Penske Automotive Reports Second Quarter 2019 Results
Penske Automotive Reports Second Quarter 2019 Results
U.K. Market Conditions and BREXIT Impact Second Quarter Results
Income From Continuing Operations of $117.7 million and Related Earnings Per Share of $1.42
Acquires Warner Truck Centers - Expected to Add $1.1 Billion in Annualized Revenues
1.7 Million Shares Repurchased During Second Quarter
PR Newswire
BLOOMFIELD HILLS, Mich., July 30, 2019
BLOOMFIELD HILLS, Mich., July 30, 2019 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company, today announced second quarter and six months 2019 results, and the acquisition of Warner Truck Centers, which is expected to add over $1.1 billion in annualized revenues. For the three months ended June 30, 2019, the company reported income from continuing operations attributable to common shareholders of $117.7 million, or $1.42 per share, compared to $134.6 million, or $1.58 per share in the prior year.
Chairman Roger Penske said, "Our U.S. retail automotive, North American commercial truck dealership business, and investment in Penske Truck Leasing each performed very well during the second quarter. However, weak market conditions in the U.K. from BREXIT and the timing of customer deliveries in Australia impacted second quarter results. During the second quarter, new vehicle registrations in the U.K. market declined approximately 5%, including a nearly 7% decline in private/retail registrations, which significantly impacted our new vehicle sales volume. Additionally, an over-supply of used vehicles in the U.K. market negatively impacted used vehicle market values and our margins. As a result, the company's second quarter results were negatively impacted by approximately 16 cents per share, including foreign exchange." Penske continued, "As the U.K. continues to address Brexit we have implemented cost saving initiatives which are expected to help mitigate further weakness in the U.K. market."
Commercial Truck Dealership Acquisition
In July 2019, the company's Premier Truck Group subsidiary acquired Warner Truck Centers (www.warnertc.com), a retailer of Freightliner and Western Star medium and heavy-duty commercial trucks located in Utah and Idaho.
Warner Truck Centers consist of six dealership locations, including a flagship operation in Salt Lake City, Utah. "This is an outstanding acquisition for our business and our customers, further solidifying our relationship with Daimler Trucks North America," said Premier Truck Group President Richard Shearing. "Warner Truck Centers operate within key transportation corridors across the central northern U.S. market, providing our business with additional scale and leverage opportunities through an expanded footprint now representing 25 dealerships."
Roger Penske, Penske Automotive Group Chair and CEO, said, "We welcome Warner Truck Centers to the Penske team. The acquisition of Warner Truck Centers nearly doubles our retail commercial truck dealership revenue and enhances the company's diversification while providing the opportunity for future growth and increased profitability."
Automotive Retail Second Quarter
- Same-Store Retail Unit Sales -4.4% to 125,951
- New unit retail sales -9.0%, Used unit retail sales -0.5%
- Same-Store Retail Revenue -4.6%; Excluding Foreign Exchange -2.1%
- New -8.3%; Excluding Foreign Exchange -6.2%
- Used -1.9%; Excluding Foreign Exchange +1.2%
- Finance & Insurance +2.3%; Excluding Foreign Exchange +5.0%
- Service & Parts +1.0%; Excluding Foreign Exchange +3.1%
- Same-Store Average Gross Profit Per Unit
- New $3,133, +$18/unit; Excluding Foreign Exchange $3,216, +$101/unit
- Used $1,406, -$140/unit; Excluding Foreign Exchange $1,445, -$101/unit
- Finance & Insurance $1,302, +$85/unit; Excluding Foreign Exchange $1,336, +$119/unit
For the six months ended June 30, 2019, the company reported income from continuing operations attributable to common shareholders of $217.8 million, or $2.60 per share, compared to $242.6 million, or $2.84 per share in the prior year. Foreign exchange rates negatively impacted earnings per share attributable to common shareholders by $0.07.
Used Supercenter Operations
For the three months ended June 30, 2019, the used supercenters retailed 17,775 used units and generated $312.1 million in revenue compared to retail unit sales of 18,832 and revenue of $346.7 million in the same period last year. The second quarter unit decline is mainly attributable to market conditions and the decline in used vehicle market values in the U.K. For the six months ended June 30, 2019, the used supercenters retailed 35,815 used units and generated $626.5 million in revenue compared to retail unit sales of 37,505 and revenue of $677.8 million in the same period last year.
Retail Commercial Truck Operations
For the three months ended June 30, 2019, total medium and heavy-duty units retailed increased 23.2%, and revenue increased 26.0% to $426.8 million. For the six months ended June 30, 2019, total medium and heavy-duty truck units retailed increased 16.9% and revenue increased 20.3% to $759.1 million. Same-store revenue increased 26.1% and 19.7% for the three and six months ended June 30, 2019, respectively.
Penske Truck Leasing
Penske Truck Leasing Co., L.P. ("PTL") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. The company accounts for its ownership interest in PTL using the equity method of accounting. For the three and six months ended June 30, 2019, the company recorded $38.0 million and $63.8 million in earnings from this investment compared to $35.0 million and $51.0 million for the same periods last year, respectively.
Dividend and Share Repurchases
On July 17, 2019, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.40 per share, the 33rd consecutive increase in the quarterly dividend.
During the three months ended June 30, 2019, the company repurchased 1,706,866 shares for $76.2 million, or an average of $44.66 per share. For the six months ended June 30, 2019, the company repurchased 2,965,214 shares for $130.6 million, or an average of $44.03 per share. As of June 30, 2019, the company had a remaining share repurchase authorization of approximately $74.4 million.
