Record quarter for Penske Automotive

American automotive giant posts record third-quarter sales and signs agreement to acquire majority stake in US heavy-duty truck dealer group

Penske Automotive, the US-based transport services multi-national and parent of Penske Commercial Vehicles, the Australian distributor for MAN, Western Star and Dennis Eagle trucks, has posted a record third-quarter increase in income of $US76.4 million, the figure equating with growth of 15.6 per cent.

The quarter also saw revenue increase by 17.5 per cent to $US4.4 billion and EBITDA increase by 17.6 per cent to $US147.3 million, while earnings per share increased by 16.4 per cent to 85 US cents.

Penske Automotive Group Chairman Roger Penske said the group's international growth was a major contributing factor.

"Our business delivered another strong quarter, including an 11.2 per cent increase in same-store retail revenue," he said.

"Our results in the quarter were highlighted by another outstanding performance from our UK operations as our international diversification continues to complement our US operations."

Penske Automotive also recently signed an agreement to increase its share in US heavy-vehicle dealership The Around the Clock Freightliner Group (ATC) from 27 per cent to 86 per cent. Once finalised, the acquisition is expected to contribute between $US600 to $US700 million in incremental revenue to the group.

Record quarter for Penske Automotive

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