Penske Automotive reports Q1 EPS $3.21, consensus $3.35

Reports Q1 revenue $7.45B, consensus $7.47B. Commenting on the Company’s financial results, Chair and CEO Roger Penske said, “Our retail automotive service and parts revenue grew 9% to a quarterly record of $746 million. During the quarter, we experienced a recovery across our used vehicle retail automotive operations with profitability improving sequentially by $428 per unit retailed. Further, I was pleased with our focus on controlling costs as selling, general, and administrative expenses as a percentage of gross profit improved by 30 basis points sequentially to 70.7%.”