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Penske 2Q Profit Up 34% On Higher Used, Luxury Car Sales

DOW JONES NEWSWIRES Penske Automotive Group Inc.'s (PAG) second-quarter profit rose a better-than-expected 34% as higher sales of used and luxury cars helped offset supply-chain disruptions caused by the earthquake in Japan. The automotive sector has been mostly on the mend over the past few months, which has helped sales at Penske and prompted a number of acquisitions. Moody's Investors Service earlier this month upgraded the company's speculative-grade rating a notch, citing the auto dealer's improving performance amid a rebound in new car sales. "Although we faced a challenging inventory situation as a result of the Japan earthquake, our business model continued to prove its resiliency," Chairman Roger Penske said, adding higher sales of used and luxury vehicles helped boost margins despite an overall drop in new units sold. Penske, the second-biggest auto dealership in the U.S. by revenue behind AutoNation Inc. (AN), posted a profit of $39.6 million, or 43 cents a share, up from $29.4 million, or 32 cents a share, a year earlier. Revenue rose 11% to $2.89 billion. Analysts polled by Thomson Reuters expected a 38-cent per-share profit on revenue of $2.98 billion. Gross margin edged up to 16.1% from 15.9% amid higher average transaction prices. New-vehicle revenue, the company's biggest top-line contributor, rose 8.2%, while used-vehicle sales jumped 20%. Service and parts revenue increased 7.5%, or 6% on a same-store basis. Penske's shares closed at $23.40 Wednesday and were inactive premarket. The stock has gained 92% over the past year. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;

Stock News for Autonation (AN)
10/02/201506:49:27Current Report Filing (8-k)
10/02/201506:30:00AutoNation Announces Reported Retail New Vehicle Unit Sales of...
10/01/201508:00:00AutoNation Announces Third Quarter 2015 Earnings Conference Call...
10/01/201507:00:00Gabelli & Company’s 39th Annual Automotive Aftermarket Symposium
09/24/201507:00:00Gabelli & Company’s 39th Annual Automotive Aftermarket Symposium
09/21/201516:28:52Current Report Filing (8-k)
09/18/201506:09:25Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
09/16/201519:54:00AutoNation Announces Pricing of $750 Million Aggregate Principal...
09/16/201517:29:35Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
09/16/201509:10:24Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
09/16/201508:53:44Current Report Filing (8-k)
09/11/201517:09:49Current Report Filing (8-k)
09/11/201517:00:00AutoNation Authorizes Additional $250 Million for Share Repurchase
09/08/201508:50:00AutoNation Won't Sell Cars With Open Safety Recalls
09/08/201507:19:52Current Report Filing (8-k)
09/08/201507:00:00AutoNation Sets Auto Retail Industry Standard with Recall Policy
09/03/201517:12:24Statement of Changes in Beneficial Ownership (4)
09/03/201517:11:57Statement of Changes in Beneficial Ownership (4)
09/03/201517:11:57Statement of Changes in Beneficial Ownership (4)
09/03/201517:11:32Statement of Changes in Beneficial Ownership (4)

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