PENSKE AUTOMOTIVE GROUP, INC. - FORM 8-K - EX-99.1

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8-K - 8-K - PENSKE AUTOMOTIVE GROUP, INC.	pag-20180726x8k.htm


$C:\Users\109186\Desktop\Capture1.PNG$		Penske Automotive Group, Inc. 2555 Telegraph Road Bloomfield Hills, MI 48302-0954

FOR IMMEDIATE RELEASE	$C:\Users\014dbryan\Desktop\IG_Glyph_Fill.jpg$

PENSKE AUTOMOTIVE REPORTS RECORD SECOND QUARTER AND

RECORD FIRST-HALF 2018 RESULTS


Second Quarter 2018			Six Months 2018
			
 Revenue Increases 10.3% to $5.9 Billion			 Revenue Increases 11.7% to $11.7 Billion
			
 Income from Continuing Operations Attributable to Common Shareholders Increases 27.0% to $134.6 Million			 Income from Continuing Operations Attributable to Common Shareholders Increases 28.2% to $242.6 Million
			
 Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 28.5% to $1.58			 Earnings Per Share from Continuing Operations Attributable to Common Shareholders Increases 29.1% to $2.84
			
			

BLOOMFIELD HILLS, MI, July 26, 2018 – Penske Automotive Group, Inc. (NYSE:PAG), an international transportation services company consisting of franchised retail automotive dealerships, stand-alone used vehicle supercenters, heavy and medium duty retail truck dealerships, and distribution of commercial trucks and power systems, today announced record second quarter and record first-half 2018 results. For the three months ended June 30, 2018, income from continuing operations attributable to common shareholders increased 27.0% to $134.6 million, and related earnings per share increased 28.5% to $1.58 when compared to the same period last year. Retail unit sales increased 3.1% to 134,214. Total revenue increased 10.3% to $5.9 billion. Excluding foreign exchange, total revenue increased 7.4%, while same-store retail revenue increased 5.8%. Foreign exchange rates positively impacted earnings per share attributable to common shareholders by $0.03. As a result of tax reform enacted in 2017, the company’s effective tax rate in the second quarter of 2018 was 23.3% compared to 32.0% in the second quarter of 2017.

“Our business produced outstanding results in the second quarter, demonstrating the strength of our diversified transportation services model,” said Penske Automotive Group Chairman Roger S. Penske. “The retail automotive dealership business remains strong, generating same-store increases in new, used, and finance & insurance gross profit per unit retailed. I am particularly pleased with the performance of the stand-alone used vehicle supercenter operations which retailed 18,832 vehicles, generated $346.7 million in revenue, and returned over 4.3% on sales during the quarter. Contributing to the company’s


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record second quarter was a 45.5% same-store retail revenue increase in the company’s North American retail commercial truck business and our investment in Penske Truck Leasing.”

For the six months ended June 30, 2018, total revenue increased 11.7% to $11.7 billion, with an 8.3% increase in same-store retail revenue. Income from continuing operations attributable to common shareholders increased 28.2% to $242.6 million and related earnings per share increased 29.1% to $2.84 when compared to the same period last year. Excluding foreign exchange, total revenue increased 7.3%, while same-store retail revenue increased 3.9%. Foreign exchange rates positively impacted earnings per share attributable to common shareholders by $0.10. As a result of tax reform enacted in 2017, the company’s effective tax rate for the six months ended June 30, 2018 was 24.2% compared to 32.4% for the six months ended June 30, 2017.

Automotive Retail Highlights of the Second Quarter

Same-Store Retail Unit Sales +1.6% to 126,484

New unit retail sales +0.1%

Used unit retail sales +3.1%

Same-Store Retail Revenue +8.8%; Excluding Foreign Exchange +5.8%

New +7.3%; Used +11.7%; Finance & Insurance +9.7%; Service and Parts +6.0%

Same-Store Average Gross Profit Per Unit

New $3,127, +$32/unit; Gross Margin 7.5%, -40 basis points

Used $1,574, +$151/unit; Gross Margin 5.8%, +10 basis points

Finance & Insurance $1,247, +$90/unit

Same-Store Average Variable Gross Profit Per Unit $3,562, +$174

Excluding Foreign Exchange, $3,464, +$76/unit

Retail Commercial Truck Operations

Penske Automotive Group operates twenty-one medium and heavy-duty truck dealership locations in the U.S. and Canada offering primarily Freightliner and Western Star brands. For the three months ended June 30, 2018, the company retailed 2,504 units, generated $338.8 million in revenue and $52.4 million in gross profit. For the six months ended June 30, 2018, the company retailed 4,609 units, generated $631.2 million in revenue and $99.0 million in gross profit. Same-store revenue increased 45.5% and 41.5% for the three and six months ended June 30, 2018, respectively.


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Penske Truck Leasing

Penske Truck Leasing Co., L.P. (“PTL”) is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. During the third quarter of 2017, the company increased its ownership interests in PTL by 5.5%, bringing our total ownership interest in PTL to 28.9%. The company accounts for its ownership interest in PTL using the equity method of accounting. For the three and six months ended June 30, 2018, the company recorded $35.0 million and $51.0 million in earnings from this investment compared to $24.9 million and $36.8 million for the same periods last year, respectively.

Dividend and Share Repurchases

On July 18, 2018, the company announced that its Board of Directors increased the dividend to its common stock shareholders to $0.36 per share, the twenty-ninth consecutive increase in the quarterly dividend.

During the three months ended June 30, 2018, the company repurchased 119,608 shares for $5.8 million, or an average of $48.61 per share. For the six months ended June 30, 2018, the company repurchased 1,252,624 shares for $55.8 million. Approximately $150.0 million remains available to repurchase shares under the company’s existing share repurchase authorization.

