Penske Automotive Group, Inc. (NYSE:PAG) shares are trading higher on Thursday.
The company reported:
- Fourth-quarter adjusted earnings per share of $3.54, beating the street view of $3.29.
- Quarterly sales of $7.72 billion (up 6% year over year), outpacing the analyst consensus of $7.58 billion.
- Delivery of new and used retail automotive units increased by 3%.
- Retail automotive same-store revenue grew by 5%
- New vehicle sales up by 7%
- Used vehicle sales up by 1%
- Finance and insurance down by 3%
- Service and parts up by 7%.
The gross margin for retail automotive service and parts increased by 30 basis points.
“New and used automotive gross profit per unit retailed remained strong, including a $74 per unit sequential increase in new vehicle gross profit per unit retailed when compared to the third quarter of 2024, and same-store service and parts revenue and gross profit increased 7% and 9%, respectively,” said Chair and CEO Roger Penske.
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As of Dec. 31, Premier Truck Group operated 45 North American retail commercial truck locations.
The company exited the quarter with cash and equivalents worth $72.4 million, lower than $96.4 million a year ago.
Long-term debt as of quarter end totaled $1.130 billion, compared with $1.419 billion a year ago.
Dividend: The company approved a quarterly dividend of $1.22 per share, representing an increase of 2.5%, or $0.03 per share.
This represents 17th consecutive quarterly increase. The dividend is payable on March 6.
Price Action: PAG shares are trading higher by 6.09% to $174.67 at last check Thursday.
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