BLOOMFIELD HILLS, Mich., July 29, 2015 /PRNewswire/ --
Second Quarter 2015 Six Months 2015 ------------------- --------------- Revenue Increases 12.2% to $4.9 Billion Revenue Increases 11.8% to $9.4 Billion Same-store Retail Same-store Retail Revenue Increases 5.2%, Revenue Increases excluding foreign exchange 9.5% 5.6%, excluding foreign exchange 9.8% Income from Income from Continuing Operations Attributable to Continuing Common Shareholders Increases 15.6% to $170.8 Operations Million Attributable to Common Shareholders Increases 17.3% to $94.4 Million Earnings Per Share Earnings Per Share from Continuing Operations from Continuing Attributable to Common Shareholders Increases Operations 16.0% to $1.89 Attributable to Common Shareholders Increases 18.0% to $1.05 EBITDA Increases 17.9% to $179.3 Million EBITDA Increases 16.7% to $330.1 Million ---------------- ----------------------------------------
Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today that second quarter 2015 income from continuing operations attributable to common shareholders increased 17.3% to $94.4 million, and related earnings per share increased 18.0% to $1.05 when compared to the same period last year. Total revenue increased 12.2% to $4.9 billion. Excluding foreign exchange, total revenue increased 17.0%. Same-store retail revenue increased 5.6% in the second quarter, or 9.8% when excluding foreign exchange. Gross profit improved 11.4% to $729.6 million, while operating income increased 17.2% to $159.1 million.
"We just completed the best quarter and six-month period in the history of our company," said Chairman Roger S. Penske. "The performance of our business continues to demonstrate the flexibility and resiliency of the company's brand mix and business model. The record second quarter results were driven by a 7.5% increase in retail automotive unit sales, a 50-basis point increase in automotive retail service and parts gross margin and a reduction of 110 basis points in selling, general and administrative expenses as a percent of gross profit."
Automotive Retail Highlights of the Second Quarter
-- Total Retail Unit Sales Increased 7.5% to 108,277 -- +3.3% in the United States; +16.5% Internationally -- New unit retail sales +6.3% -- Used unit retail sales +8.8%
-- Same-store Retail Revenue Increased 5.6% -- New +4.2%; Used +8.2%; Finance & Insurance +8.3%; Service and Parts +4.3% -- +4.2% in the United States; +7.8% Internationally -- Excluding f/x, same-store retail revenue increased 9.8%
-- Average Transaction Price Per Unit -- New $39,834; -1.3% -- Used $27,771; -0.2%
-- Average Gross Profit Per Unit -- New $2,999, -$123/unit; Gross Margin 7.5%, -20 basis points -- Excluding f/x $3,128/unit, +$6/unit, Gross Margin 7.6%, -10 basis points -- Used $1,777, -$197/unit; Gross Margin 6.4%, -70 basis points -- Excluding f/x $1,861/unit, -$113/unit, Gross Margin 6.4%, -70 basis points -- Finance & Insurance $1,125/unit, +$15/unit -- Excluding f/x $1,162/unit, +$52/unit
Note: f/x = foreign exchange
For the six months ended June 30, 2015, total revenue increased 11.8% to $9.4 billion. The revenue increase was driven by a 7.1% increase in retail automotive unit sales, including 6.1% on a same-store basis. Income from continuing operations attributable to common shareholders increased 15.6% to $170.8 million and related earnings per share increased 16.0% to $1.89 when compared to the same period last year.
U.S. Commercial Truck Operations
During 2015, the company acquired two commercial truck dealerships which are expected to contribute estimated annualized revenues of approximately $200 million. For the three and six months ended June 30, 2015, our U.S. commercial truck dealerships ("Premier Truck Group") generated $241.9 million and $434.6 million of revenue, and $38.3 million and $71.1 million of gross profit, respectively, principally through the retail sale of new/used medium and heavy-duty trucks and service/ parts sales. Service and parts gross profit represents approximately 72% of total gross profit for both periods.
Share Repurchases
For the six months ended June 30, 2015, the company has acquired or repurchased 439,383 shares of common stock for approximately $22.0 million, or approximately $50.07 per share. As of June 30, 2015, the company has a remaining share repurchase authorization of $136.0 million.
Conference Call
Penske Automotive will host a conference call discussing financial results relating to the second quarter of 2015 on July 29, 2015, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1085 [International, please dial (612) 288-0337]. The call will also be simultaneously broadcast over the Internet through the Investor Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2015 financial results has been posted to the company's website. To access the presentation or to listen to the company's webcast, please refer to www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 22,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company's website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization ("EBITDA") and earnings before interest, taxes, depreciation, amortization and rent expense ("EBITDAR"). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company's disclosures and provide a meaningful presentation of the company's results from its core business operations excluding the impact of items not related to the company's ongoing core business operations, and improve the period-to-period comparability of the company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company's financial information that is presented in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive's business, markets, conditions and other uncertainties, which could affect Penske Automotive's future performance. These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2014, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.
Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter: https://twitter.com/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars
Inquiries should contact:
J.D. Carlson Anthony R. Pordon Executive Vice President and Executive Vice President Investor Relations and Corporate Development Chief Financial Officer Penske Automotive Group, Inc. 248-648-2540 Penske Automotive Group, Inc. tpordon@penskeautomotive.com 248-648-2810 jcarlson@penskeautomotive.com
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Statements of Income (Amounts In Millions, Except Per Share Data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2015 2014 Increase/ 2015 2014 Increase/ (Decrease) (Decrease) ---------- Revenue $4,904.4 $4,370.5 12.2% $9,375.5 $8,385.7 11.8% Cost of Sales 4,174.8 3,715.7 12.4% 7,957.2 7,116.9 11.8% ------- ------- ---- ------- ------- ---- Gross Profit $729.6 $654.8 11.4% $1,418.3 $1,268.8 11.8% SG&A Expenses 551.3 502.0 9.8% 1,085.8 979.2 10.9% Depreciation 19.2 17.0 12.9% 37.8 33.1 14.2% ---- ---- ---- ---- ---- ---- Operating Income $159.1 $135.8 17.2% $294.7 $256.5 14.9% Floor Plan Interest Expense (11.0) (11.6) -5.2% (21.1) (22.7) -7.0% Other Interest Expense (16.4) (12.4) 32.3% (32.7) (24.8) 31.9% Equity in Earnings of Affiliates 12.0 10.9 10.1% 18.7 16.0 16.9% Income from Continuing Operations Before Income Taxes $143.7 $122.7 17.1% $259.6 $225.0 15.4% Income Taxes (47.6) (41.2) 15.5% (86.4) (75.9) 13.8% ----- ----- ---- ----- ----- ---- Income from Continuing Operations $96.1 $81.5 17.9% $173.2 $149.1 16.2% Loss from Discontinued Operations, net of tax (0.4) (7.6) nm (1.6) (7.3) nm ---- ---- --- ---- ---- --- Net Income $95.7 $73.9 29.5% $171.6 $141.8 21.0% Less: Income Attributable to Non-Controlling Interests 1.7 1.0 70.0% 2.4 1.4 71.4% --- --- ---- --- --- ---- Net Income Attributable to Common Shareholders $94.0 $72.9 28.9% $169.2 $140.4 20.5% ===== ===== ==== ====== ====== ==== Amounts Attributable to Common Shareholders: Reported Income from Continuing Operations $96.1 $81.5 17.9% $173.2 $149.1 16.2% Less: Income Attributable to Non-Controlling Interests 1.7 1.0 70.0% 2.4 1.4 71.4% --- --- ---- --- --- ---- Income from Continuing Operations, net of tax $94.4 $80.5 17.3% $170.8 $147.7 15.6% Loss from Discontinued Operations, net of tax (0.4) (7.6) nm (1.6) (7.3) nm ---- ---- --- ---- ---- --- Net Income Attributable to Common Shareholders $94.0 $72.9 28.9% $169.2 $140.4 20.5% ===== ===== ==== ====== ====== ==== Income from Continuing Operations Per Share $1.05 $0.89 18.0% $1.89 $1.63 16.0% ===== ===== ==== ===== ===== ==== Income Per Share $1.04 $0.81 28.4% $1.87 $1.55 20.6% ===== ===== ==== ===== ===== ==== Weighted Average Shares Outstanding 90.2 90.4 -0.2% 90.3 90.4 -0.1% ==== ==== ==== ==== ==== ====