Conference Call

Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2018 on Thursday, July 26, 2018, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 230‑1092 – [International, please dial (612) 234‑9959]. The call will also be simultaneously broadcast over the Internet through the Investor Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2018 financial results has been posted to the company’s website. To access the presentation or to listen to the company’s webcast, please refer to www.penskeautomotive.com.

About Penske Automotive

Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 26,000 people worldwide and is a member of the Fortune 500 and Russell 2000, and is ranked among the World’s Most Admired Companies by Fortune Magazine. For additional information, visit the company’s website at www.penskeautomotive.com.


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Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company’s disclosures and provide a meaningful presentation of the company’s results from its core business operations excluding the impact of items not related to the company’s ongoing core business operations, and improve the period-to-period comparability of the company’s results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company’s financial information that is presented in accordance with GAAP.

Caution Concerning Forward Looking Statements

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.’s future sales and earnings potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and 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 natural disasters such as the recent hurricanes, 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. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group’s business, markets, conditions and other uncertainties, which could affect Penske Automotive Group’s future performance. These risks and uncertainties are addressed in Penske Automotive Group’s Form 10‑K for the year ended December 31, 2017, and its other filings with the Securities and Exchange Commission (“SEC”). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.

Find a vehicle: http://www.penskecars.com

Engage Penske Automotive: http://www.penskesocial.com

Like Penske Automotive on Facebook: https://facebook.com/penskecars

Follow Penske Automotive on Twitter: https://twitter.com/penskecars

Visit Penske Automotive on YouTube: http://www.youtube.com/penskecars


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Inquiries should contact:


J.D. Carlson	Anthony R. Pordon
Executive Vice President and	Executive Vice President Investor Relations
Chief Financial Officer	and Corporate Development
Penske Automotive Group, Inc.	Penske Automotive Group, Inc.
248-648-2810	248-648-2540
jcarlson@penskeautomotive.com	tpordon@penskeautomotive.com

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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

Three Months Ended June 30

(Amounts In Millions, Except Per Share Data)

(Unaudited)


	Three Months Ended
	June 30,				2018 vs. 2017
	2018		2017		Change		% Change
Revenue	$	5,940.3	$	5,383.4	$	556.9	10.3	%
Cost of Sales		5,050.5		4,566.1		484.4	10.6	%
Gross Profit	$	889.8	$	817.3	$	72.5	8.9	%
SG&A Expenses		675.4		622.0		53.4	8.6	%
Depreciation		25.7		23.3		2.4	10.3	%
Operating Income	$	188.7	$	172.0	$	16.7	9.7	%
Floor Plan Interest Expense		(19.9)		(15.5)		4.4	28.4	%
Other Interest Expense		(28.6)		(26.4)		2.2	8.3	%
Equity in Earnings of Affiliates		36.0		26.8		9.2	34.3	%
Income from Continuing Operations Before Income Taxes	$	176.2	$	156.9	$	19.3	12.3	%
Income Taxes		(41.0)		(50.2)		(9.2)	(18.3)	%
Income from Continuing Operations	$	135.2	$	106.7	$	28.5	26.7	%
Income from Discontinued Operations, net of tax		—		0.2		(0.2)	nm
Net Income	$	135.2	$	106.9	$	28.3	26.5	%
Less: Income Attributable to Non-Controlling Interests		0.6		0.7		(0.1)	nm
Net Income Attributable to Common Shareholders	$	134.6	$	106.2	$	28.4	26.7	%

Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations	$	135.2	$	106.7	$	28.5	26.7	%
Less: Income Attributable to Non-Controlling Interests		0.6		0.7		(0.1)	nm
Income from Continuing Operations, net of tax	$	134.6	$	106.0	$	28.6	27.0	%
Income from Discontinued Operations, net of tax		—		0.2		(0.2)	nm
Net Income Attributable to Common Shareholders	$	134.6	$	106.2	$	28.4	26.7	%
Income from Continuing Operations Per Share	$	1.58	$	1.23	$	0.35	28.5	%
Income Per Share	$	1.58	$	1.23	$	0.35	28.5	%
Weighted Average Shares Outstanding		85.0		86.1		(1.1)	(1.3)	%

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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Statements of Income

Six Months Ended June 30

(Amounts In Millions, Except Per Share Data)

(Unaudited)


	Six Months Ended
	June 30,				2018 vs. 2017
	2018		2017		Change		% Change
Revenue	$	11,687.2	$	10,464.5	$	1,222.7	11.7	%
Cost of Sales		9,933.0		8,872.9		1,060.1	11.9	%
Gross Profit	$	1,754.2	$	1,591.6	$	162.6	10.2	%
SG&A Expenses		1,338.5		1,223.7		114.8	9.4	%
Depreciation		51.3		45.7		5.6	12.3	%
Operating Income	$	364.4	$	322.2	$	42.2	13.1	%
Floor Plan Interest Expense		(38.8)		(29.2)		9.6	32.9	%
Other Interest Expense		(58.4)		(51.4)		7.0	13.6	%
Equity in Earnings of Affiliates		53.3		40.0		13.3	33.3	%
Income from Continuing Operations Before Income Taxes	$	320.5	$	281.6	$	38.9	13.8	%
Income Taxes		(77.6)		(91.3)		(13.7)	(15.0)	%
Income from Continuing Operations	$	242.9	$	190.3	$	52.6	27.6	%
Income (Loss) from Discontinued Operations, net of tax		0.1		(0.4)		0.5	nm
Net Income	$	243.0	$	189.9	$	53.1	28.0	%
Less: Income Attributable to Non-Controlling Interests		0.3		1.1		(0.8)	nm
Net Income Attributable to Common Shareholders	$	242.7	$	188.8	$	53.9	28.5	%

