By Dean Seal
Penske Automotive logged higher earnings in the fourth quarter as new vehicle sales helped lift its top line to a quarterly record.
The vehicle retailer posted a profit of $236.4 million, or $3.54 a share, compared with $190.7 million, or $2.84 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $3.45 a share. Analysts polled by FactSet had been looking for $3.30 a share.
Revenue climbed 6.2% to $7.72 billion, ahead of analyst projections for $7.6 billion, according to FactSet.
Chief Executive Roger Penske said revenue hit a quarterly record while gross profit on new and used cars remained strong.
The company delivered 11% more new units to dealerships during the quarter and 6% fewer used units.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 13, 2025 07:23 ET (12:23 GMT)
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