Penske Reports Best 1Q in History

By Staff Writer April 28, 2021

Penske Automotive Group reported the highest first quarter revenue, highest income from continuing operations, and highest earnings per share in company history. For the three months ended March 31, 2021, the company reported a 253.7% increase in income from continuing operations attributable to common shareholders to $182.5 million and a 253.1% increase in related earnings per share to $2.26. This compares to income from continuing operations attributable to common shareholders of $51.6 million, or $0.64 per share in the prior year. Foreign exchange positively impacted earnings per share by $0.05 in the first quarter of 2021. Total revenue increased 15.3% to $5.8 billion from $5.0 billion in the prior year.

New and Used retail automotive same-store unit sales increased 5.5%.  Retail automotive same-store revenue and gross profit increased 19.2%. Retail automotive same-store variable gross profit per unit retailed increased 25.3%.  

“We had outstanding performance across our business during the first quarter,” Chairman Roger Penske said. “I am particularly pleased with the continued expense discipline driving a 990-basis point improvement in selling, general and administrative expense as a percent of gross profit.”

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Last modified on Friday, 30 April 2021 13:45