Amounts Attributable to Common Shareholders:
Reported Income from Continuing Operations	$	242.9	$	190.3	$	52.6	27.6	%
Less: Income Attributable to Non-Controlling Interests		0.3		1.1		(0.8)	nm
Income from Continuing Operations, net of tax	$	242.6	$	189.2	$	53.4	28.2	%
Income (Loss) from Discontinued Operations, net of tax		0.1		(0.4)		0.5	nm
Net Income Attributable to Common Shareholders	$	242.7	$	188.8	$	53.9	28.5	%
Income from Continuing Operations Per Share	$	2.84	$	2.20	$	0.64	29.1	%
Income Per Share	$	2.84	$	2.20	$	0.64	29.1	%
Weighted Average Shares Outstanding		85.5		85.9		(0.4)	(0.5)	%

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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)


	June 30,		December 31,
	2018		2017
Assets:
Cash and Cash Equivalents	$	45.8	$	45.7
Accounts Receivable, Net		919.6		954.9
Inventories		3,895.1		3,944.1
Other Current Assets		97.5		81.8
Total Current Assets		4,958.0		5,026.5
Property and Equipment, Net		2,144.9		2,108.6
Intangibles		2,174.8		2,134.5
Other Long-Term Assets		1,292.8		1,271.0
Total Assets	$	10,570.5	$	10,540.6

Liabilities and Equity:
Floor Plan Notes Payable	$	2,278.0	$	2,343.2
Floor Plan Notes Payable – Non-Trade		1,325.7		1,418.6
Accounts Payable		680.0		641.6
Accrued Expenses		529.7		523.5
Current Portion Long-Term Debt		92.3		72.8
Liabilities Held for Sale		0.7		0.7
Total Current Liabilities		4,906.4		5,000.4
Long-Term Debt		2,059.6		2,090.4
Other Long-Term Liabilities		1,078.7		1,021.8
Total Liabilities		8,044.7		8,112.6
Equity		2,525.8		2,428.0
Total Liabilities and Equity	$	10,570.5	$	10,540.6

Supplemental Balance Sheet Information
New vehicle days' supply		72		67
Used vehicle days' supply		45		55


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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Operations

Selected Data

(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Geographic Revenue Mix:
North America		55.4	%		60.3	%		54.2	%		58.4	%
U.K.		35.5	%		32.0	%		36.8	%		33.9	%
Other International		9.1	%		7.7	%		9.0	%		7.7	%
Total		100.0	%		100.0	%		100.0	%		100.0	%

Revenue: (Amounts in Millions)
Retail Automotive	$	5,455.5		$	5,040.7		$	10,751.5		$	9,797.1
Retail Commercial Trucks		338.8			228.5			631.2			440.2
Commercial Vehicles Australia/Power Systems and Other		146.0			114.2			304.5			227.2
Total	$	5,940.3		$	5,383.4		$	11,687.2		$	10,464.5

Gross Profit: (Amounts in Millions)
Retail Automotive	$	798.0		$	746.0		$	1,576.3		$	1,454.3
Retail Commercial Trucks		52.4			40.0			99.0			76.4
Commercial Vehicles Australia/Power Systems and Other		39.4			31.3			78.9			60.9
Total	$	889.8		$	817.3		$	1,754.2		$	1,591.6

Gross Margin:
Retail Automotive		14.6	%		14.8	%		14.7	%		14.8	%
Retail Commercial Trucks		15.5	%		17.5	%		15.7	%		17.4	%
Commercial Vehicles Australia/Power Systems and Other		27.0	%		27.4	%		25.9	%		26.8	%
Total		15.0	%		15.2	%		15.0	%		15.2	%


	Three Months Ended				Six Months Ended
	June 30,				June 30,

	2018		2017		2018		2017
Operating Items as a Percentage of Revenue:
Gross Profit	15.0	%	15.2	%	15.0	%	15.2	%
Selling, General and Administrative Expenses	11.4	%	11.6	%	11.5	%	11.7	%
Operating Income	3.2	%	3.2	%	3.1	%	3.1	%
Income from Continuing Operations Before Income Taxes	3.0	%	2.9	%	2.7	%	2.7	%

Operating Items as a Percentage of Total Gross Profit:
Selling, General and Administrative Expenses	75.9	%	76.1	%	76.3	%	76.9	%
Operating Income	21.2	%	21.0	%	20.8	%	20.2	%


	Three Months Ended				Six Months Ended
	June 30,				June 30,

(Amounts in Millions)	2018		2017		2018		2017

EBITDA*	$	230.5	$	206.6	$	430.2	$	378.7
Floorplan Credits	$	10.3	$	10.1	$	18.8	$	18.4
Rent Expense	$	59.0	$	55.4	$	116.9	$	108.8
Capital Expenditures	$	54.1	$	76.5	$	118.8	$	113.4
Stock Repurchases	$	5.8	$	5.8	$	55.8	$	8.5

* See the following Non-GAAP reconciliation table.


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PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data – Revenue and Gross Profit Mix

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Retail Automotive Revenue Mix:
Premium:
BMW / MINI	23	%	23	%	22	%	23	%
Audi	13	%	14	%	14	%	14	%
Mercedes-Benz	9	%	10	%	9	%	10	%
Land Rover / Jaguar	9	%	8	%	9	%	8	%
Porsche	6	%	6	%	6	%	6	%
Ferrari / Maserati	3	%	3	%	3	%	3	%
Lexus	3	%	3	%	3	%	3	%
Acura	1	%	1	%	1	%	1	%
Bentley	1	%	1	%	1	%	1	%
Others	2	%	1	%	2	%	1	%
Total Premium	70	%	70	%	70	%	70	%
Volume Non-U.S.:
Toyota	9	%	10	%	9	%	10	%
Honda	7	%	7	%	6	%	7	%
Volkswagen	4	%	3	%	4	%	4	%
Nissan	1	%	1	%	1	%	1	%
Others	1	%	2	%	2	%	2	%
Total Volume Non-U.S.	22	%	23	%	22	%	24	%
U.S.:
General Motors / Chrysler / Ford	2	%	3	%	2	%	3	%
Stand-Alone Used	6	%	4	%	6	%	3	%
Total	100	%	100	%	100	%	100	%

