Penske Posts a Record 2Q Despite Currency Headwinds
Penske Automotive’s second quarter gave us no reason to change our moat rating or fair value estimate. Management continues to execute well in retail automotive and heavy trucks despite foreign exchange headwinds from the Brexit vote last June. The U.K. made up 34% of the company’s second-quarter revenue, but as we argued last year in a June 24 note, about 95% of the U.K. revenue is in premium and luxury brands such as Audi, BMW, Mercedes, and Ferrari so we continue to believe the brand mix coul...Penske Automotive Group is a transportation services company that operates automotive and commercial truck dealerships and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services. The company has four segments: Retail Automotive, consisting of its retail automotive dealership operations; Retail Commercial Truck, consisting of its retail commercial truck dealership operations in the United States and Canada; Other, consisting of its commercial vehicle and power systems distribution operations and other non-automotive consolidated operations; and Non-Automotive Investments, consisting of its equity method investments in non-automotive operations.
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