BLOOMFIELD HILLS, Mich. (AP) — BLOOMFIELD HILLS, Mich. (AP) — Penske Automotive Group Inc. (PAG) on Wednesday reported first-quarter net income of $234.5 million.
On a per-share basis, the Bloomfield Hills, Michigan-based company said it had net income of $3.56. Earnings, adjusted for non-recurring gains, were $3.05 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.91 per share.
The auto dealership chain posted revenue of $7.86 billion in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $7.95 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PAG at https://www.zacks.com/ap/PAG
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