PAG - Penske Automotive Reports Slight Revenue Uptick CEO Touts 'Recovery Across Used Vehicles' | Benzinga
Penske Automotive Group, Inc. (NYSE:PAG) reported first-quarter earnings per share of $3.21, missing the street view of $3.31.
Quarterly sales of $7.448 billion missed the analyst consensus of $7.465 billion.
For the quarter, revenue increased 1.5% year over year.
The company’s quarterly results were negatively impacted by higher interest costs of $17.4 million, driven primarily by an increase in interest rates and higher inventory levels which increased borrowings under floorplan arrangements combined with lower equity earnings from the ...