Penske: 2Q Earnings Snapshot
BLOOMFIELD HILLS, Mich. (AP) _ Penske Automotive Group Inc. (PAG) on Tuesday reported second-quarter net income of $118.8 million.
On a per-share basis, the Bloomfield Hills, Michigan-based company said it had profit of $1.42.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share.
The auto dealership chain posted revenue of $5.76 billion in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $5.93 billion.
Penske shares have climbed 16% since the beginning of the year. The stock has dropped 8% in the last 12 months.