Reports Q1 revenue $7.34B, consensus $6.99B. Commenting on the company’s financial results, chair and CEO Roger Penske said, "I am pleased to report a strong first quarter. Despite higher interest costs, inventory challenges, and other inflationary cost pressures, our performance continues to demonstrate the benefits of the Company’s diversification and the strength of its business model. Automotive retail and commercial truck retail demand for new vehicles remains strong while same store service & parts revenue increased 14% from retail automotive operations (excluding changes in foreign currency exchange) and increased 11% from commercial truck operations. In addition, I am pleased that strong expense control produced a ratio of SG&A to gross profit of 67.5%, including a sequential decline of 140 basis points when comparing the first quarter of 2023 to the fourth quarter of 2022."
Published first on TheFly
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