Penske's Good First Quarter Held Back by the Weaker Pound Against the Dollar
We are not changing our moat or fair value estimate on Penske Automotive Group after the company reported a good first quarter that was held back by currency headwinds from the stronger dollar against the pound compared with a year ago. Penske gets about 36% of its total revenue from the U.K. so we expect the second quarter will also have major negative currency contributions due to the Brexit vote occurring at the end of last June. For first quarter, revenue grew year over year by 5.3% to $5.1 ...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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