Penske Automotive (PAG) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the sto ...

Penske Automotive Group, Inc. (PAG) is a global leader in transportation services, specializing in automotive and commercial truck retail with a diverse international presence. Strategic acquisitions and joint ventures enhance the company’s prospects amid heavy investments in expansionary efforts and declining GPU from new vehicle sales.Penske to Gain From Strategic Acquisitions & Joint VenturePenske is riding high on its strategic acquisitions. PAG completed acquisitions worth more than $340 million in ann ...

Strategic Partnership Expected to Elevate Customer Experience Acquisition Represents Third Porsche Location in Melbourne and 25th WorldwideBLOOMFIELD HILLS, Mich., Dec. 2, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers with operations across four continents and nine countries, has completed the acquisition of Porsche Centre Melbourne, located in Melbourne, Aus ...

It has been about a month since the last earnings report for Penske Automotive (PAG) . Shares have added about 9.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Penske due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Penske Q3 Earnings Miss ExpectationsPenske repo ...

Diversified global transportation services company and automotive and commercial truck retailer, Penske Automotive Group, Inc. (NYSE: PAG ) has had an explosive post-pandemic period. Overall, since 2019, the firm has compounded net operating profit after tax (NOPAT) by 17% a year. However, with balance sheet efficiency declining, the firm’s returnAn economics graduate with a passion for financial history; I apply my knowledge to markets in an effort to hopelessly predict trends and spot value. All opinions ...

Event Gathered CPAs and Other Trusted Industry Professionals with Select Group of Oppenheimer Advisors, Investment Managers and Senior Leadership to Collaborate on Strategies to Deliver Enhanced Client ServicePAG Referral and Partnership Program Model Enables Accounting Firms and Others to Access Oppenheimer's Wealth Management, Capital Markets, and Investment Banking CapabilitiesNEW YORK, Nov. 13, 2024 /PRNewswire/ -- Oppenheimer & Co. Inc. (Oppenheimer) — a leading wealth management and investment banking ...

