PENSKE AUTOMOTIVE GROUP, INC. BLOOMFIELD HILLS, Mich., July 28, 2016 /PRNewswire/ --
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Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, announced today record second quarter and six-month results. For the three months ended June 30, 2016, income from continuing operations attributable to common shareholders increased 0.6% to $94.7 million, and related earnings per share increased 6.7% to $1.11 when compared to the same period last year. Total automotive retail units increased 6.2% and total revenue increased 6.8% to $5.3 billion. Excluding foreign exchange, total revenue increased 9.2%. Same-store retail revenue increased 0.2%. Excluding foreign exchange, same-store retail revenue increased 2.7%. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.03 for the three months ended June 30, 2016.
Commenting on the company's results, Penske Automotive Group Chairman Roger S. Penske said, "I am very pleased with the performance of our business in the second quarter. Not only did we produce another quarter of record results, we continued to grow by acquiring five commercial truck dealerships in Canada, and we solidified our capital structure by issuing new 10-year senior subordinated notes at 5.5%. Further, the Brexit vote did not impact the performance of our business in the second quarter, and I am pleased to report that our U.K. business has remained strong to date since the Brexit vote."
Automotive Retail Highlights of the Second Quarter
-- Retail Unit Sales +6.2% to 115,106
-- New unit retail sales +5.7%
-- Used unit retail sales +6.8%
-- Same-store Retail Unit Sales -1.9% to 106,266
-- New unit retail sales -1.4%
-- Used unit retail sales -2.6%
-- Same-Store Retail Revenue +0.2%
-- New -0.4%; Used +0.2%; Finance & Insurance +1.6%; Service and Parts
+3.4%
-- -0.7% in the United States; +1.8% Internationally
-- Excluding f/x, same-store retail revenue +2.7%
-- Average Transaction Price Per Unit
-- New $39,586; -0.9%
-- Used $27,936; +0.2%
-- Average Gross Profit Per Unit
-- New $3,106, +$100/unit; Gross Margin 7.8%, +30 basis points
-- Excluding f/x $3,175, +$169/unit; Gross Margin 7.9%, +40 basis
points
-- Used $1,697, -$85/unit; Gross Margin 6.1%, -30 basis points
-- Excluding f/x $1,736, -$46/unit; Gross Margin 6.0%, -40 basis
points
-- Finance & Insurance $1,092, -$32/unit
-- Excluding f/x $1,118, -$6/unit
Note: f/x = foreign exchange
For the six months ended June 30, 2016, total revenue increased 7.2% to $10.1 billion, including a 1.3% increase in same-store retail revenue. Excluding foreign exchange, total revenue increased 9.6%, while same-store retail revenue increased 3.7%. Total automotive retail unit volume increased 8.0%, including 0.3% on a same-store basis. Income from continuing operations attributable to common shareholders increased 2.2% to $174.0 million and related earnings per share increased 6.4% to $2.00 when compared to the same period last year. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.06.
Retail Commercial Truck Operations
Previously, the company announced that it had acquired Harper Truck Centres located in Ontario, Canada. Harper has five locations in the Greater Toronto market area and is expected to generate $130 million in annualized revenue. The company operates nineteen locations, including fourteen full-service dealerships, under the "Premier Truck Group" brand name, offering primarily the Freightliner and Western Star brands. For the three months and six months ended June 30, 2016, Premier Truck Group generated $309.5 million and $516.2 million of revenue, and $38.3 million and $71.5 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 76.5% and 77.9% of total Premier Truck Group gross profit, respectively.
Acquires Additional 14% of Penske Truck Leasing
On July 27, 2016, the company acquired an additional 14.4% interest in Penske Truck Leasing Co., L.P. ("PTL"), from subsidiaries of GE Capital Global Holdings, LLC, for approximately $498.7 million. The purchase price was funded using existing liquidity including the company's U.S. credit agreement. After completion of the purchase, Penske Automotive Group now holds a 23.4% ownership interest and will continue to account for the ownership interest using the equity method of accounting. By acquiring the additional interest in PTL, the company expects to realize accretion to earnings per share and additional cash flow from cash tax savings and the annual cash distributions PTL provides to its partners. We estimate the transaction will provide at least $0.25 per share in earnings accretion on an annualized basis as well as significant cash tax savings heavily weighted to the first few years of the investment.
