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NEW YORK - Penske Automotive Group (NYSE:PAG), Inc, a diversified international transportation services company, reported strong fourth-quarter results on Thursday, surpassing analyst expectations for both earnings per share and revenue.
The company announced fourth-quarter earnings per share of $3.54, beating the analyst estimate of $3.29 by $0.25. Revenue for the quarter reached $7.72 billion, a 6% increase from the previous year and a quarterly record, exceeding the consensus estimate of $7.58 billion.
Penske’s same-store retail automotive service and parts revenue grew by 7% YoY, with related gross profit up 9%. The company also improved its operational efficiency, with selling, general, and administrative expenses as a percentage of gross profit decreasing 70 basis points to 70.3% compared to the same quarter last year.
For the full year 2024, Penske Automotive reported a 3% increase in total revenue to $30.5 billion, with retail automotive service and parts revenue growing 11% to over $3 billion, an all-time record.
The company’s board of directors declared the 17th consecutive increase in the quarterly dividend to $1.22 per share, reflecting confidence in Penske’s financial performance and outlook.
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