Penske Reports Record 3Q Despite Three Hurricanes Wreaking Havoc
Penske Automotive Group’s third-quarter results gave us no reason to change our fair value estimate. EPS from continuing operations increased by 6.8% year over year to $1.10, beating consensus by a penny, while revenue rose 7.2% to $5.5 billion versus consensus of $5.3 billion. The firm’s results have now lapped the Brexit vote in late June of 2016, so Penske had no foreign exchange impact to EPS from the stronger dollar against the pound. The U.K. constituted 33.8% of third-quarter 2017 revenue...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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