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Mar 31, 2023
Penske Q1 2023 Earnings Report
Penske Automotive Group reported record revenue and strong same-store service & parts revenue growth in Q1 2023.
Key Takeaways
Penske Automotive Group reported a strong first quarter in 2023, with record revenue increasing by 5% to $7.3 billion. Same-store service and parts revenue increased by 10% in retail automotive and 11% in retail commercial trucks. Net income was $298 million, with earnings per share of $4.31. The company also repurchased 0.9 million shares of common stock for $110.2 million.
Revenue increased 5% to a record $7.3 billion.
Net income attributable to common stockholders decreased 19% to $298.3 million.
Earnings per share decreased 9% to $4.31.
Same-store service & parts revenue increased 10% in retail automotive and 11% in retail commercial trucks.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Penske Automotive Group's financial performance is subject to various risks and uncertainties, including macro-economic conditions, supply chain disruptions, changes in the retail model, and regulatory risks.
Positive Outlook
- Automotive retail and commercial truck retail demand for new vehicles remains strong
- Same store service & parts revenue increased 14% from retail automotive operations (excluding changes in foreign currency exchange)
- Same store service & parts revenue increased 11% from commercial truck operations
- Strong expense control produced a ratio of SG&A to gross profit of 67.5%
- SG&A to gross profit declined sequentially by 140 basis points when comparing the first quarter of 2023 to the fourth quarter of 2022
Challenges Ahead
- Higher interest costs
- Inventory challenges
- Other inflationary cost pressures
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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