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Penske Automotive Group, Inc. (NYSE:PAG) shares fell after a third-quarter earnings and revenue miss, with North American freight weakness sapping commercial truck demand.
The company reported third-quarter earnings per share of $3.23, missing the analyst consensus estimate of $3.42. Quarterly sales of $7.695 billion (+1.4% year over year) missed the Street view of $7.719 billion.
Retail automotive same-store revenue rose 5% year over year in the quarter under review. Service and parts revenue set a new record, also up 5%. Related gross profit reached an all-time high, advancing 7%.
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Retail automotive same-store service and parts gross margin climbed 140 basis points to 59.1%.
Foreign currency exchange positively impacted revenue by $92.8 million, net income attributable to common stockholders by $700,000, and earnings per share by 2 cents.
“Overall profitability in the quarter was impacted by continued weakness in the North American freight market which drove lower sales and service of commercial trucks, coupled with challenges in the U.K auto retail market from a cyber security incident at one of our OEM partners, an increase in social program costs in the U.K., and a higher tax rate,” Chair Roger Penske said.
“As a result, third quarter earnings before taxes was negatively impacted by approximately $23 million,” Penske added.
The company exited the quarter with cash and equivalents worth $80.3 million. Inventories totaled $4.705 billion at quarter end.
Price Action: PAG shares are trading lower by 4.38% to $155.90 premarket at last check on Wednesday.
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Posted In: PAG
