Penske Automotive Beats Q2 Revenue Estimates, Driven By Strong Auto And Truck Operations
Portfolio Pulse from Shivani Kumaresan
Penske Automotive Group Inc (NYSE:PAG) reported Q2 FY23 sales growth of 8% YoY to $7.47 billion, beating the analyst consensus estimate of $7.13 billion. The growth was driven by strong performance from its automotive and commercial truck operations. However, foreign currency exchange negatively impacted revenue by $23.7 million. The company's gross profit increased 2.9% YoY to $1.27 billion, and the gross margin contracted 90 basis points YoY to 17%. The company repurchased 2.6 million shares for $350.4 million in the quarter.
July 26, 2023 | 1:16 pm
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Penske Automotive Group reported strong Q2 FY23 results, beating revenue estimates. The company's strong performance in automotive and truck operations drove growth, but foreign currency exchange had a negative impact.
Penske Automotive's strong Q2 results, particularly the revenue beat, are likely to be viewed positively by the market. However, the negative impact of foreign currency exchange and the contraction in gross margin could be areas of concern for investors.
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