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Penske Automotive Group, Inc. |
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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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Penske Automotive Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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In accordance with generally accepted accounting principles relating to the statement of cash flows, we report all cash flows arising in connection with floor plan notes payable with the manufacturer of a particular new vehicle as an operating activity in our statement of cash flows, and all cash flows arising in connection with floor plan notes payable to a party other than the manufacturer of a particular new vehicle, all floor plan notes payable relating to pre-owned vehicles, and all floor plan notes payable related to our commercial vehicles in Australia and New Zealand, as a financing activity in our statement of cash flows.
The same-store revenue decrease is due to a decrease in same-store unit sales, which decreased revenue by $160.1 million, partially offset by a $983 per unit increase in comparative average selling prices (offset by a $99 per unit decrease attributable to unfavorable foreign currency fluctuations), which increased revenue by $57.5 million.
As a result, we prepare the following reconciliation to highlight our operating cash flows with all changes in vehicle floor plan being classified as an operating activity for informational purposes: Nine Months Ended September 30, (In millions) 2018 2017 Net cash from continuing operating activities as reported 535.9 466.8 Floor plan notes payable non-trade as reported (59.6) 155.2 Net cash from continuing operating activities including all floor plan notes payable 476.3 622.0 Cash Flows from Continuing Investing Activities Cash flows from continuing investing activities consist primarily of cash used for capital expenditures, proceeds from the sale of dealerships, and net expenditures for acquisitions and other investments.
The decrease in same-store gross profit is due to a decrease in same-store new retail unit sales, which decreased gross profit by $11.9 million, partially offset by a $130 per unit increase in the average gross profit per new vehicle retailed (offset by an $8 per unit decrease attributable to unfavorable foreign currency fluctuations), which increased gross profit by $7.6 million.
The same-store gross profit increase is due to the increase in same-store revenues, which increased gross profit by $5.1 million, coupled with a 0.2% increase in gross margin, which increased gross profit by $1.0 million.
The same-store gross profit increase...Read more
The same-store gross profit increase...Read more
Commercial Vehicle Distribution Data (In...Read more
Excluding $0.4 million of unfavorable...Read more
The future success of our...Read more
The same-store revenue increase is...Read more
We are also able to...Read more
The same-store revenue increase is...Read more
Gross Profit Retail gross profit...Read more
The increase from 2017 to...Read more
The increase from 2017 to...Read more
The increase in same-store gross...Read more
Excluding $5.8 million of unfavorable...Read more
Cash Flows from Continuing Financing...Read more
The increase in same-store gross...Read more
Floor Plan Interest Expense (In...Read more
Liquidity and Capital Resources Our...Read more
We have historically funded any...Read more
Increased efforts to integrate PCV...Read more
The increase in gross profit...Read more
The increase in gross profit...Read more
The decline in revenue from...Read more
As a result of recent...Read more
The increase in same-store gross...Read more
The increase in same-store gross...Read more
The increase in same-store gross...Read more
Revenues New vehicle retail sales...Read more
Gross Profit Used commercial truck...Read more
Same-store units decreased 39 3.3%...Read more
Three Months Ended September 30,...Read more
46 Nine Months Ended September...Read more
Gross Profit Retail gross profit...Read more
Gross Profit Retail gross profit...Read more
The amounts outstanding under our...Read more
We believe that cash flow...Read more
We had net repayments of...Read more
Excluding the impact of foreign...Read more
The increases are largely attributable...Read more
Aggregate revenue and gross profit...Read more
The Australian heavy-duty commercial vehicle...Read more
55 Short-Term Borrowings We have...Read more
The same-store revenue increase is...Read more
Excluding $31.8 million of favorable...Read more
Retail Automotive Dealership Finance and...Read more
48 Retail Automotive Dealership Finance...Read more
44 Selling, General and Administrative...Read more
Selling, General and Administrative Data...Read more
Excluding $9.7 million of favorable...Read more
The overall same-store increase is...Read more
The overall same-store increase is...Read more
Retail Automotive Dealership Service and...Read more
In the event we pursue...Read more
Excluding $7.2 million of favorable...Read more
Excluding $17.4 million of favorable...Read more
Equity in Earnings of Affiliates...Read more
Equity in Earnings of Affiliates...Read more
Historically, these cash requirements have...Read more
We believe the U.S. market...Read more
Increased efforts to integrate PCV...Read more
Floor Plan Interest Expense (In...Read more
Equity in earnings of affiliates...Read more
Equity in earnings of affiliates...Read more
Securities Repurchases From time to...Read more
We believe that changes in...Read more
We believe the increase in...Read more
We believe the increase in...Read more
43 Gross Profit Service and...Read more
51 Gross Profit Service and...Read more
Excluding $163.9 million of favorable...Read more
Excluding $138.6 million of favorable...Read more
In turn, Mitsui agreed to...Read more
The increase in same-store revenue...Read more
Revenues Service and parts revenue...Read more
Revenues Service and parts revenue...Read more
Retail Commercial Truck Dealership Data...Read more
49 Retail Commercial Truck Dealership...Read more
The same-store gross profit increase...Read more
The same-store gross profit increase...Read more
Gross Profit Service and parts...Read more
U.K. sales are also being...Read more
The same-store revenue increase is...Read more
The same-store revenue increase is...Read more
The same-store revenue increase is...Read more
Floor plan interest expense relates...Read more
The same-store gross profit increase...Read more
We believe the year over...Read more
Gross Profit New commercial truck...Read more
Gross Profit New commercial truck...Read more
We finance substantially all of...Read more
The cost of our variable...Read more
The increase in revenue and...Read more
Retail Automotive Dealership Used Vehicle...Read more
Revenues New commercial truck retail...Read more
47 Retail Automotive Dealership Used...Read more
Revenues New commercial truck retail...Read more
50 Units Retail unit sales...Read more
Revenues Used commercial truck retail...Read more
Gross Profit Used commercial truck...Read more
We expect the heavy and...Read more
Equity in earnings of affiliates...Read more
Equity in earnings of affiliates...Read more
Units Retail unit sales of...Read more
Revenues Used commercial truck retail...Read more
In addition, our liquidity could...Read more
The increase internationally is primarily...Read more
We expect PTL to benefit...Read more
In addition, the weakening of...Read more
Revenues Used vehicle retail sales...Read more
The increase in SG&A; is...Read more
The increase in SG&A; is...Read more
We may provide these dealerships...Read more
We finance substantially all of...Read more
PTL is capable of meeting...Read more
You should note that our...Read more
Our effective tax rate was...Read more
Our effective tax rate was...Read more
54 Dividends We paid the...Read more
For the nine months ended...Read more
Off-Balance Sheet Arrangements Refer to...Read more
Capital expenditures relate primarily to...Read more
Roger S. Penske, our Chair...Read more
Mitsui & Co., Ltd. and...Read more
Our U.S. operations generally experience...Read more
Mitsui, Penske Corporation and certain...Read more
We believe we are the...Read more
Our gross profit tends to...Read more
PTG also offers a full...Read more
In addition to selling new...Read more
Such sales generate proceeds that...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Penske Automotive Group, Inc. provided additional information to their SEC Filing as exhibits
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