Fri, Feb 21, 10:06 PM (67 days ago)
**Penske Automotive Group, Inc. (PAG) - Financial Summary for FY 2024** Penske Automotive Group, Inc. (PAG) reported total revenue of $30,455.2 million in 2024, a 3.1% increase from 2023, driven largely by retail automotive dealership sales of $26,156.2 million. Net income was $918.9 million, reflecting a decrease from $1,053.2 million in 2023, with diluted earnings per share at $13.74, down from $15.50. Gross profit rose to $5,013.3 million, while operating expenses increased to $3,538.5 million, leading to operating income of $1,316.8 million. The company operates 353 automotive dealerships globally, with 28.9% ownership in Penske Transportation Solutions (PTS), contributing $200.7 million in equity earnings. PAG's liquidity remains strong, with $72.4 million in cash and $1.8 billion available for borrowing. Key risks include reliance on vehicle manufacturers, economic fluctuations, and regulatory changes impacting vehicle sales and financing. Future outlook suggests cautious optimism, with expected continued demand for service and parts despite potential pressures from increased interest rates and supply chain challenges.