Penske Automotive Group has posted a 67% increase in its fourth-quarter net income, aided by an 11% increase in sales. In a statement, Penske said that it earned $47.7 million during the quarter compared with $28.5 million during the same quarter the previous year. It reported a $2.96 billion revenue, higher than its $2.67 billion a year before.
Its income from continuing operations was 47 cents per share, compared to a forecast of 40 cents per share, according to analysts that Thomson Reuters surveyed. Penske posted earnings of $176.9 million for the year, higher than the $108.3 million in 2010.
Its revenue rose by 12% to $11.6 billion. Chairman Roger Penske said that its fourth quarter results “continue to demonstrate the strength of the automotive retail model and the benefit from our premium/luxury brand mix in both the U.S. and international markets.” He said that it had a profitable quarter while it achieved same-store revenue increases in all business areas.
He said that its used vehicle business continues to be strong, increasing same-store retail unit sales by 16% and same-store retail revenue by 14%. Penske Automotive is the second-biggest U.S.-based auto dealership group, according to the Automotive News list of the top 125 U.S. dealership groups. In 2010, it sold 155,352 new vehicles.