Conference Call
Penske Automotive will host a conference call discussing financial results relating to the second quarter of 2016 on Thursday, July 28, 2016, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1085 - [International, please dial (612) 234-9959]. 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 2016 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, Canada, 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 23,000 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"). 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 and earnings accretion 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, recall 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, 2015, 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.
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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.
Penske Automotive Group, Inc. 248-648-2540
248-648-2810 tpordon@penskeautomotive.com
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,
-------- --------
2016 2015 Increase/ 2016 2015 Increase/
(Decrease) (Decrease)
----------
Revenue $5,254.1 $4,920.6 6.8% $10,078.7 $9,403.5 7.2%
Cost of Sales 4,482.8 4,189.3 7.0% 8,583.6 7,982.3 7.5%
------- ------- --- ------- ------- ---
Gross Profit 771.3 731.3 5.5% 1,495.1 1,421.2 5.2%
SG&A Expenses 582.7 553.1 5.4% 1,141.6 1,088.9 4.8%
Depreciation 24.5 19.3 26.9% 45.3 37.9 19.5%
---- ---- ---- ---- ---- ----
Operating Income $164.1 $158.9 3.3% $308.2 $294.4 4.7%
Floor Plan Interest Expense (13.1) (11.0) 19.1% (25.9) (21.3) 21.6%
Other Interest Expense (19.5) (16.4) 18.9% (36.7) (32.7) 12.2%
Equity in Earnings of Affiliates 12.0 12.0 --- 17.5 18.7 (6.4%)
Income from Continuing Operations Before Income Taxes $143.5 $143.5 --- $263.1 $259.1 1.5%
Income Taxes (47.3) (47.7) (0.8%) (86.7) (86.5) 0.2%
----- ----- ----- ----- ----- ---
Income from Continuing Operations $96.2 $95.8 0.4% $176.4 $172.6 2.2%
Loss from Discontinued Operations, net of tax (1.2) (0.1) nm (1.2) (1.0) nm
---- ---- --- ---- ---- ---
Net Income $95.0 $95.7 (0.7%) $175.2 $171.6 2.1%
Less: Income Attributable to Non-Controlling Interests 1.5 1.7 (11.8%) 2.4 2.4 ---
--- --- ------ --- --- ---
Net Income Attributable to Common Shareholders $94.0 (0.5%) $172.8 $169.2 2.1%
$93.5
=====
Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations 96.2 95.8 0.4% 176.4 172.6 2.2%
Less: Income Attributable to Non-Controlling Interests 1.5 1.7 (11.8%) 2.4 2.4 ---
--- --- ------ --- --- ---
Income from Continuing Operations, net of tax 94.7 94.1 0.6% 174.0 170.2 2.2%
Loss from Discontinued Operations, net of tax (1.2) (0.1) nm (1.2) (1.0) nm
---- ---- --- ---- ---- ---
Net Income Attributable to Common Shareholders 93.5 94.0 (0.5%) 172.8 169.2 2.1%
==== ==== ===== ===== ===== ===
Income from Continuing Operations Per Share 1.11 1.04 6.7% 2.00 1.88 6.4%
==== ==== === ==== ==== ===
Income Per Share 1.10 1.04 5.8% 1.99 1.87 6.4%
==== ==== === ==== ==== ===
Weighted Average Shares Outstanding 85.3 90.2 (5.4%) 86.8 90.3 (3.9%)
==== ==== ===== ==== ==== =====
nm - not meaningful
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Millions)
(Unaudited)
June 30, December 31,
2016 2015
---- ----
Assets:
Cash and
Cash
Equivalents $97.5 $62.4
Accounts
Receivable,
Net 827.8 782.3
Inventories 3,351.8 3,463.5
Other
Current
