Penske Automotive Group, Inc. (NYSE: PAG) has completed the acquisition of Rybrook Group Limited, expanding its presence in the United Kingdom with the addition of 15 premium dealerships representing an estimated annualized revenue of $1 billion. The acquisition consists of dealerships for various luxury automotive brands, including BMW, Mini, Volvo, Land Rover, and Porsche, with three of the BMW locations also retailing BMW Motorrad motorcycles.
Darren Edwards, CEO of the company's Sytner Group subsidiary in the U.K., expressed enthusiasm about the expansion, stating, "We are pleased to expand our brand footprint and increase our scale. The Rybrook dealerships represent exceptional brands with a strong commitment to providing outstanding customer service. We look forward to continuing this legacy and welcome the Rybrook associates to our team."
Penske Automotive Group, headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. The company operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan, and is one of the largest retailers of commercial trucks in North America for Freightliner. Additionally, Penske Automotive Group distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services, principally in Australia and New Zealand. The company employs over 28,000 people worldwide and owns 28.9% of Penske Transportation Solutions (PTS), a business that employs over 44,000 people worldwide.
The stock of Penske Automotive Group moved -0.9% in response to this news, and is currently trading at a price of $150.87 per share.
For additional information, including the company's 2023 corporate responsibility report highlighting its ESG strategies, activities, and certain metrics, visit the company's website at www.penskeautomotive.com.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $22,785 | $23,179 | $20,444 | $25,555 | $27,815 | $29,267 |
| Revenue Growth | n/a | 1.73% | -11.8% | 25.0% | 8.84% | 5.22% |
| Operating Margins | 3% | 3% | 3% | 5% | 5% | 5% |
| Net Margins | 2% | 2% | 3% | 5% | 5% | 4% |
| Net Income (MM) | $471 | $436 | $544 | $1,188 | $1,380 | $1,160 |
| Net Interest Expense (MM) | $190 | $205 | $168 | $95 | $70 | $88 |
| Depreciation & Amort. (MM) | $104 | $110 | $116 | $122 | $127 | $136 |
| Earnings Per Share | $5.53 | $5.28 | $6.74 | $14.89 | $18.55 | $16.89 |
| EPS Growth | n/a | -4.52% | 27.65% | 120.92% | 24.58% | -8.95% |
| Diluted Shares (MM) | 85 | 82 | 81 | 80 | 74 | 67 |
| Free Cash Flow (MM) | $309 | $273 | $1,016 | $1,043 | $1,176 | $1,100 |
| Capital Expenditures (MM) | $306 | $245 | $186 | $249 | $282 | $359 |
| Current Ratio | 1.01 | 0.98 | 0.94 | 0.95 | 0.99 | 1.01 |
| Total Debt (MM) | $2,309 | $2,464 | $1,777 | $1,556 | $1,697 | $1,707 |
| Net Debt / EBITDA | 2.95 | 3.19 | 2.11 | 0.98 | 0.98 | 1.03 |
Penske Automotive has growing revenues and increasing reinvestment in the business and exceptional EPS growth. Additionally, the company's financial statements display irregular cash flows and healthy leverage. Furthermore, Penske Automotive has average net margins with a positive growth rate.