Conference Call
Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2019 on Tuesday, July 30, 2019, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230‑1085 – [International, please dial (612) 288‑0329]. The call will also be simultaneously broadcast over the Internet through the Investor's section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2019 financial results has been posted to the company's website. To access the presentation or to listen to the company's webcast, please refer to www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 27,000 people worldwide and is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World's Most Admired Companies by Fortune Magazine. For additional information, visit the company's website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization ("EBITDA"). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company's disclosures and provide a meaningful presentation of the company's results from its core business operations excluding the impact of items not related to the company's ongoing core business operations, and improve the period-to-period comparability of the company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company's financial information that is presented in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s product availability, future sales and earnings potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse impacts related to the outcome of the United Kingdom's potential departure from the European Union, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to WLTP, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10 K for the year ended December 31, 2018, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
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Inquiries should contact:
J.D. Carlson | Anthony R. Pordon |
Executive Vice President and | Executive Vice President Investor Relations |
Chief Financial Officer | and Corporate Development |
Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
248-648-2810 | 248-648-2540 |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||||||
Consolidated Condensed Statements of Income | |||||||||||||||||||
(Amounts In Millions, Except Per Share Data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||||
Revenue | $ | 5,755.8 | $ | 5,940.3 | (3.1) | % | $ | 11,320.2 | $ | 11,687.2 | (3.1) | % | |||||||
Cost of Sales | 4,888.0 | 5,050.5 | (3.2) | % | 9,600.9 | 9,933.0 | (3.3) | % | |||||||||||
Gross Profit | $ | 867.8 | $ | 889.8 | (2.5) | % | $ | 1,719.3 | $ | 1,754.2 | (2.0) | % | |||||||
SG&A Expenses | 668.9 | 675.4 | (1.0) | % | 1,335.3 | 1,338.5 | (0.2) | % | |||||||||||
Depreciation | 27.1 | 25.7 | 5.4 | % | 53.5 | 51.3 | 4.3 | % | |||||||||||
Operating Income | $ | 171.8 | $ | 188.7 | (9.0) | % | $ | 330.5 | $ | 364.4 | (9.3) | % | |||||||
Floor Plan Interest Expense | (21.0) | (19.9) | 5.5 | % | (42.8) | (38.8) | 10.3 | % | |||||||||||
Other Interest Expense | (30.4) | (28.6) | 6.3 | % | (60.3) | (58.4) | 3.3 | % | |||||||||||
Equity in Earnings of Affiliates | 39.5 | 36.0 | 9.7 | % | 66.3 | 53.3 | 24.4 | % | |||||||||||
Income from Continuing Operations Before Income Taxes | $ | 159.9 | $ | 176.2 | (9.3) | % | $ | 293.7 | $ | 320.5 | (8.4) | % | |||||||
Income Taxes | (41.5) | (41.0) | 1.2 | % | (76.2) | (77.6) | (1.8) | % | |||||||||||
Income from Continuing Operations | $ | 118.4 | $ | 135.2 | (12.4) | % | $ | 217.5 | $ | 242.9 | (10.5) | % | |||||||
Income from Discontinued Operations, net of tax | 0.1 | — | nm | 0.2 | 0.1 | nm | |||||||||||||
Net Income | $ | 118.5 | $ | 135.2 | (12.4) | % | $ | 217.7 | $ | 243.0 | (10.4) | % | |||||||
Less: Income (Loss) Attributable to Non-Controlling Interests | 0.7 | 0.6 | nm | (0.3) | 0.3 | nm | |||||||||||||
Net Income Attributable to Common Shareholders | $ | 117.8 | $ | 134.6 | (12.5) | % | $ | 218.0 | $ | 242.7 | (10.2) | % | |||||||
Amounts Attributable to Common Shareholders: | |||||||||||||||||||
Reported Income from Continuing Operations | $ | 118.4 | $ | 135.2 | (12.4) | % | $ | 217.5 | $ | 242.9 | (10.5) | % | |||||||