Retail Automotive Geographic Revenue Mix:
U.S.	54	%	60	%	53	%	58	%
U.K.	39	%	34	%	40	%	36	%
Other International	7	%	6	%	7	%	6	%
Total	100	%	100	%	100	%	100	%

Retail Automotive Geographic Gross Profit Mix:
U.S.	59	%	64	%	58	%	62	%
U.K.	35	%	31	%	36	%	32	%
Other International	6	%	5	%	6	%	6	%
Total	100	%	100	%	100	%	100	%


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PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data – Three Months Ended June 30

(Unaudited)


	Three Months Ended
	June 30,						2018 vs. 2017
	2018			2017			Change			% Change
Retail Automotive Units:
New Retail		61,071			63,919			(2,848)		(4.5)	%
Used Retail		73,143			66,208			6,935		10.5	%
Total		134,214			130,127			4,087		3.1	%

Retail Automotive Revenue: (Amounts in Millions)
New Vehicles	$	2,528.6		$	2,401.7		$	126.9		5.3	%
Used Vehicles		1,896.9			1,640.1			256.8		15.7	%
Finance and Insurance, Net		162.9			147.2			15.7		10.7	%
Service and Parts		547.8			520.3			27.5		5.3	%
Fleet and Wholesale		319.3			331.4			(12.1)		(3.7)	%
Total Revenue	$	5,455.5		$	5,040.7		$	414.8		8.2	%

Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles	$	189.8		$	190.3		$	(0.5)		(0.3)	%
Used Vehicles		112.5			93.8			18.7		19.9	%
Finance and Insurance, Net		162.9			147.2			15.7		10.7	%
Service and Parts		328.2			309.7			18.5		6.0	%
Fleet and Wholesale		4.6			5.0			(0.4)		(8.0)	%
Total Gross Profit	$	798.0		$	746.0		$	52.0		7.0	%

Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles	$	41,404		$	37,575		$	3,829		10.2	%
Used Vehicles		25,934			24,772			1,162		4.7	%

Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles	$	3,109		$	2,977		$	132		4.4	%
Used Vehicles		1,538			1,416			122		8.6	%
Finance and Insurance		1,213			1,131			82		7.3	%
Total Variable Gross Profit Per Vehicle (1)		3,466			3,314			152		4.6	%

Retail Automotive Gross Margin:
New Vehicles		7.5	%		7.9	%		(0.4)	%	(5.1)	%
Used Vehicles		5.9	%		5.7	%		0.2	%	3.5	%
Service and Parts		59.9	%		59.5	%		0.4	%	0.7	%
Fleet and Wholesale		1.4	%		1.5	%		(0.1)	%	(6.7)	%
Total Gross Margin		14.6	%		14.8	%		(0.2)	%	(1.4)	%

Retail Automotive Revenue Mix Percentages:
New Vehicles		46.3	%		47.7	%		(1.4)	%	(2.9)	%
Used Vehicles		34.8	%		32.5	%		2.3	%	7.1	%
Finance and Insurance, Net		3.0	%		2.9	%		0.1	%	3.4	%
Service and Parts		10.0	%		10.3	%		(0.3)	%	(2.9)	%
Fleet and Wholesale		5.9	%		6.6	%		(0.7)	%	(10.6)	%
Total		100.0	%		100.0	%

Retail Automotive Gross Profit Mix Percentages:
New Vehicles		23.8	%		25.5	%		(1.7)	%	(6.7)	%
Used Vehicles		14.1	%		12.6	%		1.5	%	11.9	%
Finance and Insurance, Net		20.4	%		19.7	%		0.7	%	3.6	%
Service and Parts		41.1	%		41.5	%		(0.4)	%	(1.0)	%
Fleet and Wholesale		0.6	%		0.7	%		(0.1)	%	(14.3)	%
Total		100.0	%		100.0	%

(1)

Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales.


	11	$C:\Users\109186\Desktop\Capture1.PNG$

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations

Selected Data – Six Months Ended June 30

(Unaudited)


	Six Months Ended
	June 30,						2018 vs. 2017
	2018			2017			Change			% Change
Retail Automotive Units:
New Retail		120,333			126,107			(5,774)		(4.6)	%
Used Retail		146,371			128,492			17,879		13.9	%
Total		266,704			254,599			12,105		4.8	%

Retail Automotive Revenue: (Amounts in Millions)
New Vehicles	$	4,975.4		$	4,709.1		$	266.3		5.7	%
Used Vehicles		3,763.7			3,181.1			582.6		18.3	%
Finance and Insurance, Net		323.7			284.6			39.1		13.7	%
Service and Parts		1,091.3			1,019.2			72.1		7.1	%
Fleet and Wholesale		597.4			603.1			(5.7)		(0.9)	%
Total Revenue	$	10,751.5		$	9,797.1		$	954.4		9.7	%

Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles	$	373.0		$	367.4		$	5.6		1.5	%
Used Vehicles		222.2			187.9			34.3		18.3	%
Finance and Insurance, Net		323.7			284.6			39.1		13.7	%
Service and Parts		646.3			603.4			42.9		7.1	%
Fleet and Wholesale		11.1			11.0			0.1		0.9	%
Total Gross Profit	$	1,576.3		$	1,454.3		$	122.0		8.4	%

Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles	$	41,347		$	37,342		$	4,005		10.7	%
Used Vehicles		25,713			24,757			956		3.9	%

Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles	$	3,100		$	2,913		$	187		6.4	%
Used Vehicles		1,518			1,463			55		3.8	%
Finance and Insurance		1,213			1,118			95		8.5	%
Total Variable Gross Profit Per Vehicle (1)		3,445			3,299			146		4.4	%

Retail Automotive Gross Margin:
New Vehicles		7.5	%		7.8	%		(0.3)	%	(3.8)	%
Used Vehicles		5.9	%		5.9	%		—	%	—	%
Service and Parts		59.2	%		59.2	%		—	%	—	%
Fleet and Wholesale		1.9	%		1.8	%		0.1	%	5.6	%
Total Gross Margin		14.7	%		14.8	%		(0.1)	%	(0.7)	%

Retail Automotive Revenue Mix Percentages:
New Vehicles		46.3	%		48.1	%		(1.8)	%	(3.7)	%
Used Vehicles		35.0	%		32.5	%		2.5	%	7.7	%
Finance and Insurance, Net		3.0	%		2.9	%		0.1	%	3.4	%
Service and Parts		10.2	%		10.4	%		(0.2)	%	(1.9)	%
Fleet and Wholesale		5.5	%		6.1	%		(0.6)	%	(9.8)	%
Total		100.0	%		100.0	%

Retail Automotive Gross Profit Mix Percentages:
New Vehicles		23.7	%		25.3	%		(1.6)	%	(6.3)	%
Used Vehicles		14.1	%		12.9	%		1.2	%	9.3	%
Finance and Insurance, Net		20.5	%		19.6	%		0.9	%	4.6	%
Service and Parts		41.0	%		41.5	%		(0.5)	%	(1.2)	%
Fleet and Wholesale		0.7	%		0.7	%		—	%	—	%
Total		100.0	%		100.0	%

(1)

Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales.


	12	$C:\Users\109186\Desktop\Capture1.PNG$

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations Same-Store

Selected Data – Three Months June 30

(Unaudited)


	Three Months Ended
	June 30,						2018 vs. 2017
	2018			2017			Change			% Change
Retail Automotive Same-Store Units:
New Retail		60,324			60,272			52		0.1	%
Used Retail		66,160			64,185			1,975		3.1	%
Total		126,484			124,457			2,027		1.6	%

Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	2,518.9		$	2,347.1		$	171.8		7.3	%
Used Vehicles		1,790.5			1,603.3			187.2		11.7	%
Finance and Insurance, Net		157.8			143.9			13.9		9.7	%
Service and Parts		542.9			512.2			30.7		6.0	%
Fleet and Wholesale		306.5			320.5			(14.0)		(4.4)	%
Total Revenue	$	5,316.6		$	4,927.0		$	389.6		7.9	%

Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	188.6		$	186.5		$	2.1		1.1	%
Used Vehicles		104.1			91.3			12.8		14.0	%
Finance and Insurance, Net		157.8			143.9			13.9		9.7	%
Service and Parts		322.9			303.9			19.0		6.3	%
Fleet and Wholesale		4.4			5.0			(0.6)		(12.0)	%
Total Gross Profit	$	777.8		$	730.6		$	47.2		6.5	%

Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles	$	41,757		$	38,942		$	2,815		7.2	%
Used Vehicles		27,064			24,980			2,084		8.3	%

Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles	$	3,127		$	3,095		$	32		1.0	%
Used Vehicles		1,574			1,423			151		10.6	%
Finance and Insurance		1,247			1,157			90		7.8	%
Total Variable Gross Profit Per Vehicle (1)		3,562			3,388			174		5.1	%

Retail Automotive Same-Store Gross Margin:
New Vehicles		7.5	%		7.9	%		(0.4)	%	(5.1)	%
Used Vehicles		5.8	%		5.7	%		0.1	%	1.8	%
Service and Parts		59.5	%		59.3	%		0.2	%	0.3	%
Fleet and Wholesale		1.4	%		1.6	%		(0.2)	%	(12.5)	%
Total Gross Margin		14.6	%		14.8	%		(0.2)	%	(1.4)	%

Retail Automotive Revenue Mix Percentages:
New Vehicles		47.4	%		47.6	%		(0.2)	%	(0.4)	%
Used Vehicles		33.7	%		32.5	%		1.2	%	3.7	%
Finance and Insurance, Net		3.0	%		2.9	%		0.1	%	3.4	%
Service and Parts		10.2	%		10.4	%		(0.2)	%	(1.9)	%
Fleet and Wholesale		5.7	%		6.6	%		(0.9)	%	(13.6)	%
Total		100.0	%		100.0	%

Retail Automotive Gross Profit Mix Percentages:
New Vehicles		24.2	%		25.5	%		(1.3)	%	(5.1)	%
Used Vehicles		13.4	%		12.5	%		0.9	%	7.2	%
Finance and Insurance, Net		20.3	%		19.7	%		0.6	%	3.0	%
Service and Parts		41.5	%		41.6	%		(0.1)	%	(0.2)	%
Fleet and Wholesale		0.6	%		0.7	%		(0.1)	%	(14.3)	%
Total		100.0	%		100.0	%

(1)

Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales.


	13	$C:\Users\109186\Desktop\Capture1.PNG$

PENSKE AUTOMOTIVE GROUP, INC.