Assets 101.7 85.6
Assets Held
for Sale 6.8 12.7
--- ----
Total
Current
Assets 4,385.6 4,406.5
Property and
Equipment,
Net 1,576.7 1,520.1
Intangibles 1,722.2 1,731.2
Other Long-
Term Assets 390.7 355.6
----- -----
Total Assets $8,075.2 $8,013.4
======== ========
Liabilities and Equity:
Floor Plan
Notes
Payable $2,061.8 $2,247.2
Floor Plan
Notes
Payable -
Non-Trade 969.4 1,132.4
Accounts
Payable 554.8 493.8
Accrued
Expenses 403.3 378.1
Current
Portion
Long-Term
Debt 47.7 28.0
Liabilities
Held for
Sale 4.6 6.2
--- ---
Total
Current
Liabilities 4,041.6 4,285.7
Long-Term
Debt 1,613.1 1,247.0
Other Long-
Term
Liabilities 687.6 645.8
----- -----
Total
Liabilities 6,342.3 6,178.5
Equity 1,732.9 1,834.9
------- -------
Total
Liabilities
and Equity $8,075.2 $8,013.4
======== ========
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Geographic Revenue Mix:
North America 60.1% 61.6% 58.8% 61.0%
U.K. 32.7% 33.9% 34.0% 34.7%
Other International 7.2% 4.5% 7.2% 4.3%
--- --- --- ---
Total 100.0% 100.0% 100.0% 100.0%
===== ===== ===== =====
Revenue: (Amounts in Millions)
Retail Automotive $4,836.8 $4,554.9 $9,349.7 $8,741.7
Retail Commercial Trucks 309.5 241.9 516.2 434.6
Commercial Vehicles Australia/Power Systems and Other 107.8 123.8 212.8 227.2
Total $5,254.1 $4,920.6 $10,078.7 $9,403.5
======== ======== ========= ========
Gross Profit: (Amounts in Millions)
Retail Automotive $702.0 $662.6 $1,367.0 $1,291.9
Retail Commercial Trucks 38.3 38.3 71.5 71.1
Commercial Vehicles Australia/Power Systems and Other 31.0 30.4 56.6 58.2
---- ---- ---- ----
Total $771.3 $731.3 $1,495.1 $1,421.2
====== ====== ======== ========
Gross Margin:
Retail Automotive 14.5% 14.5% 14.6% 14.8%
Retail Commercial Trucks 12.4% 15.8% 13.9% 16.4%
Commercial Vehicles Australia/Power Systems and Other 28.8% 24.6% 26.6% 25.6%
---- ---- ---- ----
Total 14.7% 14.9% 14.8% 15.1%
==== ==== ==== ====
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Operations
Selected Data
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2016 2015 Increase/ 2016 2015 Increase/
(Decrease) (Decrease)
----------
Operating Items as a Percentage of Revenue:
Gross Profit 14.7% 14.9% -20 bps 14.8% 15.1% -30 bps
Selling, General and Administrative Expenses 11.1% 11.2% -10 bps 11.3% 11.6% -30 bps
Operating Income 3.1% 3.2% -10 bps 3.1% 3.1% ---
Inc. From Cont. Ops. Before Inc. Taxes 2.7% 2.9% -20 bps 2.6% 2.8% -20 bps
Operating Items as a Percentage of Total Gross Profit:
Selling, General and Administrative Expenses 75.5% 75.6% -10 bps 76.4% 76.6% -20 bps
Operating Income 21.3% 21.7% -40 bps 20.6% 20.7% -10 bps
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2016 2015 Increase/ (Decrease) 2016 2015 Increase/ (Decrease)
---- ---- -------------------- ---- ---- --------------------
(Amounts in Millions)
EBITDA* $187.5 $179.2 4.6% $345.1 $329.7 4.7%
Floorplan Credits $10.2 $8.3 22.9% $19.1 $15.0 27.3%
Rent Expense $51.9 $49.2 5.5% $103.4 $99.3 4.1%
* 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,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Retail Automotive Units:
New Retail 62,170 58,801 120,923 112,119
Used Retail 52,936 49,585 105,677 97,687
Total 115,106 108,386 226,600 209,806
======= ======= ======= =======
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles $2,461.0 $2,347.7 $4,729.2 $4,487.8