Revenue and Gross Profit Breakdown - Total revenue for the nine months ended September 30, 2024, was $22.7 billion, with $19.4 billion from retail automotive dealerships, $2.7 billion from retail commercial truck dealerships, and $553.8 million from commercial vehicle distribution and other operations[112] - Gross profit for the nine months ended September 30, 2024, was $3.8 billion, with $3.2 billion from retail automotive dealerships, $446.4 million from retail commercial truck dealerships, and $132.4 million from commercial vehicle distribution and other operations[112] - Retail automotive dealerships represented 85.5% of total revenues and 84.6% of total gross profit for the nine months ended September 30, 2024[115] - Retail commercial truck dealerships represented 12.1% of total revenues and 11.9% of total gross profit for the nine months ended September 30, 2024[116] - Penske Australia's operations represented 2.4% of total revenues and 3.5% of total gross profit for the nine months ended September 30, 2024[117] - Automotive and commercial truck dealerships represent 97.6% of revenue and 80.6% of earnings before taxes for the nine months ended September 30, 2024[126] - Aggregate revenue increased by $143.0 million (1.9%) and gross profit increased by $22.8 million (1.9%) for the three months ended September 30, 2024, compared to the same period in 2023[127] - Foreign currency fluctuations increased revenue by $69.0 million and gross profit by $10.5 million for the three months ended September 30, 2024[128] Vehicle Sales Performance - U.S. new light vehicle sales increased 0.7% to 11.7 million units for the nine months ended September 30, 2024[120] - U.K. new vehicle registrations increased 4.3% to 1.5 million registrations for the nine months ended September 30, 2024[120] - North American sales of Class 6-8 medium- and heavy-duty trucks decreased 5.0% to 348,960 units for the nine months ended September 30, 2024[122] - Australian heavy-duty truck market sales increased 1.6% to 12,858 units for the nine months ended September 30, 2024[123] - New retail unit sales (excluding agency) increased by 1,463 units (3.0%) to 49,523 units for the three months ended September 30, 2024, compared to the same period in 2023[141] - New agency unit sales increased by 1,595 units (18.3%) to 10,290 units for the three months ended September 30, 2024, compared to the same period in 2023[141] - New sales revenue increased by $147.5 million (5.4%) to $2,890.2 million for the three months ended September 30, 2024, compared to the same period in 2023[141] - Gross profit from new vehicle sales decreased by $21.9 million (7.4%) to $274.1 million for the three months ended September 30, 2024, compared to the same period in 2023[141] - Same-store new retail unit sales (excluding agency) decreased by 1,588 units (3.3%) to 46,189 units for the three months ended September 30, 2024, compared to the same period in 2023[141] - Same-store gross profit from new vehicle sales decreased by $41.0 million (13.9%) to $253.3 million for the three months ended September 30, 2024, compared to the same period in 2023[141] - Average gross profit per new vehicle (excluding agency) decreased by $718 (12.4%) to $5,072 for the three months ended September 30, 2024, compared to the same period in 2023[141] - Used retail unit sales decreased by 8,271 units (12.5%) from 66,009 in 2023 to 57,738 in 2024, with same-store used retail unit sales decreasing by 7,694 units (12.5%)[146] - Used retail sales revenue decreased by $198.2 million (8.5%) from $2,322.1 million in 2023 to $2,123.9 million in 2024, with same-store used retail sales revenue decreasing by $256.5 million (11.5%)[146] - Average gross profit per used vehicle retailed increased by $318 (20.3%) from $1,564 in 2023 to $1,882 in 2024, with same-store average gross profit per used vehicle retailed increasing by $252 (15.5%)[146] - Total retail unit sales decreased by 6,808 units (6.0%) from 114,069 in 2023 to 107,261 in 2024, with same-store retail unit sales decreasing by 9,282 units (8.5%)[151] - New retail unit sales of commercial trucks increased by 732 units (15.7%) from 4,673 in 2023 to 5,405 in 2024, with same-store new retail unit sales increasing by 490 units (10.5%)[157] - New commercial truck retail sales revenue increased by $110.9 million (17.2%) from $644.4 million in 2023 to $755.3 million in 2024, with same-store new retail sales revenue increasing by $72.7 million (11.3%)[157] - Gross profit from new commercial truck retail sales increased by $5.7 million (14.1%) from $40.3 million in 2023 to $46.0 million in 2024, with same-store gross profit increasing by $2.0 million (5.0%)[157] - Used retail unit sales increased by 43 units (4.9%) from 883 in 2023 to 926 in 2024, driven by a 34-unit (3.9%) increase in same-store sales and a 9-unit increase from net dealership acquisitions[162][163] - Used retail sales revenue decreased by $8.3 million (12.1%) from $68.4 million in 2023 to $60.1 million in 2024, primarily due to a $12,597 (16.3%) decrease in same-store average selling price per unit[162][164] - Gross profit for used commercial truck retail remained flat at $4.8 million, with same-store gross profit also flat despite a $132 (2.5%) decrease in average gross profit per unit[162][165] - Penske Australia's commercial vehicle unit sales increased by 32 units (10.1%) from 318 in 2023 to 350 in 2024, contributing to an 18.5% increase in sales revenue to $186.8 million[170] - New retail unit sales (excluding agency) increased by 3,767 units (2.6%) from 2023 to 2024, while same-store new retail unit sales decreased by 2,859 units (2.0%)[180] - New agency unit sales increased by 4,884 units (19.9%) from 2023 to 2024, with same-store new agency unit sales increasing by 2,725 units (11.1%)[180] - New sales revenue increased by $404.5 million (4.9%) from 2023 to 2024, while same-store new sales revenue decreased by $8.9 million (0.1%)[180] - Gross profit from new vehicle sales decreased by $99.1 million (10.6%) from 2023 to 2024, with same-store gross profit decreasing by $142.2 million (15.2%)[180] - Used retail unit sales decreased by 6,657 units (3.3%) from 2023 to 2024, with same-store used retail unit sales decreasing by 8,312 units (4.5%)[184] - Used retail sales revenue decreased by $213.6 million (3.1%) from 2023 to 2024, with same-store used retail sales revenue decreasing by $405.6 million (6.1%)[184] - New commercial truck retail unit sales decreased by 884 units (6.5%) in same-store sales, partially offset by a 534 unit increase from net dealership acquisitions[195] - New commercial truck retail sales revenue increased by $81.9 million from net dealership acquisitions, but same-store revenues decreased by $78.0 million (4.3%)[196] - Used commercial truck retail unit sales increased by 427 units (19.2%) in same-store sales, with a $4.6 million (2.7%) decrease in same-store revenues due to a $14,004 per unit decrease in average selling price[200][201] - New commercial truck retail gross profit increased by $3.3 million (3.1%) in same-store sales, driven by an $814 per unit increase in average gross profit[197] - Used commercial truck retail gross profit decreased by $1.8 million (12.8%) in same-store sales, with a $1,705 per unit decrease in average gross profit[202] Finance and Insurance Performance - Finance and insurance revenue decreased by $17.0 million (8.1%) from $210.1 million in 2023 to $193.1 million in 2024, with same-store finance and insurance revenue decreasing by $18.7 million (9.1%)[151] - Finance and insurance revenue decreased by $23.2 million (3.7%) from 2023 to 2024, with same-store finance and insurance revenue decreasing by $29.9 million (4.9%)[189] Service and Parts Performance - Service and parts revenue increased by $92.8 million (13.5%) from $685.2 million in 2023 to $778.0 million in 2024, with same-store service and parts revenue increasing by $49.4 million (7.2%)[152] - Service and parts revenue decreased by $2.3 million (1.0%) from $235.1 million in 2023 to $232.8 million in 2024, with same-store revenue declining by $11.0 million (4.7%)[166][167] - Service and parts revenue increased by $223.5 million (10.9%) from 2023 to 2024, with same-store service and parts revenue increasing by $117.2 million (5.7%)[190] - Gross profit from service and parts increased by $112.0 million (9.3%) from 2023 to 2024, with same-store gross profit increasing by $63.3 million (5.3%)[190] - Service and parts revenue increased by 6.7% in the U.S. and 18.3% internationally, driven by a $117.2 million (5.7%) increase in same-store revenues and a $106.3 million increase from net dealership acquisitions[191] - Same-store service and parts revenue increased by 5.1%, with customer pay revenue up $59.3 million (4.0%), warranty revenue up $52.5 million (12.7%), and vehicle preparation and body shop revenue up $5.4 million (4.0%)[191] - Service and parts revenue decreased by $47.0 million (6.9%) in same-store sales, with customer pay revenue down $50.6 million (9.2%) and body shop revenue down $3.9 million (16.3%)[205] - Same-store service and parts gross profit decreased by $14.7 million (5.1%), with customer pay gross profit down $17.3 million (8.6%) and body shop gross profit down $2.0 million (8.3%)[206] Equity Earnings and Affiliates - Equity earnings from Penske Transportation Solutions were $145.7 million for the nine months ended September 30, 2024[118] - Equity in earnings of affiliates decreased by $24.3 million (28.6%) from $85.0 million in 2023 to $60.7 million in 2024, primarily due to lower earnings from the investment in PTS[177] - Equity in earnings of affiliates decreased to $148.0 million in 2024, down 38.7% from $241.6 million in 2023, primarily due to lower earnings from PTS[215] - The company received $68.3 million in pro rata cash distributions from PTS during the nine months ended September 30, 2024, compared to $126.8 million in the same period in 2023[231] Expenses and Costs - Total SG&A expenses increased by $31.7 million (3.7%) from $853.5 million in 2023 to $885.2 million in 2024, driven by a $19.7 million (3.9%) increase in personnel expenses[172] - Depreciation increased by $5.2 million (14.7%) from $35.4 million in 2023 to $40.6 million in 2024, primarily due to a $3.6 million (10.4%) increase in same-store depreciation[174] - Floor plan interest expense increased by $15.3 million (43.1%) from $35.5 million in 2023 to $50.8 million in 2024, driven by higher inventory levels and a $11.5 million (32.6%) increase in same-store expenses[175] - Total SG&A expenses increased to $2,652.5 million in 2024, up 3.8% from $2,556.5 million in 2023, driven by higher personnel, rent, and other expenses[210] - Personnel expense rose to $1,579.4 million in 2024, a 2.9% increase from $1,534.2 million in 2023, accounting for 42.1% of gross profit[210] - Rent & related expense increased to $313.7 million in 2024, up 7.9% from $290.6 million in 2023, representing 8.4% of gross profit[210] - Depreciation expense grew to $117.0 million in 2024, a 13.2% increase from $103.4 million in 2023, due to capital expenditures and acquisitions[211] - Floor plan interest expense surged to $142.2 million in 2024, up 51.0% from $94.2 million in 2023, driven by higher inventory levels and interest rates[212] Taxes and Income - Income taxes decreased by $14.7 million (16.0%) from 2023 to 2024, primarily due to a $52.1 million decrease in pre-tax income[179] - Income taxes declined to $238.6 million in 2024, a 19.7% decrease from $297.1 million in 2023, reflecting lower pre-tax income[216] - The company expects no monetary impact from the OECD Pillar Two global minimum tax framework, as all jurisdictions in which it operates have an effective tax rate above 15%[249] Cash Flow and Financial Position - Net cash provided by operating activities was $962.1 million for the nine months ended September 30, 2024, compared to $1,022.2 million in the same period in 2023[240] - Capital expenditures were $282.6 million during the nine months ended September 30, 2024, compared to $272.1 million in the same period in 2023[245] - Cash used in acquisitions and other investments, net of cash acquired, was $637.4 million during the nine months ended September 30, 2024, compared to $211.3 million in the same period in 2023[245] - The company repurchased 0.4 million shares of common stock for $58.1 million during the nine months ended September 30, 2024, compared to 2.5 million shares for $341.2 million in the same period in 2023[247] - Cash dividends paid to stockholders were $194.7 million during the nine months ended September 30, 2024, compared to $135.8 million in the same period in 2023[247] - The company had $91.9 million in cash and $1.2 billion available under its U.S. credit agreement as of September 30, 2024[223] - Total long-term debt obligations stood at $1,878.0 million as of September 30, 2024, including $548.8 million in 3.50% senior subordinated notes due 2025[228] - The company announced a cash dividend of $1.19 per share, payable on December 3, 2024, following a series of quarterly dividend increases[226] - Outstanding revolving commitments under the U.S. credit agreement varied between $0.0 million and $249.0 million during the nine months ended September 30, 2024[230] - Total rent obligations under operating leases are estimated at $5.4 billion as of September 30, 2024[233] - Revenues for PAG and Guarantor subsidiaries were $12,482.8 million for the nine months ended September 30, 2024, compared to $16,439.2 million for the twelve months ended December 31, 2023[237] Joint Ventures and Acquisitions - Penske Corporation holds a 28.9% interest in PTS, with Penske Corporation owning 41.1%, the company owning 28.9%, and Mitsui owning 30.0%[254] - The company has joint venture ownership interests in automotive dealerships, including 80.00% in Fairfield and Greenwich, Connecticut, 84.10% in Northern Italy, and 50.00% in Frankfurt, Germany, and Barcelona, Spain[255] - In September 2024, the company acquired the remaining 33.33% interest in its joint venture in Kerpen, Germany, and an additional 10.9% interest in its Northern Italy joint venture, increasing ownership to 95%[256] Market and Economic Conditions - U.S. light vehicle sales have historically ranged from 10.4 million units in 2009 to 17.5 million units in 2016, while Class 8 commercial vehicle sales ranged from 97,000 units in 2009 to 334,000 units in 2019[258] - The company's U.S. operations experience higher vehicle sales volumes in the second and third quarters, while U.K. operations see higher volumes in the first and third quarters due to new vehicle registration practices[259] -

