Loading...
•
Mar 31, 2021
Penske Q1 2021 Earnings Report
Penske Automotive Group reported all-time record first quarter results driven by outstanding performance across its business.
Key Takeaways
Penske Automotive Group reported record first quarter results, with a 15.3% increase in total revenue to $5.8 billion and a 253.1% increase in earnings per share to $2.26. The company benefited from strong performance across its retail automotive and commercial truck dealerships, as well as its investment in Penske Transportation Solutions.
Penske Automotive Group reported the highest first quarter revenue, income from continuing operations, and earnings per share in company history.
Total revenue increased 15.3% to $5.8 billion from $5.0 billion in the prior year.
Income from continuing operations attributable to common shareholders increased 253.7% to $182.5 million.
Earnings per share increased 253.1% to $2.26.
Penske
Penske
Penske Revenue by Geographic Location
Revenue by Geographic Location
North America Revenue
CapyFin.comU.K. Revenue
CapyFin.comOther International Revenue
CapyFin.com Forward Guidance
Penske Automotive Group is targeting organic and acquisition growth, coupled with operating efficiencies to drive income from continuing operations before taxes to at least $1 billion by the end of 2023.
Positive Outlook
- Targeting organic and acquisition growth.
- Focusing on operating efficiencies.
- Aiming to drive income from continuing operations before taxes to at least $1 billion by the end of 2023.
- Acquired Kansas City Freightliner in April 2021, expected to add approximately $450 million in annualized revenue.
- Opened second Porsche dealership in Washington D.C. market in January, expected to generate $50 million in annualized revenue.
Challenges Ahead
- The duration, severity, and resolution of the COVID-19 pandemic.
- Government mandated restrictions on our business in light of COVID-19 or otherwise.
- Economic conditions generally, conditions in the credit markets.
- Changes in interest rates and foreign currency exchange rates, changes in tariff rates.
- Adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic, the shortage of automotive semiconductor chips or other components, 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income