BLOOMFIELD HILLS, Mich. (AP) -- Penske Automotive Group Inc. said Tuesday that its second-quarter net income jumped 24 percent as it sold more new and used vehicles.
The car dealer, based in Bloomfield Hills, Mich., said its net income rose to $49.1 million, or 54 cents per share, for the three months that ended June 30. That's up from $39.6 million, or 43 cents per share, during the same period a year ago.
Excluding losses from discontinued operations, the company reported earnings from continuing operations of $49.5 million, or 55 cents per share.
Revenue rose 19 percent to $3.37 billion from $2.83 billion.
The results beat Wall Street expectations, according to FactSet. Analysts, on average, expected earnings of 53 cents per share and revenue of $3.25 billion.
Sales of new vehicles rose 23.6 percent to $1.73 billion, while used vehicles sales rose 12.7 percent $964,511. Sales of services and parts rose nearly 9 percent to $368,797.
Revenue at dealerships open at least a year — same-store sales —rose 9.4 percent. That included a 13.5 percent increase at U.S. locations and 2.4 percent growth at international dealerships.
The same-store metric is considered a key measure of a retailer's performance because it excludes sales at locations that opened or closed during the year.
Shares of Penske Automotive rose 9 cents to $23.74 in morning trading.
