Penske sees surging auto sales

Investor's Business Daily

The chain of 344 new- and used-car dealerships posted Q4 EPS of 57 cents, up 21% and 4 cents better than analysts expected. Revenue climbed 18% to $3.37 bil, also beating. Penske Automotive Group (PAG) said sales at dealerships open at least a year increased 11.4%, fueled by low rates and pent-up demand for vehicles. Unit sales climbed 19.3% to 81,383 vehicles. The company has an IBD Composite Rating of 98, an EPS Rating of 86 and a Relative Strength Rating of 87. Shares fell 2.2% to 32.84.

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