Record First Quarter Revenue
Revenue increased 2% to a record $7.6 billion, marking the seventh consecutive quarter of stable gross margin.
Strong Performance in Service and Parts
Service and parts revenue increased 6% to $789 million with a gross margin increase of 60 basis points to 58.6%.
Positive Earnings Per Share Growth
Earnings per share increased by 14% to $3.66, and adjusted earnings per share increased 6% to $3.39.
Increase in New Automotive Units
Delivered 120,000 new and used automotive units. New automotive units delivered increased 6% and 8% on a same-store basis.
SG&A Cost Control
On an adjusted basis, SG&A to gross profit declined by 70 basis points to 70.0%.
Improvement in BEV Inventory Management
Days' supply for BEVs improved to 56 days from 87 days in March last year.
Penske Transportation Solutions Growth
PTS earnings were up $3 million compared to the first quarter last year.