Penske Automotive Reports Mixed Q2 Results
Penske Automotive Group Inc (NYSE: PAG) reported a second-quarter FY22 sales decline of 1.2% year-on-year to $6.91 billion, missing the consensus of $7.01 billion.
Foreign currency exchange negatively impacted revenue by $245.2 million. Excluding the impact of foreign currency exchange, revenue would have increased by 2%.
Total retail automotive revenue decreased 3% to $6 billion, including an 8% decrease on a same-store basis.
The company's gross profit increased 4.6% Y/Y to $1.2 billion, and the gross margin expanded 100 basis points Y/Y to 17.9%.
Selling, general and administrative expenses rose 9.1% Y/Y to $817.7 million.
The operating margin was 5.6%, and operating income for the quarter fell 3.7% to $387.6 million.
Adjusted EBITDA rose 3.3% Y/Y to $548.3 million.
Adjusted EPS of $4.93 beat the analyst consensus of $4.47.
The company held $154.9 million in cash and equivalents as of June 30, 2022.
As of July 26, 2022, the company's total available repurchase authority is $330.6 million.
Price Action: PAG shares closed lower by 1.42% at $106.81 on the last check Wednesday.
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