Less: Income (Loss) Attributable to Non-Controlling Interests | 0.7 | 0.6 | nm | (0.3) | 0.3 | nm | |||||||||||||
Income from Continuing Operations, net of tax | $ | 117.7 | $ | 134.6 | (12.6) | % | $ | 217.8 | $ | 242.6 | (10.2) | % | |||||||
Income from Discontinued Operations, net of tax | 0.1 | — | nm | 0.2 | 0.1 | nm | |||||||||||||
Net Income Attributable to Common Shareholders | $ | 117.8 | $ | 134.6 | (12.5) | % | $ | 218.0 | $ | 242.7 | (10.2) | % | |||||||
Income from Continuing Operations Per Share | $ | 1.42 | $ | 1.58 | (10.1) | % | $ | 2.60 | $ | 2.84 | (8.5) | % | |||||||
Income Per Share | $ | 1.42 | $ | 1.58 | (10.1) | % | $ | 2.61 | $ | 2.84 | (8.1) | % | |||||||
Weighted Average Shares Outstanding | 82.9 | 85.0 | (2.5) | % | 83.7 | 85.5 | (2.1) | % | |||||||||||
nm – not meaningful | |||||||||||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | ||||||
Consolidated Condensed Balance Sheets | ||||||
(Amounts In Millions) | ||||||
(Unaudited) | ||||||
June 30, | December 31, | |||||
2019 | 2018 | |||||
Assets: | ||||||
Cash and Cash Equivalents | $ | 43.8 | $ | 39.4 | ||
Accounts Receivable, Net | 944.4 | 929.1 | ||||
Inventories | 3,978.0 | 4,040.1 | ||||
Other Current Assets | 109.1 | 86.6 | ||||
Total Current Assets | 5,075.3 | 5,095.2 | ||||
Property and Equipment, Net | 2,308.9 | 2,250.0 | ||||
Operating Lease Right-of-Use Assets | 2,380.9 | — | ||||
Intangibles | 2,235.0 | 2,238.2 | ||||
Other Long-Term Assets | 1,361.0 | 1,321.1 | ||||
Total Assets | $ | 13,361.1 | $ | 10,904.5 | ||
Liabilities and Equity: | ||||||
Floor Plan Notes Payable | $ | 2,350.3 | $ | 2,362.2 | ||
Floor Plan Notes Payable – Non-Trade | 1,435.5 | 1,428.6 | ||||
Accounts Payable | 638.5 | 598.2 | ||||
Accrued Expenses and Other Current Liabilities | 651.8 | 566.6 | ||||
Current Portion Long-Term Debt | 93.3 | 92.0 | ||||
Liabilities Held for Sale | 0.5 | 0.7 | ||||
Total Current Liabilities | 5,169.9 | 5,048.3 | ||||
Long-Term Debt | 2,134.2 | 2,124.7 | ||||
Long-Term Operating Lease Liabilities | 2,330.3 | — | ||||
Other Long-Term Liabilities | 1,065.7 | 1,096.8 | ||||
Total Liabilities | 10,700.1 | 8,269.8 | ||||
Equity | 2,661.0 | 2,634.7 | ||||
Total Liabilities and Equity | $ | 13,361.1 | $ | 10,904.5 | ||
Supplemental Balance Sheet Information | ||||||
New vehicle days' supply | 78 | 72 | ||||
Used vehicle days' supply | 47 | 57 | ||||
PENSKE AUTOMOTIVE GROUP, INC. | ||||||||||||||
Consolidated Operations | ||||||||||||||
Selected Data | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Geographic Revenue Mix: | ||||||||||||||
North America | 57.9 | % | 55.4 | % | 56.4 | % | 54.2 | % | ||||||
U.K. | 33.5 | % | 35.5 | % | 35.1 | % | 36.8 | % | ||||||
Other International | 8.6 | % | 9.1 | % | 8.5 | % | 9.0 | % | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Revenue: (Amounts in Millions) | ||||||||||||||
Retail Automotive | $ | 5,196.3 | $ | 5,455.5 | $ | 10,287.5 | $ | 10,751.5 | ||||||
Retail Commercial Trucks | 426.8 | 338.8 | 759.1 | 631.2 | ||||||||||
Commercial Vehicles Australia/Power Systems and Other | 132.7 | 146.0 | 273.6 | 304.5 | ||||||||||
Total | $ | 5,755.8 | $ | 5,940.3 | $ | 11,320.2 | $ | 11,687.2 | ||||||
Gross Profit: (Amounts in Millions) | ||||||||||||||
Retail Automotive | $ | 774.9 | $ | 798.0 | $ | 1,536.4 | $ | 1,576.3 | ||||||
Retail Commercial Trucks | 58.5 | 52.4 | 112.9 | 99.0 | ||||||||||
Commercial Vehicles Australia/Power Systems and Other | 34.4 | 39.4 | 70.0 | 78.9 | ||||||||||
Total | $ | 867.8 | $ | 889.8 | $ | 1,719.3 | $ | 1,754.2 | ||||||
Gross Margin: | ||||||||||||||
Retail Automotive | 14.9 | % | 14.6 | % | 14.9 | % | 14.7 | % | ||||||
Retail Commercial Trucks | 13.7 | % | 15.5 | % | 14.9 | % | 15.7 | % | ||||||
Commercial Vehicles Australia/Power Systems and Other | 25.9 | % | 27.0 | % | 25.6 | % | 25.9 | % | ||||||
Total | 15.1 | % | 15.0 | % | 15.2 | % | 15.0 | % | ||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Operating Items as a Percentage of Revenue: | ||||||||||||||
