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Penske Automotive Group, Inc. (NYSE:PAG) shares are trading higher on Wednesday after the company released its second-quarter results.
The company reported earnings per share of $3.61, beating the street view of $3.40. Quarterly sales of $7.697 billion, beating the analyst consensus of $7.576 billion.
For the quarter, revenue increased 3% from the second quarter of 2023.
Chair and CEO Roger Penske said, “I am pleased to see that our service and parts business remains strong and contributed to our record total quarterly revenue of $7.7 billion.”
Revenue saw a 10% rise in quarterly retail automotive service and parts revenue, reaching $753 million. Sequentially, equity earnings from Penske Transportation Solutions grew by 63%.
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Compared to the first quarter, earnings before taxes rose by 10%, and earnings per share grew by 12%.
“In addition, our focus on efficiency and controlling costs drove a sequential decline in selling, general, and administrative expenses as a percentage of gross profit by 50 basis points to 70.2%,” the CEO added.
As of June 30, the company had approximately $1.7 billion in liquidity, including $115 million in cash and $1.6 billion of availability under its U.S. and international credit agreements. The company’s leverage ratio at June 30 was 1.2x.
Price Action: PAG shares are trading higher by 6.37% to $175.38 at last check Wednesday.
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