NEWS: Penske Automotive Group Inc. said Tuesday that its third-quarter net income rose 59 percent on double-digit revenue growth.
The auto dealership chain's results beat Wall Street's expectations.
DETAILS: Penske reported a 13.5 percent increase in retail unit sales, with the average price for new cars rising.
NUMBERS: Penske earned $65.3 million, or 72 cents per share, for the three months ended Sept. 30. That compares with $41 million, or 45 cents per share, a year earlier.
Income from continuing operations was 73 cents per share. Analysts, on average, expected earnings of 69 cents per share, according to a FactSet poll.
Revenue climbed 14 percent, to $3.82 billion from $3.34 billion, as revenue at established stores increased 12 percent. Wall Street predicted revenue of $3.75 billion.
FUTURE: Bloomfield Hills, Mich.-based Penske expects the U.S. and U.K. markets to continue to perform well.
STOCK: The shares closed at $39.51 on Monday and were inactive in premarket trading Tuesday. The stock is up 31 percent this year.
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Original headline: Auto dealership Penske's 3Q profit up 59 percent
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