Penske posted a a 67% increase in its fourth-quarter net income

Article by Christian A., on February 18, 2012

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.

Topics: penske, income

If you liked the article, share on:

Comments

Recommended

Hyundai Motor Group – including both Hyundai Motor and Kia Motors – has disclosed a wide-ranging plan to introduce 31 environment-friendly models in a new development roadmap that aims to...
by - August 22, 2017
Over a decade ago, Pagani took the Zonda to the Geneva Motor Show. The Zonda hypercar was then set to retire in 2013 together with the track-focused Revolucion. But here...
by - August 22, 2017
The newest Porsche Cayenne is scheduled be unwrapped by the end of the month after completing endurance tests worth 2.7 million miles. Since we are just a few weeks away...
by - August 22, 2017
This is the time of the year when automakers give us teasers and previews of their upcoming models. Now, it seems like BMW is ready to unveil the M5 (F90)...
by - August 22, 2017
It is quite common to revive classic cars if you have a lot of extra money. Models like the Jaguar XKSS and Aston Martin’s DB4 GT have been upgraded to...
by - August 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries