Penske Automotive Q1 Total Revenues Up 15% To $2.5bn
Penske Automotive Group (PAG) has reported total revenues of $2.5bn for the first quarter ended March 31, 2010, an increase of 15.4% compared to $2.15bn for the same period last year, driven by 9.2% increase in total unit sales.
The company posted an operating income of $57.2m, compared to $42.7m for the year ago period. Net income was $20.33m or $0.22 per diluted share, compared to $16.2m, or $0.18 per diluted share, for the prior year period.
During the first quarter, PAG's wholly-owned subidiary, smart USA wholesaled 956 units, which compares to 5,714 units in the first quarter of 2009.
Roger Penske, chairman of Penske Automotive Group, said: I am extremely pleased with the performance of our business in the first quarter. Despite difficult weather conditions in many of our markets and the challenging market dynamics facing the smart brand, an improving overall retail environment and the continued strong performance of our premium/luxury brands in all of our markets contributed to our strong operating results.
On an adjusted basis, income from continuing operations increased 105% and earnings per share doubled compared to the first quarter last year.
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