Penske Automotive (PAG) - 2023 Q1 - Earnings Call Transcript

Turning to Penske Transportation Solutions. PAG owns 28.9% of PTS, which provides us with equity income, cash distributions and cash tax savings. PTS currently manages a fleet of over 419,000 trucks, tractors and trailers with a goal of increasing its fleet to 500,000 units by 2025. During the first quarter, PTS had another strong performance, generating $3.3 billion in revenue and $280 million in income. Full service contract revenue increased 30% to a first quarter record, while logistics increased 10%. W ...