 0.6 0.9
% % -30
bps
Total 100.0 100.0
% %
PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations
Selected Data
(Unaudited)
Three Months Ended
March 31,
2019 2018 Change
Retail Commercial Truck Units:
New Retail 1,887 1,655 14.0
%
Used Retail 416 451 (7.8)
%
Total 2,303 2,106 9.4
%
Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles $
207.4 $
170.4 21.7
%
Used Vehicles 24.1 26.5 (9.1)
%
Finance and Insurance, Net 3.0 3.2 (6.3)
%
Service and Parts 91.5 90.4 1.2
%
Other 6.3 1.9 231.6
%
Total Revenue $
332.3 $
292.4 13.6
%
Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles $
10.2 $
6.7 52.2
%
Used Vehicles 2.7 2.7
%
Finance and Insurance, Net 3.0 3.2 (6.3)
%
Service and Parts 36.1 34.0 6.2
%
Other 2.4
nm
Total Gross Profit $
54.4 $
46.6 16.7
%
Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles $
109,887 $
102,978 6.7
%
Used Vehicles 58,032 58,708 (1.2)
%
Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles $
5,391 $
4,067 32.6
%
Used Vehicles 6,557 5,829 12.5
%
Finance and Insurance 1,309 1,520 (13.9)
%
Retail Commercial Truck Gross Margin:
New Vehicles 4.9 3.9
% % +100
bps
Used Vehicles 11.2 10.2
% % +100
bps
Service and Parts 39.5 37.6
% % +190
bps
Total Gross Margin 16.4 15.9
% % +50
bps
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles 62.4 58.3
% % +410
bps
Used Vehicles 7.3 9.1
% % -180
bps
Finance and Insurance, Net 0.9 1.1
% % -20
bps
Service and Parts 27.5 30.9
% % -340
bps
Other 1.9 0.6
% % +130
bps
Total 100.0 100.0
% %
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles 18.8 14.4
% % +440
bps
Used Vehicles 5.0 5.8
% % -80
bps
Finance and Insurance, Net 5.5 6.8
% % -130
bps
Service and Parts 66.4 73.0
% % -660
bps
Other 4.3
% % +430
bps
Total 100.0 100.0
% %
PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations Same-Store
Selected Data
(Unaudited)
Three Months Ended
March 31,
2019 2018 Change
Retail Commercial Truck Same-Store Units:
New Retail 1,859 1,655 12.3
%
Used Retail 409 451 (9.3)
%
Total 2,268 2,106 7.7
%
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles $
204.0 $
170.4 19.7
%
Used Vehicles 24.4 26.5 (7.9)
%
Finance and Insurance, Net 4.8 3.2 50.0
%
Service and Parts 90.8 89.8 1.1
%
Other 4.0 1.9 110.5
%
Total Revenue $
328.0 $
291.8 12.4
%
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles $
9.9 $
6.7 47.8
%
Used Vehicles 3.2 2.7 18.5
%
Finance and Insurance, Net 4.8 3.2 50.0
%
Service and Parts 35.8 33.8 5.9
%
Other
nm
Total Gross Profit $
53.7 $
46.4 15.7
%
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles $
109,762 $
102,978 6.6
%
Used Vehicles 59,682 58,708 1.7
%
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles $
5,332 $
4,067 31.1
%
Used Vehicles 7,864 5,829 34.9
%
Finance and Insurance 2,115 1,520 39.1
%
Retail Commercial Truck Same-Store Gross Margin:
New Vehicles 4.9 3.9
% % +100 bps
Used Vehicles 13.1 10.2
% % +290 bps
Service and Parts 39.4 37.6
% % +180 bps
Total Gross Margin 16.4 15.9
% % +50 bps
Retail Commercial Truck Revenue Mix Percentages:
New Vehicles 62.2 58.4
% % +380 bps
Used Vehicles 7.4 9.1
% % -170 bps
Finance and Insurance, Net 1.5 1.1
% % +40 bps
Service and Parts 27.7 30.8
% % -310 bps
Other 1.2 0.6
% % +60 bps
Total 100.0 100.0
% %
Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles 18.4 14.4
% % +400 bps
Used Vehicles 6.0 5.8
% % +20 bps
Finance and Insurance, Net 8.9 6.9
% % +200 bps
Service and Parts 66.7 72.9
% % -620 bps
Other % % bps
Total 100.0 100.0
% %
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 months ended March 31, 2019 and 2018:
Three Months Ended
March 31, 2019 vs. 2018
(Amounts in Millions) 2019 2018 Change % Change
Net Income $
99.2 $
107.8 $
(8.6) (8.0)
%
Add: Depreciation 26.4 25.6 0.8 3.1
%
Other Interest Expense 29.9 29.8 0.1 0.3
%
Income Taxes 34.7 36.6 (1.9) (5.2)
%
Income from Discontinued Operations, net of tax (0.1) (0.1)
EBITDA $
190.1 $
199.7 $
(9.6) (4.8)
%
nm - not meaningful
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SOURCE Penske Automotive Group, Inc.
