Penske Automotive Group, Inc. (NYSE:PAG) Q4 2023 Earnings Call Transcript
Penske Automotive Group, Inc. (NYSE:PAG) Q4 2023 Earnings Call Transcript February 7, 2024
Penske Automotive Group, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon, and welcome to the Penske Automotive Group Fourth Quarter 2023 Earnings Conference Call. Today’s call is being recorded and will be available for replay approximately 1 hour after completion through February 14, 2024, on the company’s website under the Investors tab at www.penskeautomotive.com. I will now introduce Tony Pordon, the company’s Executive Vice President of Investor Relations and Corporate Development. Sir, please go ahead.
Anthony Pordon: Thank you, Brad. Good afternoon, everyone, and thank you for joining us today. As you know, a press release detailing Penske Automotive Group’s fourth quarter 2023 financial results was issued this morning and is posted on our website along with the presentation designed to assist you in understanding the company’s results. As always, I’m available by email or phone for any follow-up questions you may have. Joining me for today’s call are Roger Penske, our Chair and CEO; Shelley Hulgrave, our EVP and Chief Financial Officer; Rich Shearing, North American Operations; Randall Seymore, International Operations; and Tony Facione, our Vice President and Corporate Controller. Our discussion today may include forward-looking statements about our operations, earnings potential, outlook, future events, growth plans, liquidity, and assessment of business conditions.
We may also discuss certain non-GAAP financial measures, such as earnings before interest, taxes, depreciation, and amortization or EBITDA, adjusted EBITDA, adjusted earnings before taxes, adjusted income from continuing operations, adjusted earnings per share, and our leverage ratio. We have prominently presented the comparable GAAP measures and have reconciled the non-GAAP measures to the most directly comparable GAAP measures in the press release and investor presentation, which are available on our website. Our future results may vary from our expectation because of risks and uncertainties outlined in today’s press release under forward-looking statements. I direct you to our SEC filings, including our Form 10-K, and previously filed Form 10-Qs for additional discussion and factors that could cause future results to differ materially from expectations.
I’ll now turn the call over to Roger.
Roger Penske: All right, Tony. Thank you, and good afternoon, everyone. And I appreciate everyone joining us today. 2023 was a strong year for PAG and reflected our third best year of net income in our company’s history. Our performance was driven by a resilient new car market, our premium brand mix, the performance of our retail commercial truck dealerships, and our capital allocation. During 2023, we delivered 486,000 new and used vehicles and over 21,000 commercial trucks. We increased our revenue 6% to almost $30 billion. We generated $1.4 billion in earnings before taxes and nearly $1.1 billion of net income and earnings per share of $15.50. We continue to grow our business announcing acquisitions of $1.3 billion in expected annualized revenue including Rybrook in the UK, which closed early in January 2024.
See also 15 Highest Quality Makeup Brands In The World and 10 Best Stocks To Invest In 2024 For Beginners.
To continue reading the Q&A session, please click here.