Retail Automotive Operations Same-Store

Selected Data – Six Months June 30

(Unaudited)


	Six Months Ended
	June 30,						2018 vs. 2017
	2018			2017			Change			% Change
Retail Automotive Same-Store Units:
New Retail		117,211			118,173			(962)		(0.8)	%
Used Retail		106,210			104,224			1,986		1.9	%
Total		223,421			222,397			1,024		0.5	%

Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	4,851.3		$	4,532.7		$	318.6		7.0	%
Used Vehicles		3,106.4			2,806.5			299.9		10.7	%
Finance and Insurance, Net		276.4			253.1			23.3		9.2	%
Service and Parts		1,049.7			981.0			68.7		7.0	%
Fleet and Wholesale		496.8			544.8			(48.0)		(8.8)	%
Total Revenue	$	9,780.6		$	9,118.1		$	662.5		7.3	%

Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	358.3		$	353.5		$	4.8		1.4	%
Used Vehicles		173.3			157.2			16.1		10.2	%
Finance and Insurance, Net		276.4			253.1			23.3		9.2	%
Service and Parts		611.2			575.4			35.8		6.2	%
Fleet and Wholesale		7.7			9.9			(2.2)		(22.2)	%
Total Gross Profit	$	1,426.9		$	1,349.1		$	77.8		5.8	%

Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles	$	41,389		$	38,356		$	3,033		7.9	%
Used Vehicles		29,248			26,928			2,320		8.6	%

Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles	$	3,057		$	2,992		$	65		2.2	%
Used Vehicles		1,631			1,508			123		8.2	%
Finance and Insurance		1,237			1,138			99		8.7	%
Total Variable Gross Profit Per Vehicle (1)		3,616			3,434			182		5.3	%

Retail Automotive Same-Store Gross Margin:
New Vehicles		7.4	%		7.8	%		(0.4)	%	(5.1)	%
Used Vehicles		5.6	%		5.6	%		—	%	—	%
Service and Parts		58.2	%		58.7	%		(0.5)	%	(0.9)	%
Fleet and Wholesale		1.5	%		1.8	%		(0.3)	%	(16.7)	%
Total Gross Margin		14.6	%		14.8	%		(0.2)	%	(1.4)	%

Retail Automotive Revenue Mix Percentages:
New Vehicles		49.6	%		49.7	%		(0.1)	%	(0.2)	%
Used Vehicles		31.8	%		30.8	%		1.0	%	3.2	%
Finance and Insurance, Net		2.8	%		2.8	%		—	%	—	%
Service and Parts		10.7	%		10.8	%		(0.1)	%	(0.9)	%
Fleet and Wholesale		5.1	%		5.9	%		(0.8)	%	(13.6)	%
Total		100.0	%		100.0	%

Retail Automotive Gross Profit Mix Percentages:
New Vehicles		25.1	%		26.2	%		(1.1)	%	(4.2)	%
Used Vehicles		12.1	%		11.7	%		0.4	%	3.4	%
Finance and Insurance, Net		19.4	%		18.8	%		0.6	%	3.2	%
Service and Parts		42.8	%		42.7	%		0.1	%	0.2	%
Fleet and Wholesale		0.6	%		0.6	%		—	%	—	%
Total		100.0	%		100.0	%

(1)

Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail automotive unit sales.


	14	$C:\Users\109186\Desktop\Capture1.PNG$

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

Selected Data – Three Months June 30

(Unaudited)


	Three Months Ended
	June 30,						2018 vs. 2017
	2018			2017			Change			% Change
Retail Commercial Truck Units:
New Retail		2,018			1,174			844		71.9	%
Used Retail		486			385			101		26.2	%
Total		2,504			1,559			945		60.6	%

Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles	$	210.7		$	116.5		$	94.2		80.9	%
Used Vehicles		27.3			23.2			4.1		17.7	%
Finance and Insurance, Net		3.6			2.3			1.3		56.5	%
Service and Parts		92.2			83.3			8.9		10.7	%
Wholesale		5.0			3.2			1.8		56.3	%
Total Revenue	$	338.8		$	228.5		$	110.3		48.3	%

Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles	$	9.5		$	5.0		$	4.5		90.0	%
Used Vehicles		3.1			2.5			0.6		24.0	%
Finance and Insurance, Net		3.6			2.3			1.3		56.5	%
Service and Parts		35.9			30.3			5.6		18.5	%
Wholesale		0.3			(0.1)			0.4		nm
Total Gross Profit	$	52.4		$	40.0		$	12.4		31.0	%

Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles	$	104,418		$	99,225		$	5,193		5.2	%
Used Vehicles		56,175			60,139			(3,964)		(6.6)	%

Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles	$	4,680		$	4,300		$	380		8.8	%
Used Vehicles		6,469			6,503			(34)		(0.5)	%
Finance and Insurance		1,445			1,477			(32)		(2.2)	%
Total Variable Gross Profit Per Vehicle (1)		6,470			6,286			184		2.9	%

Retail Commercial Truck Gross Margin:
New Vehicles		4.5	%		4.3	%		0.2	%	4.7	%
Used Vehicles		11.4	%		10.8	%		0.6	%	5.6	%
Service and Parts		38.9	%		36.4	%		2.5	%	6.9	%
Total Gross Margin		15.5	%		17.5	%		(2.0)	%	(11.4)	%

Retail Commercial Truck Revenue Mix Percentages:
New Vehicles		62.2	%		51.0	%		11.2	%	22.0	%
Used Vehicles		8.1	%		10.2	%		(2.1)	%	(20.6)	%
Finance and Insurance, Net		1.1	%		1.0	%		0.1	%	10.0	%
Service and Parts		27.2	%		36.5	%		(9.3)	%	(25.5)	%
Fleet and Wholesale		1.4	%		1.3	%		0.1	%	7.7	%
Total		100.0	%		100.0	%

Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles		18.1	%		12.5	%		5.6	%	44.8	%
Used Vehicles		5.9	%		6.3	%		(0.4)	%	(6.3)	%
Finance and Insurance, Net		6.9	%		5.8	%		1.1	%	19.0	%
Service and Parts		68.5	%		75.8	%		(7.3)	%	(9.6)	%
Fleet and Wholesale		0.6	%		(0.4)	%		1.0	%	nm	%
Total		100.0	%		100.0	%

(1)

Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales.


