Penske: Q2 Earnings Snapshot
BLOOMFIELD HILLS, Mich. (AP) _ Penske Automotive Group Inc. (PAG) on Wednesday reported second-quarter profit of $338.9 million.
On a per-share basis, the Bloomfield Hills, Michigan-based company said it had profit of $4.20. Earnings, adjusted for one-time gains and costs, were $4.47 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $3.99 per share.
The auto dealership chain posted revenue of $6.99 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $6.49 billion.
Penske shares have increased 36% since the beginning of the year. The stock has increased 72% in the last 12 months.