Gross Profit | 15.1 | % | 15.0 | % | 15.2 | % | 15.0 | % | ||||||
Selling, General and Administrative Expenses | 11.6 | % | 11.4 | % | 11.8 | % | 11.5 | % | ||||||
Operating Income | 3.0 | % | 3.2 | % | 2.9 | % | 3.1 | % | ||||||
Income from Continuing Operations Before Income Taxes | 2.8 | % | 3.0 | % | 2.6 | % | 2.7 | % | ||||||
Operating Items as a Percentage of Total Gross Profit: | ||||||||||||||
Selling, General and Administrative Expenses | 77.1 | % | 75.9 | % | 77.7 | % | 76.3 | % | ||||||
Operating Income | 19.8 | % | 21.2 | % | 19.2 | % | 20.8 | % | ||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
(Amounts in Millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||
EBITDA* | $ | 217.4 | $ | 230.5 | $ | 407.5 | $ | 430.2 | ||||||
Floorplan Credits | $ | 9.1 | $ | 10.3 | $ | 17.6 | $ | 18.8 | ||||||
Rent Expense | $ | 57.9 | $ | 59.0 | $ |
115.1 | $ | 116.9 | ||||||
Capital Expenditures | $ | 71.4 | $ | 54.1 | $ | 134.5 | $ | 118.8 | ||||||
Stock Repurchases | $ | 76.2 | $ | 5.8 | $ | 130.6 | $ | 55.8 | ||||||
______________________ |
* See the following Non-GAAP reconciliation table. |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||
Retail Automotive Operations | |||||||||
Selected Data – Revenue and Gross Profit Mix | |||||||||
(Unaudited) | |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2019 | 2018 | 2019 | 2018 | ||||||
Retail Automotive Revenue Mix: | |||||||||
Premium: | |||||||||
BMW / MINI | 23 | % | 23 | % | 23 | % | 22 | % | |
Audi | 12 | % | 13 | % | 12 | % | 14 | % | |
Mercedes-Benz | 10 | % | 9 | % | 10 | % | 9 | % | |
Land Rover / Jaguar | 9 | % | 9 | % | 9 | % | 9 | % | |
Porsche | 6 | % | 6 | % | 6 | % | 6 | % | |
Ferrari / Maserati | 3 | % | 3 | % | 3 | % | 3 | % | |
Lexus | 3 | % | 3 | % | 3 | % | 3 | % | |
Acura | 1 | % | 1 | % | 1 | % | 1 | % | |
Bentley | 1 | % | 1 | % | 1 | % | 1 | % | |
Others | 2 | % | 2 | % | 2 | % | 2 | % | |
Total Premium | 70 | % | 70 | % | 70 | % | 70 | % | |
Volume Non-U.S.: | |||||||||
Toyota | 10 | % | 9 | % | 10 | % | 9 | % | |
Honda | 7 | % | 7 | % | 6 | % | 6 | % | |
Volkswagen | 4 | % | 4 | % | 4 | % | 4 | % | |
Nissan | 1 | % | 1 | % | 1 | % | 1 | % | |
Others | 1 | % | 1 | % | 2 | % | 2 | % | |
Total Volume Non-U.S. | 23 | % | 22 | % | 23 | % | 22 | % | |
U.S.: | |||||||||
General Motors / Chrysler / Ford | 1 | % | 2 | % | 1 | % | 2 | % | |
Stand-Alone Used | 6 | % | 6 | % | 6 | % | 6 | % | |
Total | 100 | % | 100 | % | 100 | % | 100 | % | |
Retail Automotive Geographic Revenue Mix: | |||||||||
U.S. | 56 | % | 54 | % | 55 | % | 53 | % | |
U.K. | 37 | % | 39 | % | 38 | % | 40 | % | |
Other International | 7 | % | 7 | % | 7 | % | 7 | % | |
Total | 100 | % | 100 | % | 100 | % | 100 | % | |
Retail Automotive Geographic Gross Profit Mix: | |||||||||
U.S. | 61 | % | 59 | % | 59 | % | 58 | % | |
U.K. | 33 | % | 35 | % | 35 | % | 36 | % | |
Other International | 6 | % | 6 | % | 6 | % | 6 | % | |
Total | 100 | % | 100 | % | 100 | % | 100 | % | |
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||||||
Retail Automotive Operations | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||||
Retail Automotive Units: | |||||||||||||||||||
New Retail | 55,146 | 61,071 | (9.7) | % | 109,516 | 120,333 | (9.0) | % | |||||||||||
Used Retail | 72,066 | 73,143 | (1.5) | % | 144,810 | 146,371 | (1.1) | % | |||||||||||
Total | 127,212 | 134,214 | (5.2) | % | 254,326 | 266,704 | (4.6) | % | |||||||||||
Retail Automotive Revenue: (Amounts in Millions) | |||||||||||||||||||
New Vehicles | $ | 2,310.4 | $ | 2,528.6 | (8.6) | % | $ | 4,541.6 | $ | 4,975.4 | (8.7) | % | |||||||
Used Vehicles | 1,852.7 | 1,896.9 | (2.3) | % | 3,704.7 | 3,763.7 | (1.6) | % | |||||||||||
Finance and Insurance, Net | 165.5 | 162.9 | 1.6 | % | 325.5 | 323.7 | 0.6 | % | |||||||||||
Service and Parts | 550.7 | 547.8 | 0.5 | % | 1,110.5 | 1,091.3 | 1.8 | % | |||||||||||
Fleet and Wholesale | 317.0 | 319.3 | (0.7) | % | 605.2 | 597.4 | 1.3 | % | |||||||||||
Total Revenue | $ | 5,196.3 | $ | 5,455.5 | (4.8) | % | $ | 10,287.5 | $ | 10,751.5 | (4.3) | % | |||||||
Retail Automotive Gross Profit: (Amounts in Millions) | |||||||||||||||||||
New Vehicles | $ | 174.8 | $ | 189.8 | (7.9) | % | $ | 347.5 | $ | 373.0 | (6.8) | % | |||||||
Used Vehicles | 101.6 | 112.5 | (9.7) | % | 194.5 | 222.2 | (12.5) | % | |||||||||||
Finance and Insurance, Net | 165.5 | 162.9 | 1.6 | % | 325.5 | 323.7 | 0.6 | % | |||||||||||
Service and Parts | 328.3 | 328.2 | 0.0 | % | 659.7 | 646.3 | 2.1 | % | |||||||||||
Fleet and Wholesale | 4.7 | 4.6 | 2.2 | % | 9.2 | 11.1 | (17.1) | % | |||||||||||
Total Gross Profit | $ | 774.9 | $ | 798.0 | (2.9) | % | $ | 1,536.4 | $ | 1,576.3 | (2.5) | % | |||||||
Retail Automotive Revenue Per Vehicle Retailed: | |||||||||||||||||||
New Vehicles | $ | 41,896 | $ | 41,404 | 1.2 | % | $ | 41,470 | $ | 41,347 | 0.3 | % | |||||||
Used Vehicles | 25,708 | 25,934 | (0.9) | % | 25,583 | 25,713 | (0.5) | % | |||||||||||
Retail Automotive Gross Profit Per Vehicle Retailed: | |||||||||||||||||||
New Vehicles | $ | 3,170 | $ | 3,109 | 2.0 | % | $ | 3,173 | $ | 3,100 | 2.4 | % | |||||||
Used Vehicles | 1,410 | 1,538 | (8.3) | % | 1,343 | 1,518 | (11.5) | % | |||||||||||
Finance and Insurance | 1,301 | 1,213 | 7.3 | % | 1,280 | 1,213 | 5.5 | % | |||||||||||
Retail Automotive Gross Margin: | |||||||||||||||||||
New Vehicles | 7.6 | % | 7.5 | % | +10 | bps | 7.7 | % | 7.5 | % | +20 | bps | |||||||
Used Vehicles | 5.5 | % | 5.9 | % | -40 | bps | 5.3 | % | 5.9 | % | -60 | bps | |||||||
Service and Parts | 59.6 | % | 59.9 | % | -30 | bps | 59.4 | % | 59.2 | % | +20 | bps | |||||||
Fleet and Wholesale | 1.5 | % | 1.4 | % | +10 | bps | 1.5 | % | 1.9 | % | -40 | bps | |||||||
Total Gross Margin | 14.9 | % | 14.6 | % | +30 | bps | 14.9 | % | 14.7 | % | +20 | bps | |||||||
Retail Automotive Revenue Mix Percentages: | |||||||||||||||||||
New Vehicles | 44.5 | % | 46.3 | % | -180 | bps | 44.1 | % | 46.3 | % | -220 | bps | |||||||
Used Vehicles | 35.7 | % | 34.8 | % | +90 | bps | 36.0 | % | 35.0 | % | +100 | bps | |||||||
Finance and Insurance, Net | 3.2 | % | 3.0 | % | +20 | bps | 3.2 | % | 3.0 | % | +20 | bps | |||||||
Service and Parts | 10.6 | % | 10.0 | % | +60 | bps | 10.8 | % | 10.2 | % | +60 | bps | |||||||
Fleet and Wholesale | 6.0 | % | 5.9 | % | +10 | bps | 5.9 | % | 5.5 | % | +40 | bps | |||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Retail Automotive Gross Profit Mix Percentages: | |||||||||||||||||||
New Vehicles | 22.6 | % | 23.8 | % | -120 | bps | 22.6 | % | 23.7 | % | -110 | bps | |||||||
Used Vehicles | 13.1 | % | 14.1 | % | -100 | bps | 12.7 | % | 14.1 | % | -140 | bps | |||||||
Finance and Insurance, Net | 21.4 | % | 20.4 | % | +100 | bps | 21.2 | % | 20.5 | % | +70 | bps | |||||||
Service and Parts | 42.4 | % | 41.1 | % | +130 | bps | 42.9 | % | 41.0 | % | +190 | bps | |||||||
Fleet and Wholesale | 0.5 | % | 0.6 | % | -10 | bps | 0.6 | % | 0.7 | % | -10 | bps | |||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||||||
Retail Automotive Operations Same-Store | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||||
Retail Automotive Same-Store Units: | |||||||||||||||||||
New Retail | 54,540 | 59,938 | (9.0) | % | 107,166 | 117,529 | (8.8) | % | |||||||||||
Used Retail | 71,411 | 71,804 | (0.5) | % | 142,657 | 143,151 | (0.3) | % | |||||||||||
Total | 125,951 | 131,742 | (4.4) | % | 249,823 | 260,680 | (4.2) | % | |||||||||||
Retail Automotive Same-Store Revenue: (Amounts in Millions) | |||||||||||||||||||
New Vehicles | $ | 2,273.1 | $ | 2,479.3 | (8.3) | % | $ | 4,427.4 | $ | 4,861.1 | (8.9) | % | |||||||
Used Vehicles | 1,833.7 | 1,869.0 | (1.9) | % | 3,650.0 | 3,697.3 | (1.3) | % | |||||||||||
Finance and Insurance, Net | 164.0 | 160.3 | 2.3 | % | 321.0 | 318.1 | 0.9 | % | |||||||||||
Service and Parts | 541.9 | 536.5 | 1.0 | % | 1,086.3 | 1,065.1 | 2.0 | % | |||||||||||
Fleet and Wholesale | 312.6 | 315.1 | (0.8) | % | 589.2 | 583.2 | 1.0 | % | |||||||||||
Total Revenue | $ | 5,125.3 | $ | 5,360.2 | (4.4) | % | $ | 10,073.9 | $ | 10,524.8 | (4.3) | % | |||||||
