Attached files
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| 8-K - LIVE FILING - PENSKE AUTOMOTIVE GROUP, INC. | htm_50225.htm |
| FOR IMMEDIATE RELEASE | ||
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PENSKE AUTOMOTIVE REPORTS RECORD RESULTS
Most Profitable Quarter in Company History
| Second Quarter 2014 | Six Months 2014 | |||||
| • | Revenue Increases 21.4% to $4.4 Billion |
| • | Revenue Increases 21.1% to $8.5 Billion |
| • Same-store Retail Revenue Increases | |||||||
| 12.7% | |||||||
| • Same-store Retail Revenue Increases 13.8% | |||||||
| • Income from Continuing Operations | |||||||
| • Income from Continuing Operations | |||||||
| Increases 27.5% to $80.3 Million | Increases 21.7% to $146.4 Million | ||||||
| • Earnings Per Share from Continuing | |||||||
| • Earnings Per Share from Continuing | |||||||
| Operations Increases 27.1% to $0.89 | Operations Increases 21.8% to $1.62 | ||||||
| • EBITDA Increases 22.4% to $153 Million | |||||||
| • EBITDA Increases 19.6% to $283 Million | |||||||
| BLOOMFIELD HILLS, MI, July 30, 2014 – Penske Automotive Group, Inc. (NYSE:PAG), an | |||||||
| international transportation services company, announced today the most profitable quarter and | |||||||
| first six months of income from continuing operations and related earnings per share in company | |||||||
| history. For the second quarter of 2014, when compared to the same period last year, income from | |||||||
| continuing operations attributable to common shareholders increased 27.5% to $80.3 million and | |||||||
| related earnings per share increased 27.1% to $0.89 per share. | |||||||
Total revenue increased 21.4% to $4.4 billion. The revenue increase was driven by a 10.4% increase in total retail unit sales, including a 5.3% increase on a same-store basis. Gross profit improved 19.2% to $666.9 million while operating income increased 21.5% to $136.2 million.
Commenting on the company’s record results, Penske Automotive Group Chairman Roger S. Penske said, “Our business delivered another outstanding quarter, achieving over 20% growth in revenues, income from continuing operations and related earnings per share. I am particularly pleased with another quarter of double-digit, same-store retail revenue growth, further highlighting the benefit of our company’s brand mix and geographic diversification. We remain confident in the strength of the auto retail market and our ability to continue growing the overall business.”
| Highlights of the Second Quarter |
||||
| |
||||
| • | Total Retail Unit Sales Increased 10.4% to 101,422 |
| • | +8.4% in the United States; +15.3% Internationally |
| • | New unit retail sales +10.5% |
| • | Used unit retail sales +10.4% |
| • | Same-store Retail Revenue Increased 12.7% |
| • | New +11.9%; Used +15.9%; Finance & Insurance +13.8%; Service and Parts +7.8% |
| • | +6.3% in the United States; +25.3% Internationally |
| • | Average Transaction Price Per Unit |
| • | New $40,318; +7.0% |
| • | Used $27,733; +8.6% |
| • | Average Gross Profit Per Unit |
| • | New $3,115, +$296/unit; Gross Margin 7.7%, +20 basis points |
| • | Used $1,966, +$50/unit; Gross Margin 7.1%, -40 basis points |
| • | Finance & Insurance $1,107, +$76/unit |
For the six months ended June 30, 2014, total revenue increased 21.1% to $8.5 billion. The revenue increase was driven by an 11.7% increase in total retail unit sales, including 7.5% on a same-store basis. Same-store retail revenue growth was 13.8%. Income from continuing operations increased 21.7% to $146.4 million and related earnings per share increased 21.8% to $1.62 per share when compared to the same period last year.
Share Repurchases
For the six months ended June 30, 2014, the company has repurchased 335,350 shares of its common
stock for approximately $15.5 million, or an average price of $46.20 per share. The company has a
remaining share repurchase authorization of $77.6 million as of June 30, 2014.