	15	$C:\Users\109186\Desktop\Capture1.PNG$

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations

Selected Data – Six Months June 30

(Unaudited)


	Six Months Ended
	June 30,						2018 vs. 2017
	2018			2017			Change			% Change
Retail Commercial Truck Units:
New Retail		3,672			2,300			1,372		59.7	%
Used Retail		937			766			171		22.3	%
Total		4,609			3,066			1,543		50.3	%

Retail Commercial Truck Revenue: (Amounts in Millions)
New Vehicles	$	381.1		$	227.2		$	153.9		67.7	%
Used Vehicles		53.8			42.2			11.6		27.5	%
Finance and Insurance, Net		6.8			4.5			2.3		51.1	%
Service and Parts		182.6			161.3			21.3		13.2	%
Wholesale		6.9			5.0			1.9		38.0	%
Total Revenue	$	631.2		$	440.2		$	191.0		43.4	%

Retail Commercial Truck Gross Profit: (Amounts in Millions)
New Vehicles	$	16.2		$	9.5		$	6.7		70.5	%
Used Vehicles		5.8			3.5			2.3		65.7	%
Finance and Insurance, Net		6.8			4.5			2.3		51.1	%
Service and Parts		69.9			59.1			10.8		18.3	%
Wholesale		0.3			(0.2)			0.5		nm
Total Gross Profit	$	99.0		$	76.4		$	22.6		29.6	%

Retail Commercial Truck Revenue Per Vehicle Retailed:
New Vehicles	$	103,797		$	98,758		$	5,039		5.1	%
Used Vehicles		57,394			55,019			2,375		4.3	%

Retail Commercial Truck Gross Profit Per Vehicle Retailed:
New Vehicles	$	4,405		$	4,144		$	261		6.3	%
Used Vehicles		6,161			4,556			1,605		35.2	%
Finance and Insurance		1,479			1,452			27		1.9	%
Total Variable Gross Profit Per Vehicle (1)		6,249			5,708			541		9.5	%

Retail Commercial Truck Gross Margin:
New Vehicles		4.3	%		4.2	%		0.1	%	2.4	%
Used Vehicles		10.8	%		8.3	%		2.5	%	30.1	%
Service and Parts		38.3	%		36.6	%		1.7	%	4.6	%
Total Gross Margin		15.7	%		17.4	%		(1.7)	%	(9.8)	%

Retail Commercial Truck Revenue Mix Percentages:
New Vehicles		60.4	%		51.6	%		8.8	%	17.1	%
Used Vehicles		8.5	%		9.6	%		(1.1)	%	(11.5)	%
Finance and Insurance, Net		1.1	%		1.0	%		0.1	%	10.0	%
Service and Parts		28.9	%		36.6	%		(7.7)	%	(21.0)	%
Fleet and Wholesale		1.1	%		1.2	%		(0.1)	%	(8.3)	%
Total		100.0	%		100.0	%

Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles		16.4	%		12.4	%		4.0	%	32.3	%
Used Vehicles		5.9	%		4.6	%		1.3	%	28.3	%
Finance and Insurance, Net		6.9	%		5.9	%		1.0	%	16.9	%
Service and Parts		70.6	%		77.4	%		(6.8)	%	(8.8)	%
Fleet and Wholesale		0.2	%		(0.3)	%		0.5	%	nm	%
Total		100.0	%		100.0	%

(1)

Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales.


	16	$C:\Users\109186\Desktop\Capture1.PNG$

PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations Same-Store

Selected Data – Three Months June 30

(Unaudited)


	Three Months Ended
	June 30,						2018 vs. 2017
	2018			2017			Change			% Change
Retail Commercial Truck Same-Store Units:
New Retail		1,988			1,174			814		69.3	%
Used Retail		485			385			100		26.0	%
Total		2,473			1,559			914		58.6	%

Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	207.1		$	116.5		$	90.6		77.8	%
Used Vehicles		27.2			23.2			4.0		17.2	%
Finance and Insurance, Net		2.3			2.3			—		—	%
Service and Parts		91.1			83.3			7.8		9.4	%
Wholesale		4.7			3.2			1.5		46.9	%
Total Revenue	$	332.4		$	228.5		$	103.9		45.5	%

Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	9.2		$	5.0		$	4.2		84.0	%
Used Vehicles		3.1			2.5			0.6		24.0	%
Finance and Insurance, Net		2.3			2.3			—		—	%
Service and Parts		35.3			30.3			5.0		16.5	%
Wholesale		0.2			(0.1)			0.3		nm
Total Gross Profit	$	50.1		$	40.0		$	10.1		25.3	%

Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles	$	104,173		$	99,225		$	4,948		5.0	%
Used Vehicles		56,165			60,139			(3,974)		(6.6)	%

Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles	$	4,607		$	4,300		$	307		7.1	%
Used Vehicles		6,445			6,503			(58)		(0.9)	%
Finance and Insurance		916			1,477			(561)		(38.0)	%
Total Variable Gross Profit Per Vehicle (1)		5,904			6,286			(382)		(6.1)	%

Retail Commercial Truck Same-Store Gross Margin:
New Vehicles		4.4	%		4.3	%		0.1	%	2.3	%
Used Vehicles		11.4	%		10.8	%		0.6	%	5.6	%
Service and Parts		38.7	%		36.4	%		2.3	%	6.3	%
Total Gross Margin		15.1	%		17.5	%		(2.4)	%	(13.7)	%

Retail Commercial Truck Revenue Mix Percentages:
New Vehicles		62.3	%		51.0	%		11.3	%	22.2	%
Used Vehicles		8.2	%		10.2	%		(2.0)	%	(19.6)	%
Finance and Insurance, Net		0.7	%		1.0	%		(0.3)	%	(30.0)	%
Service and Parts		27.4	%		36.5	%		(9.1)	%	(24.9)	%
Fleet and Wholesale		1.4	%		1.3	%		0.1	%	7.7	%
Total		100.0	%		100.0	%

Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles		18.4	%		12.5	%		5.9	%	47.2	%
Used Vehicles		6.2	%		6.3	%		(0.1)	%	(1.6)	%
Finance and Insurance, Net		4.6	%		5.8	%		(1.2)	%	(20.7)	%
Service and Parts		70.5	%		75.8	%		(5.3)	%	(7.0)	%
Fleet and Wholesale		0.3	%		(0.4)	%		0.7	%	nm	%
Total		100.0	%		100.0	%

(1)

Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales.


