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.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Original headline: Auto dealership Penske's 3Q profit up 59 percent
Most Popular Stories
- Criminal Investigation Opened Into James Foley's Death
- The Hip New Career? Farming
- McDonald's Names Another U.S. President
- Student Startup Develops Date-rape Detector
- Sahara Casino Rises Anew as SLS Las Vegas
- Is Diversity in the Eye of the Beholder?
- Chinese Coal Gas Boom Poses Climate Risks
- U.S. Supporters of Islamic State Get Close Scrutiny
- Job Market Shifts Complicate Yellen's Rate Decision
- Dems Losing Fear of Obamacare