Penske Automotive Q4 Earnings Beat Estimates

Penske Automotive Group Inc PAG reported fourth-quarter FY21 sales growth of 8.3% year-on-year, to $6.296 billion, beating the analyst consensus of $6.22 billion.
Total retail automotive revenue increased 7.3% to $5.5 billion, or 4.1% on a same-store basis.
The gross profit increased 31.3% Y/Y to $1.2 billion and the gross margin expanded 320 basis points Y/Y to 18.7%.
Selling, general and administrative expenses rose 26.4% Y/Y to $791.1 million.
The operating margin was 5.7%, and operating income for the quarter rose 46.9% to $356.3 million.
Adjusted EBITDA rose 54.5% Y/Y to $478.3 million.
Adjusted EPS of $4.10 beat the analyst consensus of $3.69.
The company held $100.7 million in cash and equivalents as of December 31, 2021.
Price Action: PAG shares are trading higher by 1.36% at $104.19 in premarket on the last check Wednesday.

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