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Penske Automotive Q1 profit climbs 12.9% YOY

Penske Automotive Group Inc. said its first-quarter normalized net income came to 79 cents per share, compared with the S&P Capital IQ consensus estimate of 82 cents per share.

EPS increased 13.1% year over year from 70 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $71.7 million, an increase of 12.9% from $63.5 million in the prior-year period.

The normalized profit margin rose to 1.6% from 1.6% in the year-earlier period.

Total revenue grew 11.4% on an annual basis to $4.47 billion from $4.02 billion, and total operating expenses grew 11.3% from the prior-year period to $4.34 billion from $3.89 billion.

Reported net income rose 14.6% on an annual basis to $76.7 million, or 85 cents per share, from $67.0 million, or 74 cents per share.