Retail Automotive Same-Store Gross Profit: (Amounts in Millions) | |||||||||||||||||||
New Vehicles | $ | 170.9 | $ | 186.7 | (8.5) | % | $ | 337.2 | $ | 365.6 | (7.8) | % | |||||||
Used Vehicles | 100.4 | 111.0 | (9.5) | % | 194.0 | 218.8 | (11.3) | % | |||||||||||
Finance and Insurance, Net | 164.0 | 160.3 | 2.3 | % | 321.0 | 318.1 | 0.9 | % | |||||||||||
Service and Parts | 323.2 | 321.9 | 0.4 | % | 645.2 | 630.8 | 2.3 | % | |||||||||||
Fleet and Wholesale | 4.5 | 4.3 | 4.7 | % | 8.9 | 11.0 | (19.1) | % | |||||||||||
Total Gross Profit | $ | 763.0 | $ | 784.2 | (2.7) | % | $ | 1,506.3 | $ | 1,544.3 | (2.5) | % | |||||||
Retail Automotive Same-Store Revenue Per Vehicle Retailed: | |||||||||||||||||||
New Vehicles | $ | 41,678 | $ | 41,365 | 0.8 | % | $ | 41,314 | $ | 41,360 | (0.1) | % | |||||||
Used Vehicles | 25,678 | 26,029 | (1.3) | % | 25,586 | 25,828 | (0.9) | % | |||||||||||
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: | |||||||||||||||||||
New Vehicles | $ | 3,133 | $ | 3,115 | 0.6 | % | $ | 3,146 | $ | 3,111 | 1.1 | % | |||||||
Used Vehicles | 1,406 | 1,546 | (9.1) | % | 1,360 | 1,529 | (11.1) | % | |||||||||||
Finance and Insurance | 1,302 | 1,217 | 7.0 | % | 1,285 | 1,220 | 5.3 | % | |||||||||||
Retail Automotive Same-Store Gross Margin: | |||||||||||||||||||
New Vehicles | 7.5 | % | 7.5 | % | --- | bps | 7.6 | % | 7.5 | % | +10 | bps | |||||||
Used Vehicles | 5.5 | % | 5.9 | % | -40 | bps | 5.3 | % | 5.9 | % | -60 | bps | |||||||
Service and Parts | 59.6 | % | 60.0 | % | -40 | bps | 59.4 | % | 59.2 | % | +20 | bps | |||||||
Fleet and Wholesale | 1.4 | % | 1.4 | % | --- | bps | 1.5 | % | 1.9 | % | -40 | bps | |||||||
Total Gross Margin | 14.9 | % | 14.6 | % | +30 | bps | 15.0 | % | 14.7 | % | +30 | bps | |||||||
Retail Automotive Revenue Mix Percentages: | |||||||||||||||||||
New Vehicles | 44.4 | % | 46.3 | % | -190 | bps | 43.9 | % | 46.2 | % | -230 | bps | |||||||
Used Vehicles | 35.8 | % | 34.9 | % | +90 | bps | 36.2 | % | 35.1 | % | +110 | bps | |||||||
Finance and Insurance, Net | 3.2 | % | 3.0 | % | +20 | bps | 3.2 | % | 3.0 | % | +20 | bps | |||||||
Service and Parts | 10.6 | % | 10.0 | % | +60 | bps | 10.8 | % | 10.1 | % | +70 | bps | |||||||
Fleet and Wholesale | 6.0 | % | 5.8 | % | +20 | bps | 5.9 | % | 5.6 | % | +30 | bps | |||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Retail Automotive Gross Profit Mix Percentages: | |||||||||||||||||||
New Vehicles | 22.4 | % | 23.8 | % | -140 | bps | 22.4 | % | 23.7 | % | -130 | bps | |||||||
Used Vehicles | 13.2 | % | 14.2 | % | -100 | bps | 12.9 | % | 14.2 | % | -130 | bps | |||||||
Finance and Insurance, Net | 21.5 | % | 20.4 | % | +110 | bps | 21.3 | % | 20.6 | % | +70 | bps | |||||||
Service and Parts | 42.4 | % | 41.0 | % | +140 | bps | 42.8 | % | 40.8 | % | +200 | bps | |||||||
Fleet and Wholesale | 0.5 | % | 0.6 | % | -10 | bps | 0.6 | % | 0.7 | % | -10 | bps | |||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||||||
Retail Commercial Truck Operations | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||||
Retail Commercial Truck Units: | |||||||||||||||||||
New Retail | 2,647 | 2,021 | 31.0 | % | 4,534 | 3,676 | 23.3 | % | |||||||||||
Used Retail | 441 | 486 | (9.3) | % | 857 | 937 | (8.5) | % | |||||||||||
Total | 3,088 | 2,507 | 23.2 | % | 5,391 | 4,613 | 16.9 | % | |||||||||||
Retail Commercial Truck Revenue: (Amounts in Millions) | |||||||||||||||||||
New Vehicles | $ | 296.0 | $ | 210.7 | 40.5 | % | $ | 503.4 | $ | 381.1 | 32.1 | % | |||||||
Used Vehicles | 27.6 | 27.3 | 1.1 | % | 51.7 | 53.8 | (3.9) | % | |||||||||||
Finance and Insurance, Net | 2.9 | 3.6 | (19.4) | % | 5.9 | 6.8 | (13.2) | % | |||||||||||
Service and Parts | 94.6 | 92.2 | 2.6 | % | 186.1 | 182.6 | 1.9 | % | |||||||||||
Other | 5.7 | 5.0 | 14.0 | % | 12.0 | 6.9 | 73.9 | % | |||||||||||
Total Revenue | $ | 426.8 | $ | 338.8 | 26.0 | % | $ | 759.1 | $ | 631.2 | 20.3 | % | |||||||
Retail Commercial Truck Gross Profit: (Amounts in Millions) | |||||||||||||||||||
