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Penske Reports Record Earnings

By Staff Writer July 28, 2022

Penske Automotive Group announced all-time record quarterly earnings for the second quarter of 2022.

For the quarter, revenue decreased 1% to $6.9 billion. Foreign currency exchange negatively impacted revenue by $245.2 million. Excluding the impact from foreign currency exchange, revenue would have increased by 2%. Income from continuing operations attributable to common stockholders increased 10% to $374.0 million, and related earnings per share increased 17% to $4.93. Foreign currency exchange negatively impacted earnings per share by $0.11. For the three months ended June 30, 2021, income from continuing operations attributable to common stockholders was $338.8 million and related earnings per share was $4.20, and as shown in the attached non-GAAP reconciliation schedules, adjusted income from continuing operations was $360.2 million and related adjusted earnings per share was $4.47, reflecting increases of 4% and 10%, respectively.

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Last modified on Thursday, 28 July 2022 00:54

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