PAG - Used Car Blues Hit Bottom Line But Penske Speeds Ahead with Sales Growth | Benzinga
Penske Automotive Group Inc (NYSE:PAG) reported fourth-quarter FY23 sales growth of 4% Y/Y to $7.27 billion, beating the analyst consensus of $7.21 billion.
The results benefited from continued strong performance in retail automotive and retail commercial truck operations, with an increase of 8% in retail automotive new units delivered and a 7% increase in same-store service and parts gross profit.
Total retail automotive same-store revenue increased 4%, including a 7% rise in service & parts revenue.
The company’s gross profit increased 0.4% Y/Y to $1.19 billion, and the gross margin contracted to 16.3% from 16.9% a year ago.
The operating margin ...