nm - not meaningful
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Balance Sheets (Amounts In Millions) (Unaudited) June 30, December 31, 2015 2014 ---- ---- Assets: Cash and Cash Equivalents $36.7 $36.3 Accounts Receivable, Net 738.8 701.4 Inventories 3,055.4 2,819.2 Other Current Assets 107.0 124.7 Assets Held for Sale 45.7 186.6 ---- ----- Total Current Assets 3,983.6 3,868.2 Property and Equipment, Net 1,378.3 1,328.8 Intangibles 1,684.0 1,652.0 Other Long- Term Assets 388.0 379.2 ----- ----- Total Assets $7,433.9 $7,228.2 ======== ======== Liabilities and Equity: Floor Plan Notes Payable $2,004.9 $1,812.6 Floor Plan Notes Payable - Non-Trade 1,042.8 920.5 Accounts Payable 502.1 417.6 Accrued Expenses 329.3 310.3 Current Portion Long-Term Debt 31.2 36.6 Liabilities Held for Sale 29.9 132.7 ---- ----- Total Current Liabilities 3,940.2 3,630.3 Long-Term Debt 1,130.8 1,316.0 Other Long- Term Liabilities 583.9 600.7 ----- ----- Total Liabilities 5,654.9 5,547.0 Equity 1,779.0 1,681.2 ------- ------- Total Liabilities and Equity $7,433.9 $7,228.2 ======== ========
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Operations Selected Data (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2015 2014 2015 2014 ---- ---- ---- ---- Geographic Revenue Mix: U.S. 62% 60% 61% 59% U.K. 34% 35% 35% 37% Other International 4% 5% 4% 4% --- --- --- --- Total 100.0% 100.0% 100.0% 100.0% ===== ===== ===== ===== Revenue: (Amounts in Millions) Retail Automotive $4,538.6 $4,256.5 $8,713.6 $8,175.7 U.S. Commercial Trucks 241.9 -- 434.6 -- Commercial Vehicles Australia/Power Systems and Other 123.9 114.0 227.3 210.0 Total $4,904.4 $4,370.5 $9,375.5 $8,385.7 ======== ======== ======== ======== Gross Profit: (Amounts in Millions) Retail Automotive $660.9 $636.2 $1,289.0 $1,233.9 U.S. Commercial Trucks 38.3 -- 71.1 -- Commercial Vehicles Australia/Power Systems and Other 30.4 18.6 58.2 34.9 ---- ---- ---- ---- Total $729.6 $654.8 $1,418.3 $1,268.8 ====== ====== ======== ======== Gross Margin: Retail Automotive 14.6% 14.9% 14.8% 15.1% U.S. Commercial Trucks 15.8% -- 16.4% -- Commercial Vehicles Australia/Power Systems and Other 24.5% 16.3% 25.6% 16.6% ---- ---- ---- ---- Total 14.9% 15.0% 15.1% 15.1% ==== ==== ==== ====
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Operations Selected Data (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2015 2014 Increase/ 2015 2014 Increase/ (Decrease) (Decrease) ---------- Operating Items as a Percentage of Revenue: Gross Profit 14.9% 15.0% -10 bps 15.1% 15.1% -- Selling, General and Administrative Expenses 11.2% 11.5% -30 bps 11.6% 11.7% -10 bps Operating Income 3.2% 3.1% 10 bps 3.1% 3.1% -- Inc. From Cont. Ops. Before Inc. Taxes 2.9% 2.8% 10 bps 2.8% 2.7% 10 bps Operating Items as a Percentage of Total Gross Profit: Selling, General and Administrative Expenses 75.6% 76.7% -110 bps 76.6% 77.2% -60 bps Operating Income 21.8% 20.7% 110 bps 20.8% 20.2% 60 bps
Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2015 2014 Increase/ (Decrease) 2015 2014 Increase/ (Decrease) ---- ---- -------------------- ---- ---- -------------------- (Amounts in Millions) EBITDA* $179.3 $152.1 17.9% $330.1 $282.9 16.7% Rent Expense $48.9 $48.0 1.9% $98.8 $94.1 5.0% Floorplan Credits $8.3 $8.0 3.8% $15.0 $14.1 6.4%
* See the following Non-GAAP reconciliation table.