Conference Call
Penske Automotive will host a conference call discussing financial results relating to the second quarter of 2014 on July 30, 2014, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230-1085 [International, please dial (612) 288-0340]. The call will also be simultaneously broadcast over the Internet through the Investors Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2014 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, operating automotive dealerships, commercial vehicle distribution and car rental franchises principally in the United States, Western Europe, Australia and New Zealand, employs approximately 19,900 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 potential and potential earnings outlook. 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, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters 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, 2013, 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.
Find a vehicle:
Engage Penske Automotive: http://www.penskesocial.com
Like Penske Automotive on Facebook: https://facebook.com/PenskeCars
Follow Penske Automotive on Twitter: https://twitter.com/#!/Penskecarscorp
Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars
Inquiries should contact:
David K. Jones Executive Vice President and Chief Financial Officer Penske Automotive Group, Inc. 248-648-2800 dave.jones@penskeautomotive.com |
Anthony R. Pordon Executive Vice President Investor Relations and Corporate Development Penske Automotive Group, Inc. 248-648-2540 tpordon@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, | |||||||||||||||||||||||||||||||
| % Increase/ | % Increase/ | |||||||||||||||||||||||||||||||
| 2014 | 2013 | (Decrease) | 2014 | 2013 | (Decrease) | |||||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||
New Vehicle
|
$ | 2,238.1 | $ | 1,894.0 | 18.2 | % | $ | 4,264.4 | $ | 3,610.8 | 18.1 | % | ||||||||||||||||||||
Used Vehicle
|
1,273.3 | 1,061.7 | 19.9 | % | 2,474.9 | 2,049.9 | 20.7 | % | ||||||||||||||||||||||||
Finance and Insurance, Net
|
112.3 | 94.7 | 18.6 | % | 217.2 | 180.6 | 20.3 | % | ||||||||||||||||||||||||
Service and Parts
|
435.7 | 384.9 | 13.2 | % | 853.2 | 764.6 | 11.6 | % | ||||||||||||||||||||||||
Fleet and Wholesale
|
216.8 | 180.3 | 20.2 | % | 404.7 | 352.2 | 14.9 | % | ||||||||||||||||||||||||
Commercial Vehicle, Car Rental and Other
|
130.5 | 15.0 | nm | 240.3 | 21.8 | nm | ||||||||||||||||||||||||||
Total Revenues
|
$ | 4,406.7 | $ | 3,630.6 | 21.4 | % | $ | 8,454.7 | $ | 6,979.9 | 21.1 | % | ||||||||||||||||||||
Cost of Sales:
|
||||||||||||||||||||||||||||||||
New Vehicle
|
$ | 2,065.2 | $ | 1,752.3 | 17.9 | % | $ | 3,934.8 | $ | 3,335.4 | 18.0 | % | ||||||||||||||||||||
Used Vehicle
|
1,183.0 | 982.0 | 20.5 | % | 2,297.6 | 1,892.9 | 21.4 | % | ||||||||||||||||||||||||
Service and Parts
|
175.6 | 153.7 | 14.2 | % | 345.9 | 312.2 | 10.8 | % | ||||||||||||||||||||||||
