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Penske Automotive (SMP) Q1 Earnings In Line, Revenues Beat – May 8, 2020

Penske Automotive Group, Inc. (PAG Free Report) reported first-quarter 2020 adjusted earnings per share of 64 cents, in line with the Zacks Consensus Estimate. However, the bottom line declined from $1.25 per share recorded in the year-ago quarter. The auto retailer posted revenues of $5,009.1 million, surpassing the consensus mark of $4,868 million. However, the top line declined from the year-ago level of $5,564 million. Heightened coronavirus woes, especially in March, resulted in weaker year-over-year earnings and revenues. 

The company’s gross profit decreased to $776.7 million from $851.5 million in the prior-year quarter. During the quarter under review, operating income fell 33% from the prior-year period to $106.4 million.

Same-store retail unit sales tanked 14.5% year over year to 104,870. Within the retail automotive segment, new-vehicle revenues fell 14.3% year over year to $1,863.5 million and used-vehicle revenues declined 11.3% to $1,597.6 million.

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