PENSKE AUTOMOTIVE GROUP INC
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
PAG$213.44+0.3%Stored close · as of Nov 10, 2026
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Consolidated Statements of Income
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In millions, except share and per share amounts) | |||
| Revenue: | |||
| Retail automotive dealership | $25,209.1 | $23,694.7 | $22,513.3 |
| Retail commercial truck dealership | 3,684.3 | 3,541.3 | 2,465.7 |
| Commercial vehicle distribution and other | 634.0 | 578.8 | 575.7 |
| Total revenues | 29,527.4 | 27,814.8 | 25,554.7 |
| Cost of sales: | |||
| Retail automotive dealership | 21,032.9 | 19,568.3 | 18,643.1 |
| Retail commercial truck dealership | 3,091.9 | 2,986.2 | 2,048.8 |
| Commercial vehicle distribution and other | 468.8 | 421.5 | 422.0 |
| Total cost of sales | 24,593.6 | 22,976.0 | 21,113.9 |
| Gross profit | 4,933.8 | 4,838.8 | 4,440.8 |
| Selling, general and administrative expenses | 3,400.6 | 3,223.7 | 2,962.9 |
| Impairment charges | 40.7 | — | — |
| Depreciation | 141.0 | 127.3 | 121.5 |
| Operating income | 1,351.5 | 1,487.8 | 1,356.4 |
| Floor plan interest expense | (133.1) | (52.4) | (26.2) |
| Other interest expense | (92.6) | (70.4) | (68.6) |
| Debt redemption costs | — | — | (17.0) |
| Loss on investment | — | — | (11.4) |
| Equity in earnings of affiliates | 293.7 | 494.2 | 374.5 |
| Income from continuing operations before income taxes | 1,419.5 | 1,859.2 | 1,607.7 |
| Income taxes | (360.9) | (473.0) | (416.3) |
| Income from continuing operations | 1,058.6 | 1,386.2 | 1,191.4 |
| Income from discontinued operations, net of tax | — | — | 1.3 |
| Net income | 1,058.6 | 1,386.2 | 1,192.7 |
| Less: Income attributable to non-controlling interests | 5.4 | 6.2 | 4.9 |
| Net income attributable to Penske Automotive Group common stockholders | $1,053.2 | $1,380.0 | $1,187.8 |
| Basic earnings per share attributable to Penske Automotive Group common stockholders: | |||
| Continuing operations | $15.50 | $18.55 | $14.88 |
| Discontinued operations | 0.00 | 0.00 | 0.01 |
| Net income attributable to Penske Automotive Group common stockholders | $15.50 | $18.55 | $14.89 |
| Shares used in determining basic earnings per share | 67,963,956 | 74,394,799 | 79,746,106 |
| Diluted earnings per share attributable to Penske Automotive Group common stockholders: | |||
| Continuing operations | $15.50 | $18.55 | $14.88 |
| Discontinued operations | 0.00 | 0.00 | 0.01 |
| Net income attributable to Penske Automotive Group common stockholders | $15.50 | $18.55 | $14.89 |
| Shares used in determining diluted earnings per share | 67,963,956 | 74,394,799 | 79,746,106 |
| Amounts attributable to Penske Automotive Group common stockholders: | |||
| Income from continuing operations | $1,058.6 | $1,386.2 | $1,191.4 |
| Less: Income attributable to non-controlling interests | 5.4 | 6.2 | 4.9 |
| Income from continuing operations, net of tax | 1,053.2 | 1,380.0 | 1,186.5 |
| Income from discontinued operations, net of tax | — | — | 1.3 |
| Net income attributable to Penske Automotive Group common stockholders | $1,053.2 | $1,380.0 | $1,187.8 |
| Cash dividends per share | $2.78 | $2.07 | $1.78 |
F - 6
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