Fleet and Wholesale
|
213.7 | 177.7 | 20.3 | % | 397.2 | 345.4 | 15.0 | % | ||||||||||||||||||||||||
Commercial Vehicle, Car Rental and Other
|
102.3 | 5.4 | nm | 188.3 | 7.9 | nm | ||||||||||||||||||||||||||
Total Cost of Sales
|
$ | 3,739.8 | $ | 3,071.1 | 21.8 | % | $ | 7,163.8 | $ | 5,893.8 | 21.5 | % | ||||||||||||||||||||
Gross Profit
|
666.9 | 559.5 | 19.2 | % | 1,290.9 | 1,086.1 | 18.9 | % | ||||||||||||||||||||||||
SG&A Expenses
|
513.2 | 432.7 | 18.6 | % | 1,001.0 | 839.8 | 19.2 | % | ||||||||||||||||||||||||
Depreciation
|
17.5 | 14.7 | 19.0 | % | 34.0 | 29.0 | 17.2 | % | ||||||||||||||||||||||||
Operating Income
|
136.2 | 112.1 | 21.5 | % | 255.9 | 217.3 | 17.8 | % | ||||||||||||||||||||||||
Floor Plan Interest Expense
|
(11.6 | ) | (10.7 | ) | 8.4 | % | (22.7 | ) | (20.8 | ) | 9.1 | % | ||||||||||||||||||||
Other Interest Expense
|
(13.1 | ) | (11.9 | ) | 10.1 | % | (26.2 | ) | (23.4 | ) | 12.0 | % | ||||||||||||||||||||
Equity in Earnings of Affiliates
|
10.9 | 8.9 | 22.5 | % | 16.0 | 11.2 | 42.9 | % | ||||||||||||||||||||||||
Income from Continuing Operations Before Income Taxes
|
122.4 | 98.4 | 24.4 | % | 223.0 | 184.3 | 21.0 | % | ||||||||||||||||||||||||
Income Taxes
|
(41.1 | ) | (34.9 | ) | 17.8 | % | (75.2 | ) | ( | (63.2 | ) | 19.0 | % | |||||||||||||||||||
Income from Continuing Operations
|
81.3 | 63.5 | 28.0 | % | 147.8 | 121.1 | 22.0 | % | ||||||||||||||||||||||||
Loss from Discontinued Operations, net of tax
|
(7.4 | ) | (1.0 | ) | nm | (6.0 | ) | (0.6 | ) | nm | ||||||||||||||||||||||
Net Income
|
73.9 | 62.5 | 18.2 | % | 141.8 | 120.5 | 17.7 | % | ||||||||||||||||||||||||
Less: Income Attributable to Non-Controlling Interests
|
1.0 | 0.5 | 100.0 | % | 1.4 | 0.8 | 75.0 | % | ||||||||||||||||||||||||
Net Income Attributable to Common Shareholders
|
$ | 72.9 | $ | 62.0 | 17.6 | % | $ | 140.4 | $ | 119.7 | 17.3 | % | ||||||||||||||||||||
Income from Continuing Operations Per Share
|
$ | 0.89 | $ | 0.70 | 27.1 | % | $ | 1.62 | $ | 1.33 | 21.8 | % | ||||||||||||||||||||
Income Per Share
|
$ | 0.81 | 0 | $ | 0.69 | 17.4 | % | $ | 1.55 | 0 | $ | 1.32 | 17.4 | % | ||||||||||||||||||
Weighted Average Shares Outstanding
|
90.4 | 90.3 | 0.1 | % | 90.4 | 90.4 | — | |||||||||||||||||||||||||
Amounts Attributable to Common Shareholders:
|
||||||||||||||||||||||||||||||||
Reported Income from Continuing Operations
|
$ | 81.3 | $ | 63.5 | 28.0 | % | $ | $147.8 | $ | 121.1 | 22.0 | % | ||||||||||||||||||||
Less: Income Attributable to Non-Controlling Interests
|
1.0 | 0.5 | 100.0 | % | 1.4 | 0.8 | 75.0 | % | ||||||||||||||||||||||||
Income from Continuing Operations, net of tax
|
$ | 80.3 | $ | 63.0 | 27.5 | % | $ | 146.4 | $ | 120.3 | 21.7 | % | ||||||||||||||||||||
Loss from Discontinued Operations, net of tax
|
(7.4 | ) | (1.0 | ) | nm | (6.0 | ) | (0.6 | ) | nm | ||||||||||||||||||||||
Net Income Attributable to Common Shareholders
|
$ | 72.9 | $ | 62.0 | 17.6 | % | $ | 140.4 | $ | 119.7 | 17.3 | % | ||||||||||||||||||||
nm – not meaningful
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Condensed Balance Sheets
(Amounts In Millions)
(Unaudited)
| June 30, | December 31, | |||||||
| 2014 | 2013 | |||||||
Assets |
||||||||
Cash and Cash Equivalents |
$ | 61.4 | $ | 49.8 | ||||
Accounts Receivable, Net |
641.2 | 600.8 | ||||||
Inventories |
2,615.9 | 2,518.3 | ||||||
Other Current Assets |
111.4 | 88.4 | ||||||
Assets Held for Sale |
52.4 | 107.3 | ||||||
Total Current Assets |
3,482.3 | 3,364.6 | ||||||
Property and Equipment, Net |
1,367.8 | 1,232.2 | ||||||
Intangibles |
1,518.4 | 1,439.9 | ||||||
Other Long-Term Assets |
373.8 | 378.8 | ||||||
Total Assets |
$ | 6,742.3 | $ | 6,415.5 | ||||
Liabilities and Equity |
||||||||
Floor Plan Notes Payable |
$ | 1,717.3 | $ | 1,685.1 | ||||
Floor Plan Notes Payable – Non-Trade |
934.0 | 901.6 | ||||||
Accounts Payable |
435.1 | 373.3 | ||||||
Accrued Expenses |
314.4 | 262.6 | ||||||
Current Portion Long-Term Debt |
81.6 | 50.0 | ||||||
Liabilities Held for Sale |
41.1 | 59.7 | ||||||
Total Current Liabilities |
3,523.5 | 3,332.3 | ||||||
Long-Term Debt |
1,006.8 | 1,033.2 | ||||||
Other Long-Term Liabilities |
565.3 | 527.9 | ||||||
Total Liabilities |
5,095.6 | 4,893.4 | ||||||
Equity |
1,646.7 | 1,522.1 | ||||||
Total Liabilities and Equity |
$ | 6,742.3 | $ | 6,415.5 | ||||
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Selected Data
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
Geographic Revenue Mix: |
||||||||||||||||
U.S. |
61 | % | 66 | % | 59 | % | 64 | % | ||||||||
U.K. |
35 | % | 34 | % | 37 | % | 35 | % | ||||||||
Other International |
4 | % | — | 4 | % | 1 | % | |||||||||
Total |
100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Revenue Mix: |
||||||||||||||||
Automotive Dealership |
97 | % | 100 | % | 97 | % | 100 | % | ||||||||
Commercial Vehicle, Car Rental and Other |
3 | % | — | 3 | % | — | ||||||||||
Total |
100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Automotive Dealership Revenue Mix: |
||||||||||||||||
Premium/Luxury: |
||||||||||||||||
BMW |
26 | % | 25 | % | 26 | % | 25 | % | ||||||||
Audi |
13 | % | 13 | % | 13 | % | 13 | % | ||||||||
Mercedes-Benz |
10 | % | 11 | % | 10 | % | 11 | % | ||||||||
Porsche |
5 | % | 5 | % | 5 | % | 5 | % | ||||||||
Land Rover |
5 | % | 4 | % | 6 | % | 4 | % | ||||||||
Lexus |
4 | % | 4 | % | 4 | % | 4 | % | ||||||||
Ferrari / Maserati |
3 | % | 2 | % | 2 | % | 2 | % | ||||||||
Bentley |
2 | % | 1 | % | 2 | % | 1 | % | ||||||||
Acura |
1 | % | 2 | % | 1 | % | 2 | % | ||||||||
Others |
2 | % | 2 | % | 2 | % | 2 | % | ||||||||
Total Premium/Luxury |
71 | % | 69 | % | 71 | % | 69 | % | ||||||||
Volume Non-U.S.: |
||||||||||||||||
Toyota |
12 | % | 12 | % | 12 | % | 12 | % | ||||||||
Honda |
8 | % | 10 | % | 8 | % | 10 | % | ||||||||
Volkswagen |
2 | % | 2 | % | 2 | % | 2 | % | ||||||||
Nissan |
1 | % | 1 | % | 1 | % | 1 | % | ||||||||
