Penske Q4 Revenues Up 13.4% To $2.44bn

Penske Automotive Group has reported total revenues of $2.44bn in the fourth quarter of 2009, an increase of 13.4%, compared to $2.15bn in the same period last year. Total retail revenues increased 18.2% to $2.3bn, including a same-store retail revenue increase of 15.5%.

The company has posted an operating Income $52.18m for the fourth quarter of 2009, compared to an operating loss of $634.28m for the same period last year.

For the fourth quarter ended December 31, 2009, the company has reported a net income of $18.6m, or $0.20 per share compared to a net loss of $511.94m, or $5.53 per share in the same quarter last year.

For the full year 2009, the company has reported revenues of $9.52bn, a decrease of 18.2%, compared to $11.63bn last year. Operating income was $209.1m compared to an operating loss of $401.03m. Net income was $76.46m, or $0.83 per share compared to a net loss of $420m, or $4.47 per share in 2008.

Roger Penske, chairman of Penske Automotive, said: “I am pleased by the strong fourth quarter results, which were driven by a strong performance in the UK, as well as the continuing benefit from our cost-saving initiatives. In particular, our premium/luxury retail businesses performed well, generating a 20.4% increase in same-store new retail unit sales, including a 29.9% increase in the UK.

“I am also pleased by the 18.2% increase in our retail revenues, including growth of 8.6% and 38.7% in the US and UK, respectively, despite the continuing economic challenges in all of our markets.”