- Penske Automotive Group Inc PAG reported Fourth quarter FY22 revenue growth of 11.4% year over year to $7.01 billion, beating the consensus of $6.48 billion.
- Total auto retail sales increased 8% to $5.9 billion, including a 4% increase on a same-store basis.
- On a same-business basis, fourth-quarter auto retail new unit sales were up 11% and commercial truck new unit sales were up 36%, while auto retail service and parts revenue was up 6% and commercial truck sales were up 16%.
- The company’s gross profit increased 0.3% year over year to $1.18 billion and gross margin declined 180 basis points year over year to 16.9%.
- also read: Penske Automotive increases dividend by 7%
- SG&A expenses increased 3.1% year over year to $815.5 million.
- Operating margin declined to 4.8% from 5.7% and operating income for the quarter fell 5.8% to $335.5 million.
- Adjusted EBITDA fell 32.3% year over year to $446 million.
- Adjusted earnings per share of $4.21 beat analyst consensus of $3.95.
- The Company held $106.5 million in cash and cash equivalents as of December 31, 2022.
- Price promotion: PAG shares are trading up 1.43% at $136.74 on the last check Wednesday.
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