Currency, Inventory Shortages, and Pricing Issues Hurt Penske's First Quarter
We are not changing our fair value estimate on Penske Automotive Group as first-quarter numbers, although a bit weak, were still solid. Diluted EPS from continuing operations of $1.19 missed consensus of $1.23 while same-store automotive retail revenue fell 1.4% excluding foreign exchange headwinds. Penske gets a bit over one third of its business from the U.K., so Brexit weighing on the pound likely explains the $0.04 EPS hit from currency. The company also disclosed a $0.09 hit from restructur...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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