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Selected Data (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2015 2014 2015 2014 ---- ---- ---- ---- Retail Automotive Units: New Retail 58,758 55,268 112,051 105,262 Used Retail 49,519 45,497 97,576 90,525 Total 108,277 100,765 209,627 195,787 ======= ======= ======= ======= Retail Automotive Revenue: (Amounts in Millions) New Vehicles $2,340.5 $2,230.3 $4,476.8 $4,247.6 Used Vehicles 1,375.2 1,265.6 2,651.3 2,460.8 Finance and Insurance, Net 121.9 111.9 233.0 216.4 Service and Parts 454.7 433.7 892.0 849.1 Fleet and Wholesale 246.3 215.0 460.5 401.8 Total Revenue $4,538.6 $4,256.5 $8,713.6 $8,175.7 ======== ======== ======== ======== Retail Automotive Gross Profit: (Amounts in Millions) New Vehicles $176.2 $172.6 $343.8 $329.0 Used Vehicles 88.0 89.8 172.5 176.3 Finance and Insurance, Net 121.9 111.9 233.0 216.4 Service and Parts 273.6 258.9 533.9 504.9 Fleet and Wholesale 1.2 3.0 5.8 7.3 --- --- --- --- Total Gross Profit $660.9 $636.2 $1,289.0 $1,233.9 ====== ====== ======== ======== Retail Automotive Revenue Per Vehicle Retailed: New Vehicles $39,834 $40,354 $39,954 $40,352 Used Vehicles 27,771 27,818 27,172 27,184 Retail Automotive Gross Profit Per Vehicle Retailed: New Vehicles $2,999 $3,122 $3,069 $3,125 Used Vehicles 1,777 1,974 1,768 1,948 Finance & Insurance 1,125 1,110 1,111 1,105
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Selected Data (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2015 2014 2015 2014 ---- ---- ---- ---- Retail Automotive Revenue Mix Percentages: New Vehicles 51.6% 52.4% 51.4% 52.0% Used Vehicles 30.3% 29.7% 30.4% 30.1% Finance and Insurance, Net 2.7% 2.6% 2.7% 2.6% Service and Parts 10.0% 10.2% 10.2% 10.4% Fleet and Wholesale 5.4% 5.1% 5.3% 4.9% --- --- --- --- Total 100.0% 100.0% 100.0% 100.0% ===== ===== ===== ===== Retail Automotive Gross Profit Mix Percentages: New Vehicles 26.7% 27.1% 26.7% 26.7% Used Vehicles 13.3% 14.1% 13.4% 14.3% Finance and Insurance, Net 18.4% 17.6% 18.1% 17.5% Service and Parts 41.4% 40.7% 41.4% 40.9% Fleet and Wholesale 0.2% 0.5% 0.4% 0.6% Total 100.0% 100.0% 100.0% 100.0% ===== ===== ===== =====
Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2015 2014 Increase/ 2015 2014 Increase/ (Decrease) (Decrease) ---------- Retail Automotive Gross Margin: New Vehicles 7.5% 7.7% -20 bps 7.7% 7.7% -- Used Vehicles 6.4% 7.1% -70 bps 6.5% 7.2% -70 bps Service and Parts 60.2% 59.7% 50 bps 59.9% 59.5% 40 bps Fleet and Wholesale 0.5% 1.4% -90 bps 1.3% 1.8% -50 bps --- --- ------- --- --- ------- Total Gross Margin 14.6% 14.9% -30 bps 14.8% 15.1% -30 bps ==== ==== ======= ==== ==== =======
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Selected Data (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2015 2014 2015 2014 ---- ---- ---- ---- Retail Automotive Revenue Mix: Premium: BMW / MINI 27% 26% 27% 26% Audi 13% 13% 13% 14% Mercedes-Benz 10% 10% 10% 10% Land Rover 6% 5% 7% 6% Porsche 5% 5% 5% 5% Lexus 4% 4% 4% 4% Ferrari / Maserati 3% 3% 2% 2% Acura 1% 1% 1% 1% Bentley 1% 2% 1% 2% Others 2% 2% 2% 2% --- --- --- --- Total Premium 72% 71% 72% 72% Volume Non-U.S.: Toyota 12% 12% 12% 11% Honda 7% 8% 7% 8% Volkswagen 2% 2% 2% 2% Nissan 1% 1% 1% 1% Others 2% 2% 2% 2% --- --- --- --- Total Volume Non-U.S. 24% 25% 24% 24% U.S.: General Motors / Chrysler / Ford 4% 4% 4% 4% --- --- --- --- Total 100% 100% 100% 100% === === === === Retail Automotive Geographic Revenue Mix: U.S. 61% 62% 61% 61% U.K. 37% 36% 37% 37% Other International 2% 2% 2% 2% --- --- --- --- Total 100.0% 100.0% 100.0% 100.0% ===== ===== ===== =====
PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Same-Store Selected Data (Unaudited) Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2015 2014 2015 2014 ---- ---- ---- ---- Retail Automotive Same-Store Units: New Retail 58,191 55,063 110,123 104,343 Used Retail 49,063 45,331 96,115 89,994 Total 107,254 100,394 206,238 194,337 ======= ======= ======= ======= Retail Automotive Same-Store Revenue: (Amounts in Millions) New Vehicles $2,317.8 $2,224.3 $4,385.5 $4,203.1 Used Vehicles 1,365.7 1,262.7 2,615.1 2,447.2 Finance and Insurance, Net 120.9 111.6 229.9 215.1 Service and Parts 451.5 432.9 873.6 841.1 Fleet and Wholesale 243.5 214.4 452.9 400.7 Total Revenue $4,499.4 $4,245.9 $8,557.0 $8,107.2 ======== ======== ======== ======== Retail Automotive Same-Store Gross Profit: (Amounts in Millions) New Vehicles $174.1 $172.1 $337.4 $325.9 Used Vehicles 87.4 89.7 170.4 175.4 Finance and Insurance, Net 120.9 111.6 229.9 215.1 Service and Parts 271.7 258.3 523.8 500.6 Fleet and Wholesale 1.1 3.0 5.7 7.2 --- --- --- --- Total Gross Profit $655.2 $634.7 $1,267.2 $1,224.2 ====== ====== ======== ======== Retail Automotive Same-Store Revenue Per Vehicle Retailed: New Vehicles $39,830 $40,395 $39,823 $40,281 Used Vehicles 27,835 27,855 27,208 27,193 Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: New Vehicles $2,992 $3,125 $3,063 $3,123 Used Vehicles 1,780 1,978 1,773 1,949 Finance & Insurance 1,127 1,112 1,115 1,107
PENSKE AUTOMOTIVE GROUP, INC. U.S. Commercial Truck Operations Selected Data (Unaudited) Note: The company's U.S. Commercial Truck Operations were acquired in November 2014; therefore, comparative results are not applicable and results shown are for only the three and six month periods ending June 30, 2015. Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 ------------- ------------- U.S. Commercial Truck Units: New Retail 1,491 2,530 Used Retail 298 594 --- --- Total Truck Units 1,789 3,124 ===== ===== U.S. Commercial Truck Revenue: (Amounts in Millions) New Vehicles $146.3 $248.5 Used Vehicles 15.6 31.5 Finance and Insurance, Net 1.6 2.9 Service and Parts 75.0 138.1 Lease, Rental & Wholesale 3.4 13.6 --- ---- Total Revenue $241.9 $434.6 ====== ====== U.S. Commercial Truck Gross Profit: (Amounts in Millions) New Vehicles $6.9 $11.8 Used Vehicles 1.6 3.3 Finance and Insurance, Net 1.6 2.9 Service and Parts 27.7 51.1 Lease, Rental & Wholesale 0.5 2.0 --- --- Total Gross Profit $38.3 $71.1 ===== ===== U.S. Commercial Truck Revenue per Vehicle Retailed: New Vehicles $98,154 $98,232 Used Vehicles 52,394 53,045 U.S. Commercial Truck Gross Profit per Vehicle Retailed: New Vehicles $4,645 $4,664 Used Vehicles 5,462 5,671 Finance and Insurance 902 947 U.S. Commercial Truck Gross Margin: New Vehicle 4.7% 4.7% Used Vehicle 10.3% 10.5% Service and Parts 36.9% 37.0% Lease, Rental & Wholesale 14.7% 14.7% ---- ---- Total Gross Margin 15.8% 16.4% ==== ====
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Non-GAAP Reconciliations (Unaudited) The following table reconciles reported net income to earnings before interest, taxes, depreciation and amortization ("EBITDA") and earnings before interest, taxes, depreciation, amortization and rent expense ("EBITDAR") for the three and six months ended June 30, 2015, and 2014: Three Months Ended Six Months Ended June 30, June 30, -------- -------- 2015 2014 Increase/ 2015 2014 Increase/ (Decrease) (Decrease) ---------- (Amounts in Millions) Net Income $95.7 $73.9 29.5% $171.6 $141.8 21.0% Add: Depreciation 19.2 17.0 12.9% 37.8 33.1 14.2% Other Interest Expense 16.4 12.4 32.3% 32.7 24.8 31.9% Income Taxes 47.6 41.2 15.5% 86.4 75.9 13.8% Loss from Discontinued Operations, net of tax 0.4 7.6 nm 1.6 7.3 nm --- --- --- --- --- --- EBITDA $179.3 $152.1 17.9% $330.1 $282.9 16.7% Add: Rent Expense 48.9 48.0 1.9% 98.8 94.1 5.0% ---- ---- --- ---- ---- --- EBITDAR $228.2 $200.1 14.0% $428.9 $377.0 13.8% ====== ====== ==== ====== ====== ====
nm - not meaningful
http://photos.prnewswire.com/prnvar/20130530/MM23675LOGO
Logo - http://photos.prnewswire.com/prnh/20130530/MM23675LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/penske-automotive-reports-record-second-quarter-results-300120244.html
SOURCE Penske Automotive Group, Inc.