Used Vehicles 1,478.8 1,382.9 2,891.2 2,665.9
Finance and Insurance, Net 125.7 121.9 244.1 233.0
Service and Parts 496.2 456.1 974.3 894.5
Fleet and Wholesale 275.1 246.3 510.9 460.5
Total Revenue $4,836.8 $4,554.9 $9,349.7 $8,741.7
======== ======== ======== ========
Retail Automotive Gross Profit:
(Amounts in Millions)
New Vehicles $193.1 $176.8 $368.6 $344.7
Used Vehicles 89.8 88.4 174.1 173.3
Finance and Insurance, Net 125.7 121.9 244.1 233.0
Service and Parts 288.7 274.3 570.1 535.1
Fleet and Wholesale 4.7 1.2 10.1 5.8
--- --- ---- ---
Total Gross Profit $702.0 $662.6 $1,367.0 $1,291.9
====== ====== ======== ========
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles $39,586 $39,926 $39,110 $40,027
Used Vehicles 27,936 27,890 27,359 27,290
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles $3,106 $3,006 $3,049 $3,074
Used Vehicles 1,697 1,782 1,647 1,773
Finance & Insurance 1,092 1,124 1,077 1,110
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Selected Data
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Retail Automotive Revenue Mix
Percentages:
New Vehicles 50.9% 51.5% 50.6% 51.3%
Used Vehicles 30.6% 30.4% 30.9% 30.5%
Finance and
Insurance, Net 2.6% 2.7% 2.6% 2.7%
Service and Parts 10.3% 10.0% 10.4% 10.2%
Fleet and
Wholesale 5.6% 5.4% 5.5% 5.3%
--- --- --- ---
Total 100.0% 100.0% 100.0% 100.0%
===== ===== ===== =====
Retail Automotive Gross Profit Mix
Percentages:
New Vehicles 27.5% 26.7% 27.0% 26.7%
Used Vehicles 12.8% 13.3% 12.7% 13.4%
Finance and
Insurance, Net 17.9% 18.4% 17.9% 18.0%
Service and Parts 41.1% 41.4% 41.7% 41.4%
Fleet and
Wholesale 0.7% 0.2% 0.7% 0.5%
Total 100.0% 100.0% 100.0% 100.0%
===== ===== ===== =====
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2016 2015 Increase/ 2016 2015 Increase/
(Decrease) (Decrease)
--------- ---------
Retail Automotive Gross Margin:
New Vehicles 7.8% 7.5% +30 bps 7.8% 7.7% +10 bps
Used Vehicles 6.1% 6.4% -30 bps 6.0% 6.5% -50 bps
Service and Parts 58.2% 60.1% -190 bps 58.5% 59.8% -130 bps
Fleet and Wholesale 1.7% 0.5% 120 bps 2.0% 1.3% 70 bps
--- --- ------- --- --- ------
Total Gross Margin 14.5% 14.5% --- bps 14.6% 14.8% -20 bps
==== ==== ======= ==== ==== =======
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Selected Data
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Retail Automotive Revenue Mix:
Premium:
BMW / MINI 25% 26% 25% 27%
Audi 14% 13% 14% 13%
Mercedes-Benz 10% 10% 10% 10%
Land Rover 6% 6% 7% 6%
Porsche 6% 5% 5% 5%
Lexus 3% 4% 3% 4%
Ferrari / Maserati 3% 3% 3% 3%
Acura 1% 2% 1% 1%
Bentley 1% 1% 1% 1%
Others 3% 2% 3% 2%
--- --- --- ---
Total Premium 72% 72% 72% 72%
Volume Non-U.S.:
Toyota 11% 12% 11% 12%
Honda 7% 7% 7% 7%
Volkswagen 3% 2% 3% 2%
Nissan 1% 1% 1% 1%
Others 2% 2% 2% 2%
--- --- --- ---
Total Volume Non-U.S. 24% 24% 24% 24%
U.S.:
General Motors / Chrysler / Ford 4% 4% 4% 4%
--- --- --- ---
Total 100% 100% 100% 100%
=== === === ===
Retail Automotive Geographic Revenue Mix:
U.S. 58.8% 61.1% 57.7% 60.5%
U.K. 35.6% 36.6% 36.6% 37.3%
Other International 5.6% 2.3% 5.7% 2.2%
--- --- --- ---
Total 100% 100% 100% 100%
=== === === ===
Retail Automotive Geographic Gross Profit Mix:
U.S. 62.8% 65.3% 62.0% 64.5%
U.K. 31.4% 32.8% 32.4% 33.7%
Other/International 5.8% 1.9% 5.6% 1.8%
--- --- --- ---
100% 100% 100% 100%
=== === === ===
PENSKE AUTOMOTIVE GROUP, INC.
