Penske Automotive reports Q2 EPS $4.41, consensus $4.19

Reports Q2 revenue $7.47B, consensus $7.13B. Commenting on the company’s financial results, chair and CEO Roger Penske said, “I am pleased to report strong second quarter performance from our diversified business model. Automotive retail and commercial truck retail demand for new vehicles remains strong while same store service & parts revenue increased 11% from retail automotive operations and increased 4% from commercial truck operations. Retail automotive same-store variable gross profit per unit retailed increased $163 when compared to the first quarter of 2023 to $5,646. In addition, I am pleased that strong expense control produced a ratio of SG&A to gross profit of 67.4%, including a sequential decline of ten basis points when compared to the first quarter of 2023.”