Others |
2 | % | 2 | % | 2 | % | 2 | % | ||||||||
Total Volume Non-U.S. |
25 | % | 27 | % | 25 | % | 27 | % | ||||||||
U.S.: |
||||||||||||||||
General Motors / Chrysler / Ford |
4 | % | 4 | % | 4 | % | 4 | % | ||||||||
Total Automotive Dealership Revenue |
100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Gross Profit Mix: |
||||||||||||||||
New Vehicles |
25.9 | % | 25.3 | % | 25.5 | % | 25.3 | % | ||||||||
Used Vehicles |
13.5 | % | 14.2 | % | 13.7 | % | 14.5 | % | ||||||||
Finance and Insurance |
16.8 | % | 16.9 | % | 16.8 | % | 16.6 | % | ||||||||
Service and Parts |
39.1 | % | 41.4 | % | 39.4 | % | 41.7 | % | ||||||||
Fleet and Wholesale |
0.5 | % | 0.5 | % | 0.6 | % | 0.6 | % | ||||||||
Commercial Vehicle, Car Rental and Other |
4.2 | % | 1.7 | % | 4.0 | % | 1.3 | % | ||||||||
Total |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Selected Data
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| 2014 | 2013 | Increase/ (Decrease) | 2014 | 2013 | Increase/ (Decrease) | |||||||||||||||||||
Operating items as a percentage of revenue: |
||||||||||||||||||||||||
Gross Profit: |
||||||||||||||||||||||||
New Vehicle |
7.7 | % | 7.5 | % | +20 bps | 7.7 | % | 7.6 | % | +10 bps | ||||||||||||||
Used Vehicle |
7.1 | % | 7.5 | % | -40 bps | 7.2 | % | 7.7 | % | -50 bps | ||||||||||||||
Service and Parts |
59.7 | % | 60.1 | % | -40 bps | 59.5 | % | 59.2 | % | +30 bps | ||||||||||||||
Fleet and Wholesale |
1.4 | % | 1.4 | % | — | 1.9 | % | 1.9 | % | — | ||||||||||||||
Commercial Vehicle, Car Rental and Other |
21.6 | % | 64.0 | % | nm | 21.6 | % | 63.8 | % | nm | ||||||||||||||
Total Gross Profit |
15.1 | % | 15.4 | % | -30 bps | 15.3 | % | 15.6 | % | -30 bps | ||||||||||||||
Selling, General and Administrative Expenses |
11.6 | % | 11.9 | % | -30 bps | 11.8 | % | 12.0 | % | -20 bps | ||||||||||||||
Operating Income |
3.1 | % | 3.1 | % | — | 3.0 | % | 3.1 | % | -10 bps | ||||||||||||||
Inc. From Cont. Ops. Before Inc. Taxes |
2.8 | % | 2.7 | % | +10 bps | 2.6 | % | 2.6 | % | — | ||||||||||||||
Operating items as a percentage of total gross profit: |
||||||||||||||||||||||||
Selling, General and Administrative Expenses |
77.0 | % | 77.3 | % | -30 bps | 77.5 | % | 77.3 | % | +20 bps | ||||||||||||||
Operating Income |
20.4 | % | 20.0 | % | +40 bps | 19.8 | % | 20.0 | % | -20 bps | ||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| % Increase/ | % Increase/ | |||||||||||||||||||||||
| 2014 | 2013 | (Decrease) | 2014 | 2013 | (Decrease) | |||||||||||||||||||
(Amounts in Millions): |
||||||||||||||||||||||||
EBITDA* |
$ | 153.0 | $ | 125.0 | 22.4 | % | $ | 283.2 | $ | 236.7 | 19.6 | % | ||||||||||||
Rent Expense |
49.7 | 43.9 | 13.2 | % | 97.5 | 87.4 | 11.6 | % | ||||||||||||||||
Floorplan Credits |
8.1 | 6.3 | 28.6 | % | 14.2 | 12.3 | 15.4 | % | ||||||||||||||||
| * | See the following Non-GAAP reconciliation tables |
nm – not meaningful
PENSKE AUTOMOTIVE GROUP, INC.