Retail Automotive Operations
Same-Store
Selected Data
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Retail Automotive Same-Store Units:
New Retail 57,965 58,795 113,301 111,888
Used Retail 48,301 49,579 96,927 97,623
Total 106,266 108,374 210,228 209,511
======= ======= ======= =======
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles $2,337.0 $2,347.5 $4,494.2 $4,469.9
Used Vehicles 1,385.1 1,382.7 2,706.5 2,662.9
Finance and Insurance, Net 123.9 121.9 241.0 232.4
Service and Parts 471.1 455.6 922.9 891.7
Fleet and Wholesale 270.6 246.3 499.7 458.5
Total Revenue $4,587.7 $4,554.0 $8,864.3 $8,715.4
======== ======== ======== ========
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles $175.9 $176.7 $337.4 $342.7
Used Vehicles 84.1 88.4 164.1 173.0
Finance and Insurance, Net 123.9 121.9 241.0 232.4
Service and Parts 277.1 274.2 544.9 533.7
Fleet and Wholesale 4.5 1.1 9.8 5.8
--- --- --- ---
Total Gross Profit $665.5 $662.3 $1,297.2 $1,287.6
====== ====== ======== ========
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles $40,317 $39,926 $39,666 $39,950
Used Vehicles 28,676 27,888 27,923 27,278
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles $3,035 $3,006 $2,978 $3,063
Used Vehicles 1,740 1,782 1,693 1,772
Finance & Insurance 1,166 1,124 1,146 1,109
PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations
Selected Data
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Retail Commercial Truck Units:
New Retail 1,949 1,491 3,109 2,530
Used Retail 274 298 545 594
Total 2,223 1,789 3,654 3,124
===== ===== ===== =====
Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles $212.0 $146.3 $328.7 $248.5
Used Vehicles 13.8 15.6 27.3 31.5
Finance and Insurance, Net 1.8 1.6 3.7 2.9
Service and Parts 79.3 75.0 150.7 138.1
Lease, Rental & Wholesale 2.6 3.4 5.8 13.6
Total Revenue $309.5 $241.9 $516.2 $434.6
====== ====== ====== ======
Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles $7.6 $6.9 $12.5 $11.8
Used Vehicles (0.6) 1.6 (1.0) 3.3
Finance and Insurance, Net 1.8 1.6 3.7 2.9
Service and Parts 29.3 27.7 55.7 51.1
Lease, Rental & Wholesale 0.2 0.5 0.6 2.0
--- --- --- ---
Total Gross Profit $38.3 $38.3 $71.5 $71.1
===== ===== ===== =====
Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles $108,764 $98,154 $105,725 $98,232
Used Vehicles 50,247 52,394 49,988 53,045
Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles $3,904 $4,645 $4,015 $4,664
Used Vehicles (2,096) 5,462 (1,785) 5,671
Finance & Insurance 809 902 1,006 947
PENSKE AUTOMOTIVE GROUP, INC.
Retail Commercial Truck Operations
Same-Store
Selected Data
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Retail Commercial Truck Same-Store Units:
New Retail 1,673 1,491 1,376 1,660
Used Retail 266 298 481 561
Total 1,939 1,789 1,857 2,221
===== ===== ===== =====
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles $180.0 $146.3 $157.5 $176.8
Used Vehicles 13.4 15.6 24.0 29.9
Finance and Insurance, Net 1.6 1.6 3.0 2.8
Service and Parts 71.1 75.0 106.2 110.9
Lease, Rental & Wholesale 2.6 3.4 4.6 11.7
Total Revenue $268.7 $241.9 $295.3 $332.1
====== ====== ====== ======
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles $6.5 $6.9 $7.1 $9.7
Used Vehicles (0.6) 1.6 (0.9) 3.2
Finance and Insurance, Net 1.6 1.6 3.0 2.8
Service and Parts 26.5 27.7 43.6 43.3
Lease, Rental & Wholesale 0.2 0.5 0.4 1.7
--- --- --- ---
Total Gross Profit $34.2 $38.3 $53.2 $60.7
===== ===== ===== =====
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles $107,613 $98,154 $114,448 $106,508
Used Vehicles 50,378 52,394 49,945 53,346
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles $3,897 $4,645 $5,164 $5,811
Used Vehicles (2,264) 5,462 (1,789) 5,727
Finance & Insurance 828 902 1,621 1,257
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") for the three and six months ended June 30, 2016 and 2015:
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2016 2015 Increase/ 2016 2015 Increase/
(Decrease) (Decrease)
----------
(Amounts in Millions)
Net Income $95.0 95.7 (0.7%) $175.2 171.6 2.1%
Add: Depreciation 24.5 19.3 26.9% 45.3 37.9 19.5%
Other Interest Expense 19.5 16.4 18.9% 36.7 32.7 12.2%
Income Taxes 47.3 47.7 (0.8%) 86.7 86.5 0.2%
Loss from Discontinued Operations, net of tax 1.2 0.1 nm 1.2 1.0 nm
--- --- --- --- --- ---
EBITDA $187.5 $179.2 4.6% 345.1 329.7 4.7%
nm - not meaningful
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SOURCE Penske Automotive Group, Inc.
