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Penske Automotive Group, Inc. (PAG) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Penske Automotive Group, Inc.

CIK: 1019849 Ticker: PAG

 

 

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Penske Automotive Group, Inc.
2555 Telegraph Road
Bloomfield Hills, MI 48302-0954

 

 

FOR IMMEDIATE RELEASE

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PENSKE AUTOMOTIVE REPORTS RECORD THIRD QUARTER 2018 RESULTS

 

Record Income From Continuing Operations Increases 38.0% to $130.1 Million and

Earnings Per Share Increases 39.1% to $1.53

 

Record Adjusted Income From Continuing Operations Increases 25.7% to $118.5 Million

 

Record Adjusted Earnings Per Share From Continuing Operations Increases 27.3% to $1.40

 

 

BLOOMFIELD HILLS, MI, October 25, 2018 –  Penske Automotive Group, Inc. (NYSE:PAG), an international transportation services company consisting of franchised retail automotive dealerships, stand-alone used vehicle supercenters, heavy and medium duty retail truck dealerships, and distribution of commercial trucks and power systems,  today announced record third quarter and record nine months 2018 results.  For the three months ended September 30, 2018, income from continuing operations attributable to common shareholders increased 38.0% to $130.1 million, and related earnings per share increased 39.1% to $1.53 when compared to the same period last year. Total revenue increased 2.4% to $5.7 billion, while same-store retail revenue increased 0.2%. Excluding foreign exchange, total revenue increased 2.9%, while same-store retail revenue increased 0.5%. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.01. As a result of tax reform enacted in 2017, the company’s effective tax rate in the third quarter of 2018 was 17.3% compared to 32.2% in the third quarter of 2017. 

For the three and nine months ended September 30, 2018, income and earnings per share from continuing operations attributable to common shareholders included a tax benefit of $11.6 million, or $0.14 per share. This benefit relates to the final reconciliation of the income tax benefit related to the enactment of the 2017 U.S. Tax Cuts and Jobs Act. The third quarter 2018 adjustment primarily relates to reductions in the repatriation tax. Excluding this benefit, adjusted income from continuing operations increased 25.7% to $118.5 million, and related earnings per share increased 27.3% to $1.40 for the three months ended September 30, 2018.

 

 

 

 

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The following information was filed by Penske Automotive Group, Inc. (PAG) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Penske Automotive Group, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accumulated Other Comprehensive Income/(Loss)
Accumulated Other Comprehensive Income/(Loss) (Details)
Accumulated Other Comprehensive Income/(Loss) (Tables)
Business Combinations
Business Combinations (Tables)
Business Combinations - Activity (Details)
Business Combinations - Consideration Paid And Assets Acquired And Liabilities Assumed (Details)
Business Combinations - Pro Forma Information (Details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Details)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (Tables)
Condensed Consolidating Financial Information - Balance Sheet (Details)
Condensed Consolidating Financial Information - Cash Flows (Details)
Condensed Consolidating Financial Information - Income (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Equity
Equity (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Activity (Details)
Intangible Assets - Information By Segment (Details)
Intangible Assets - Summary Of Changes (Details)
Interim Financial Statements
Interim Financial Statements (Policies)
Interim Financial Statements (Tables)
Interim Financial Statements - Assets Held For Sale, Discontinued Operations And Fair Value (Details)
Interim Financial Statements - Business Overview (Details)
Interim Financial Statements - Income Taxes (Details)
Interim Financial Statements - Recent Accounting Pronouncements - Asu 2014-09 - Initial Application (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Long-Term Debt
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Long-Term Debt (Tables)
Revenues
Revenues (Tables)
Revenues - Additional Revenue Recognition (Details)
Revenues - Commercial Vehicle Distribution And Other (Details)
Revenues - Contract Balances (Details)
Revenues - Other Disclosures (Details)
Revenues - Retail Automotive Dealership (Details)
Revenues - Retail Commercial Truck Dealership (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Vehicle Financing
Vehicle Financing (Details)
Ticker: PAG
CIK: 1019849
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007934
Submitted to the SEC: Fri Oct 26 2018 12:13:23 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Retail Auto Dealers And Gasoline Stations

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