New Vehicles | $ | 11.8 | $ | 9.5 | 24.2 | % | $ | 22.0 | $ | 16.2 | 35.8 | % | |||||||
Used Vehicles | 2.9 | 3.1 | (6.5) | % | 5.6 | 5.8 | (3.4) | % | |||||||||||
Finance and Insurance, Net | 2.9 | 3.6 | (19.4) | % | 5.9 | 6.8 | (13.2) | % | |||||||||||
Service and Parts | 37.3 | 35.9 | 3.9 | % | 73.4 | 69.9 | 5.0 | % | |||||||||||
Other | 3.6 | 0.3 | nm | 6.0 | 0.3 | nm | |||||||||||||
Total Gross Profit | $ | 58.5 | $ | 52.4 | 11.6 | % | $ | 112.9 | $ | 99.0 | 14.0 | % | |||||||
Retail Commercial Truck Revenue Per Vehicle Retailed: | |||||||||||||||||||
New Vehicles | $ | 111,818 | $ | 104,263 | 7.2 | % | $ | 111,014 | $ | 103,685 | 7.1 | % | |||||||
Used Vehicles | 62,693 | 56,175 | 11.6 | % | 60,430 | 57,394 | 5.3 | % | |||||||||||
Retail Commercial Truck Gross Profit Per Vehicle Retailed: | |||||||||||||||||||
New Vehicles | $ | 4,461 | $ | 4,673 | (4.5) | % | $ | 4,848 | $ | 4,400 | 10.2 | % | |||||||
Used Vehicles | 6,575 | 6,469 | 1.6 | % | 6,566 | 6,161 | 6.6 | % | |||||||||||
Finance and Insurance | 926 | 1,301 | (28.8) | % | 1,090 | 1,337 | (18.5) | % | |||||||||||
Retail Commercial Truck Gross Margin: | |||||||||||||||||||
New Vehicles | 4.0 | % | 4.5 | % | -50 | bps | 4.4 | % | 4.3 | % | +10 | bps | |||||||
Used Vehicles | 10.5 | % | 11.4 | % | -90 | bps | 10.8 | % | 10.8 | % | --- | bps | |||||||
Service and Parts | 39.4 | % | 38.9 | % | +50 | bps | 39.4 | % | 38.3 | % | +110 | bps | |||||||
Total Gross Margin | 13.7 | % | 15.5 | % | -180 | bps | 14.9 | % | 15.7 | % | -80 | bps | |||||||
Retail Commercial Truck Revenue Mix Percentages: | |||||||||||||||||||
New Vehicles | 69.4 | % | 62.2 | % | +720 | bps | 66.3 | % | 60.4 | % | +590 | bps | |||||||
Used Vehicles | 6.5 | % | 8.1 | % | -160 | bps | 6.8 | % | 8.5 | % | -170 | bps | |||||||
Finance and Insurance, Net | 0.7 | % | 1.1 | % | -40 | bps | 0.8 | % | 1.1 | % | -30 | bps | |||||||
Service and Parts | 22.2 | % | 27.2 | % | -500 | bps | 24.5 | % | 28.9 | % | -440 | bps | |||||||
Other | 1.2 | % | 1.4 | % | -20 | bps | 1.6 | % | 1.1 | % | +50 | bps | |||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Retail Commercial Truck Gross Profit Mix Percentages: | |||||||||||||||||||
New Vehicles | 20.2 | % | 18.1 | % | +210 | bps | 19.5 | % | 16.4 | % | +310 | bps | |||||||
Used Vehicles | 5.0 | % | 5.9 | % | -90 | bps | 5.0 | % | 5.9 | % | -90 | bps | |||||||
Finance and Insurance, Net | 5.0 | % | 6.9 | % | -190 | bps | 5.2 | % | 6.9 | % | -170 | bps | |||||||
Service and Parts | 63.8 | % | 68.5 | % | -470 | bps | 65.0 | % | 70.6 | % | -560 | bps | |||||||
Other | 6.0 | % | 0.6 | % | +540 | bps | 5.3 | % | 0.2 | % | +510 | bps | |||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | |||||||||||||||||||
Retail Commercial Truck Operations Same-Store | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||||
Retail Commercial Truck Same-Store Units: | |||||||||||||||||||
New Retail | 2,647 | 2,021 | 31.0 | % | 4,465 | 3,646 | 22.5 | % | |||||||||||
Used Retail | 441 | 486 | (9.3) | % | 846 | 936 | (9.6) | % | |||||||||||
Total | 3,088 | 2,507 | 23.2 | % | 5,311 | 4,582 | 15.9 | % | |||||||||||
Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) | |||||||||||||||||||
New Vehicles | $ | 296.0 | $ | 210.7 | 40.5 | % | $ | 495.2 | $ | 377.5 | 31.2 | % | |||||||
Used Vehicles | 27.6 | 27.3 | 1.1 | % | 51.4 | 53.7 | (4.3) | % | |||||||||||
Finance and Insurance, Net | 2.9 | 3.6 | (19.4) | % | 5.8 | 6.1 | (4.9) | % | |||||||||||
Service and Parts | 94.6 | 91.8 | 3.1 | % | 184.1 | 180.5 | 2.0 | % | |||||||||||
Other | 5.7 | 5.0 | 14.0 | % | 12.0 | 7.6 | 57.9 | % | |||||||||||
Total Revenue | $ | 426.8 | $ | 338.4 | 26.1 | % | $ | 748.5 | $ | 625.4 | 19.7 | % | |||||||
Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) | |||||||||||||||||||
New Vehicles | $ | 11.8 | $ | 9.5 | 24.2 | % | $ | 21.4 | $ | 15.9 | 34.6 | % | |||||||
Used Vehicles | 2.9 | 3.1 | (6.5) | % | 5.6 | 5.8 | (3.4) | % | |||||||||||
Finance and Insurance, Net | 2.9 | 3.6 | (19.4) | % | 5.8 | 6.1 | (4.9) | % | |||||||||||