Automotive Retail Operations Selected Data
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| % Increase/ | % Increase/ | |||||||||||||||||||||||
| 2014 | 2013 | (Decrease) | 2014 | 2013 | (Decrease) | |||||||||||||||||||
Total Retail Units: |
||||||||||||||||||||||||
New Retail |
55,510 | 50,246 | 10.5 | % | 105,798 | 95,306 | 11.0 | % | ||||||||||||||||
Used Retail |
45,912 | 41,587 | 10.4 | % | 91,282 | 81,097 | 12.6 | % | ||||||||||||||||
Total Retail |
101,422 | 91,833 | 10.4 | % | 197,080 | 176,403 | 11.7 | % | ||||||||||||||||
Same-Store Retail Units: |
||||||||||||||||||||||||
New Same-Store Retail |
52,537 | 50,201 | 4.7 | % | 100,768 | 94,891 | 6.2 | % | ||||||||||||||||
Used Same-Store Retail |
44,121 | 41,555 | 6.2 | % | 87,744 | 80,419 | 9.1 | % | ||||||||||||||||
Total Same-Store Retail |
96,658 | 91,756 | 5.3 | % | 188,512 | 175,310 | 7.5 | % | ||||||||||||||||
| Same-Store Retail Revenue: (Amounts in Millions) |
||||||||||||||||||||||||
New Vehicles |
$ | 2,117.3 | $ | 1,891.6 | 11.9 | % | $ | 4,061.0 | $ | 3,593.8 | 13.0 | % | ||||||||||||
Used Vehicles |
1,228.4 | 1,060.3 | 15.9 | % | 2,388.9 | 2,038.0 | 17.2 | % | ||||||||||||||||
Finance and Insurance, Net |
107.7 | 94.6 | 13.8 | % | 209.4 | 180.3 | 16.1 | % | ||||||||||||||||
Service and Parts |
414.7 | 384.6 | 7.8 | % | 817.3 | 759.6 | 7.6 | % | ||||||||||||||||
Total Same-Store Retail |
$ | 3,868.1 | $ | 3,431.1 | 12.7 | % | $ | 7,476.6 | $ | 6,571.7 | 13.8 | % | ||||||||||||
Retail Revenue Mix: |
||||||||||||||||||||||||
New Vehicles |
55.1 | % | 55.1 | % | — | 54.6 | % | 54.7 | % | -10 bps | ||||||||||||||
Used Vehicles |
31.4 | % | 30.9 | % | +50 bps | 31.7 | % | 31.0 | % | +70 bps | ||||||||||||||
Finance and Insurance, Net |
2.8 | % | 2.8 | % | — | 2.8 | % | 2.7 | % | +10 bps | ||||||||||||||
Service and Parts |
10.7 | % | 11.2 | % | -50 bps | 10.9 | % | 11.6 | % | -70 bps | ||||||||||||||
| Average Revenue per Vehicle Retailed: |
||||||||||||||||||||||||
New Vehicles |
$ | 40,318 | $ | 37,694 | 7.0 | % | $ | 40,306 | $ | 37,886 | 6.4 | % | ||||||||||||
Used Vehicles |
27,733 | 25,529 | 8.6 | % | 27,112 | 25,277 | 7.3 | % | ||||||||||||||||
| Gross Profit per Vehicle Retailed: |
||||||||||||||||||||||||
New Vehicles |
$ | 3,115 | $ | 2,819 | 10.5 | % | $ | 3,115 | $ | 2,888 | 7.9 | % | ||||||||||||
Used Vehicles |
1,966 | 1,916 | 2.6 | % | 1,942 | 1,936 | 0.3 | % | ||||||||||||||||
Finance and Insurance |
1,107 | 1,031 | 7.4 | % | 1,102 | 1,024 | 7.6 | % | ||||||||||||||||
PENSKE AUTOMOTIVE GROUP, INC.
Consolidated Non-GAAP Reconciliation
(Unaudited)
Reconciliation of reported net income to earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three months and six months ended June 30, 2014 and 2013:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| % Increase/ | % Increase/ | |||||||||||||||||||||||
| (Amounts in Millions) | 2014 | 2013 | (Decrease) | 2014 | 2013 | (Decrease) | ||||||||||||||||||
Net Income |
$ | 73.9 | $ | 62.5 | 18.2 | % | $ | 141.8 | $ | 120.5 | 17.7 | % | ||||||||||||
Depreciation |
17.5 | 14.7 | 19.0 | % | 34.0 | 29.0 | 17.2 | % | ||||||||||||||||
Other Interest Expense |
13.1 | 11.9 | 10.1 | % | 26.2 | 23.4 | 12.0 | % | ||||||||||||||||
Income Taxes |
41.1 | 34.9 | 17.8 | % | 75.2 | 63.2 | 19.0 | % | ||||||||||||||||
Loss from
Discontinued
Operations, net of
tax |
7.4 | 1.0 | nm | 6.0 | 0.6 | nm | ||||||||||||||||||
EBITDA |
$ | 153.0 | $ | 125.0 | 22.4 | % | $ | 283.2 | $ | 236.7 | 19.6 | % | ||||||||||||
nm – not meaningful
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