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PENSKE AUTOMOTIVE GROUP, INC.

Retail Commercial Truck Operations Same-Store

Selected Data – Six Months June 30

(Unaudited)


	Six Months Ended
	June 30,						2018 vs. 2017
	2018			2017			Change			% Change
Retail Commercial Truck Same-Store Units:
New Retail		3,642			2,300			1,342		58.3	%
Used Retail		936			766			170		22.2	%
Total		4,578			3,066			1,512		49.3	%

Retail Commercial Truck Same-Store Revenue: (Amounts in Millions)
New Vehicles	$	377.5		$	227.2		$	150.3		66.2	%
Used Vehicles		53.7			42.2			11.5		27.3	%
Finance and Insurance, Net		4.4			4.5			(0.1)		(2.2)	%
Service and Parts		180.9			161.3			19.6		12.2	%
Wholesale		6.4			5.0			1.4		28.0	%
Total Revenue	$	622.9		$	440.2		$	182.7		41.5	%

Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions)
New Vehicles	$	15.9		$	9.5		$	6.4		67.4	%
Used Vehicles		5.8			3.5			2.3		65.7	%
Finance and Insurance, Net		4.4			4.5			(0.1)		(2.2)	%
Service and Parts		69.1			59.1			10.0		16.9	%
Wholesale		0.2			(0.2)			0.4		nm
Total Gross Profit	$	95.4		$	76.4		$	19.0		24.9	%

Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed:
New Vehicles	$	103,659		$	98,758		$	4,901		5.0	%
Used Vehicles		57,390			55,019			2,371		4.3	%

Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles	$	4,363		$	4,144		$	219		5.3	%
Used Vehicles		6,148			4,556			1,592		34.9	%
Finance and Insurance		962			1,452			(490)		(33.7)	%
Total Variable Gross Profit Per Vehicle (1)		5,701			5,708			(7)		(0.1)	%

Retail Commercial Truck Same-Store Gross Margin:
New Vehicles		4.2	%		4.2	%		—	%	—	%
Used Vehicles		10.8	%		8.3	%		2.5	%	30.1	%
Service and Parts		38.2	%		36.6	%		1.6	%	4.4	%
Total Gross Margin		15.3	%		17.4	%		(2.1)	%	(12.1)	%

Retail Commercial Truck Revenue Mix Percentages:
New Vehicles		60.6	%		51.6	%		9.0	%	17.4	%
Used Vehicles		8.6	%		9.6	%		(1.0)	%	(10.4)	%
Finance and Insurance, Net		0.7	%		1.0	%		(0.3)	%	(30.0)	%
Service and Parts		29.0	%		36.6	%		(7.6)	%	(20.8)	%
Fleet and Wholesale		1.1	%		1.2	%		(0.1)	%	(8.3)	%
Total		100.0	%		100.0	%

Retail Commercial Truck Gross Profit Mix Percentages:
New Vehicles		16.7	%		12.4	%		4.3	%	34.7	%
Used Vehicles		6.1	%		4.6	%		1.5	%	32.6	%
Finance and Insurance, Net		4.6	%		5.9	%		(1.3)	%	(22.0)	%
Service and Parts		72.4	%		77.4	%		(5.0)	%	(6.5)	%
Fleet and Wholesale		0.2	%		(0.3)	%		0.5	%	nm	%
Total		100.0	%		100.0	%

(1)

Calculated by dividing the sum of new vehicle, used vehicle, and finance and insurance gross profit by total retail commercial truck unit sales.


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PENSKE AUTOMOTIVE GROUP, INC.

Consolidated Non-GAAP Reconciliations

(Unaudited)

The following tables reconcile reported net income to earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the three and six months ended June 30, 2018 and 2017:


	Three Months Ended
	June 30,				2018 vs. 2017
(Amounts in Millions)	2018		2017		Change		% Change

Net Income	$	135.2	$	106.9	$	28.3	26.5	%
Add: Depreciation		25.7		23.3		2.4	10.3	%
Other Interest Expense		28.6		26.4		2.2	8.3	%
Income Taxes		41.0		50.2		(9.2)	(18.3)	%
(Income) Loss from Discontinued Operations, net of tax		—		(0.2)		0.2	nm
EBITDA	$	230.5	$	206.6	$	23.9	11.6	%


	Six Months Ended
	June 30,				2018 vs. 2017
(Amounts in Millions)	2018		2017		Change		% Change

Net Income	$	243.0	$	189.9	$	53.1	28.0	%
Add: Depreciation		51.3		45.7		5.6	12.3	%
Other Interest Expense		58.4		51.4		7.0	13.6	%
Income Taxes		77.6		91.3		(13.7)	(15.0)	%
(Income) Loss from Discontinued Operations, net of tax		(0.1)		0.4		(0.5)	nm
EBITDA	$	430.2	$	378.7	$	51.5	13.6	%

nm – not meaningful

# # # # # # #


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PENSKE AUTOMOTIVE GROUP, INC. - FORM 8-K - EX-99.1 - July 26, 2018

Attached files

PENSKE AUTOMOTIVE GROUP, INC. Reports