Penske Automotive Group (PAG) reported third-quarter 2024 adjusted earnings of $3.36 per share, which decreased 13.8% year over year and missed the Zacks Consensus Estimate of $3.48. Lower-than-expected results from the Retail Automotive segment contributed to the underperformance. The company registered net sales of $7.59 billion, missing the Zacks Consensus Estimate of $7.77 billion. The top line rose 2% from the year-ago quarter's level. Stay up-to-date with the quarterly releases: See Zacks Earnings Cal ...

Penske Automotive Group, Inc. (NYSE:PAG) Q3 2024 Earnings Conference Call October 29, 2024 1:00 PM ET Company Participants Tony Pordon - Executive Vice President, Investor Relations and Corporate Development Roger Penske - Chair and Chief Executive Officer Rich Shearing - North American Operations Randall Seymore - International Operations Shelley Hulgrave - Executive Vice President and Chief Financial Officer Conference Call Participants John Murphy - Bank of America Ron Jewsikow - Guggenheim Securities Ra ...

Penske Automotive (PAG) reported $7.59 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 1.9%. EPS of $3.36 for the same period compares to $3.90 a year ago. The reported revenue represents a surprise of -2.26% over the Zacks Consensus Estimate of $7.77 billion. With the consensus EPS estimate being $3.48, the EPS surprise was -3.45%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wa ...