Automotive retailer Penske Automotive Group, Inc. (PAG) reported a slight bump to its fourth quarter profits as same-store sales revenue helped beat the Wall Street views.
The Bloomfield Hills, Michigan-based company said its fourth quarter net income rose to $48.60 million, or 54 cents per share, from $47.69 million, or 53 cents per share, in the same quarter a year earlier.
Adjusting for certain items, income from continuing operations came in at $51 million, or 57 cents per share, versus $42.7 million, or 47 cents per share, in the same period last year. According to Thomson Reuters, analysts were expecting EPS to be 53 cents per share.
Total revenue in the fourth quarter increase about 18% to $3.37 billion from $2.86 billion the year earlier quarter. These results were helped by an 11.5% increase in same-store sales revenue in the company’s retail unit. Analysts were projecting revenue to be $3.30 billion.
Penske share were down $1.01, or -3.01%, during morning trading on Wednesday. The stock is up +36.17% over the past year.
The Bottom Line
Shares of Penske Auto (PAG) have a dividend yield of 1.73% based on Wednesday’s intraday trading price of $32.32 and the company’s annualized dividend payout of 56 cents per share.
Penske Automotive Group, Inc. (PAG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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