Service and Parts | 37.3 | 35.7 | 4.5 | % | 72.6 | 69.1 | 5.1 | % | |||||||||||
Other | 3.6 | 0.2 | nm | 5.8 | 0.9 | nm | |||||||||||||
Total Gross Profit | $ | 58.5 | $ | 52.1 | 12.3 | % | $ | 111.2 | $ | 97.8 | 13.7 | % | |||||||
Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: | |||||||||||||||||||
New Vehicles | $ | 111,818 | $ | 104,263 | 7.2 | % | $ | 110,909 | $ | 103,545 | 7.1 | % | |||||||
Used Vehicles | 62,693 | 56,175 | 11.6 | % | 60,721 | 57,390 | 5.8 | % | |||||||||||
Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: | |||||||||||||||||||
New Vehicles | $ | 4,461 | $ | 4,673 | (4.5) | % | $ | 4,786 | $ | 4,358 | 9.8 | % | |||||||
Used Vehicles | 6,575 | 6,469 | 1.6 | % | 6,580 | 6,148 | 7.0 | % | |||||||||||
Finance and Insurance | 926 | 1,301 | (28.8) | % | 1,097 | 1,337 | (18.0) | % | |||||||||||
Retail Commercial Truck Same-Store Gross Margin: | |||||||||||||||||||
New Vehicles | 4.0 | % | 4.5 | % | -50 | bps | 4.3 | % | 4.2 | % | +10 | bps | |||||||
Used Vehicles | 10.5 | % | 11.4 | % | -90 | bps | 10.9 | % | 10.8 | % | +10 | bps | |||||||
Service and Parts | 39.4 | % | 38.9 | % | +50 | bps | 39.4 | % | 38.3 | % | +110 | bps | |||||||
Total Gross Margin | 13.7 | % | 15.4 | % | -170 | bps | 14.9 | % | 15.6 | % | -70 | bps | |||||||
Retail Commercial Truck Revenue Mix Percentages: | |||||||||||||||||||
New Vehicles | 69.3 | % | 62.3 | % | +700 | bps | 66.2 | % | 60.4 | % | +580 | bps | |||||||
Used Vehicles | 6.4 | % | 8.1 | % | -170 | bps | 6.9 | % | 8.6 | % | -170 | bps | |||||||
Finance and Insurance, Net | 0.7 | % | 1.1 | % | -40 | bps | 0.8 | % | 1.0 | % | -20 | bps | |||||||
Service and Parts | 22.2 | % | 27.1 | % | -490 | bps | 24.6 | % | 28.9 | % | -430 | bps | |||||||
Other | 1.4 | % | 1.4 | % | +0 | bps | 1.5 | % | 1.1 | % | +40 | bps | |||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Retail Commercial Truck Gross Profit Mix Percentages: | |||||||||||||||||||
New Vehicles | 20.2 | % | 18.2 | % | +200 | bps | 19.2 | % | 16.3 | % | +290 | bps | |||||||
Used Vehicles | 5.0 | % | 6.0 | % | -100 | bps | 5.0 | % | 5.9 | % | -90 | bps | |||||||
Finance and Insurance, Net | 5.0 | % | 6.9 | % | -190 | bps | 5.2 | % | 6.2 | % | -100 | bps | |||||||
Service and Parts | 63.8 | % | 68.6 | % | -480 | bps | 65.3 | % | 70.7 | % | -540 | bps | |||||||
Other | 6.0 | % | 0.3 | % | +570 | bps | 5.3 | % | 0.9 | % | +440 | bps | |||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
PENSKE AUTOMOTIVE GROUP, INC. | ||||||||||||
Consolidated Non-GAAP Reconciliations | ||||||||||||
(Unaudited) | ||||||||||||
The following tables reconcile reported net income to earnings before interest, taxes, depreciation and amortization ("EBITDA") for the three and six months ended June 30, 2019 and 2018: | ||||||||||||
Three Months Ended | ||||||||||||
June 30, | 2019 vs. 2018 | |||||||||||
(Amounts in Millions) | 2019 | 2018 | Change | % Change | ||||||||
Net Income | $ | 118.5 | $ | 135.2 | $ | (16.7) | (12.4) | % | ||||
Add: Depreciation | 27.1 | 25.7 | 1.4 | 5.4 | % | |||||||
Other Interest Expense | 30.4 | 28.6 | 1.8 | 6.3 | % | |||||||
Income Taxes | 41.5 | 41.0 | 0.5 | 1.2 | % | |||||||
Income from Discontinued Operations, net of tax | (0.1) | — | (0.1) | — | ||||||||
EBITDA | $ | 217.4 | $ | 230.5 | $ | (13.1) | (5.7) | % | ||||
Six Months Ended | ||||||||||||
June 30, | 2019 vs. 2018 | |||||||||||
(Amounts in Millions) | 2019 | 2018 | Change | % Change | ||||||||
Net Income | $ | 217.7 | $ | 243.0 | $ | (25.3) | (10.4) | % | ||||
Add: Depreciation | 53.5 | 51.3 | 2.2 | 4.3 | % | |||||||
Other Interest Expense | 60.3 | 58.4 | 1.9 | 3.3 | % | |||||||
Income Taxes | 76.2 | 77.6 | (1.4) | (1.8) | % | |||||||
(Income) Loss from Discontinued Operations, net of tax | (0.2) | (0.1) | (0.1) | nm | ||||||||
EBITDA | $ | 407.5 | $ | 430.2 | $ | (22.7) | (5.3) | % | ||||
nm – not meaningful |
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SOURCE Penske Automotive Group, Inc.
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