Penske Automotive Reports Record Fourth Quarter and Full Year 2013 Results
BLOOMFIELD HILLS, Michigan, Feb. 13, 2014 /PRNewswire/ --
Fourth Quarter 2013 |
Twelve Months 2013 |
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Penske Automotive Group, Inc. (NYSE:PAG), an international transportation services company, announced today the highest fourth quarter and full year 2013 income from continuing operations and related earnings per share in company history. For the fourth quarter, income from continuing operations attributable to common shareholders increased 19.3% to $61.7 million and related earnings per share increased 19.3% to $0.68 per share when compared to the same period last year.
(Logo: http://photos.prnewswire.com/prnh/20130530/MM23675LOGO )
Total revenue increased 15.0% to $3.9 billion. The revenue increase was driven by an 11.4% increase in total retail unit sales, including a 9.8% increase on a same-store basis. Gross profit improved 14.2% to $586.4 million while operating income increased 15.9% to $106.7 million.
"Our business produced another outstanding quarter, completing the most successful year in the history of our company," said Chairman Roger Penske. During the fourth quarter, same-store retail revenue increased 12.4%, with each area of our automotive dealership business posting solid year-over-year growth. Further, we continued to demonstrate expense leverage as the ratio of selling, general and administrative expenses as a percentage of gross profit improved by 40 basis points. Going forward, with a strong balance sheet and a positive outlook across our automotive dealership, car rental and commercial vehicle businesses, we remain confident in our ability to continue growing our business."
Highlights of the Fourth Quarter
- Total Retail Unit Sales increased 11.4% to 90,622
- +11.2% in the United States; +11.9% Internationally
- New unit retail sales +6.7%
- Used unit retail sales +17.8%
- Same-store Retail Revenue increased 12.4%
- New +9.2%; Used +20.0%; Finance & Insurance +15.5%; Service and Parts +8.8%
- +10.7% in the United States; +15.9% Internationally
- Average Transaction Price Per Unit
- New $40,025; +3.6%
- Used $26,474; +3.5%
- Average Gross Profit Per Unit
- New $3,203, +$35/unit; Gross Margin 8.0%, -20 basis points
- Used $1,742, -$117/unit; Gross Margin 6.6%, -70 basis points
- Finance & Insurance $1,037, +$52/unit
For the year ended December 31, 2013, total revenue increased 12.4% to $14.7 billion, income from continuing operations increased 20.5% to $249.6 million and related earnings per share increased 20.5% to $2.76 per share when compared to adjusted figures in the same period last year as shown in the attached tables.
Conference Call
Penske Automotive will host a conference call discussing financial results relating to the fourth quarter of 2013 on February 13, 2014, at 2:00 p.m. Eastern Standard Time. To listen to the conference call, participants must dial (800) 230-1093 [International, please dial (612) 234-9960]. The call will also be simultaneously broadcast over the Internet through the Investors Relations section of the Penske Automotive Group website. Additionally, an investor presentation relating to the fourth quarter 2013 financial results has been posted to the company's website. To access the presentation or to listen to the company's webcast, please refer to www.penskeautomotive.com.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company, operating automotive dealerships, commercial vehicle distribution and car rental franchises principally in the United States, Western Europe, Australia and New Zealand, employs approximately 18,000 people worldwide and is a member of the Fortune 500 and Russell 2000. For additional information, visit the company's website at www.penskeautomotive.com.
Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted income from continuing operations, earnings before interest, taxes, depreciation and amortization ("EBITDA" and adjusted "EBITDA"). The company has reconciled these measures to the most directly comparable GAAP measures in the release. The company believes that these widely accepted measures of operating profitability improve the transparency of the company's disclosures and provide a meaningful presentation of the company's results from its core business operations excluding the impact of items not related to the company's ongoing core business operations, and improve the period-to-period comparability of the company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results, and should only be considered in conjunction with the company's financial information that is presented in accordance with GAAP.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales potential and potential earnings outlook. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters or other disruptions that interrupt the supply of vehicles or parts to us; changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive's business, markets, conditions and other uncertainties, which could affect Penske Automotive's future performance. These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2012, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.
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Inquiries should contact: |
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David K. Jones Chief Financial Officer Penske Automotive Group, Inc. |
Anthony R. Pordon and Corporate Development Penske Automotive Group, Inc. |
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PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Statements of Income (Amounts In Millions, Except Per Share Data) (Unaudited) |
||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||
December 31, |
December 31, |
|||||||||||
2013 |
2012 |
% Increase/ (Decrease) |
2013 |
2012 |
% Increase/ (Decrease) |
|||||||
Revenues: |
||||||||||||
New Vehicle |
$ 1,981.6 |
$ 1,794.0 |
10.5% |
$ 7,619.5 |
$ 6,753.4 |
12.8% |
||||||
Used Vehicle |
1,088.4 |
893.0 |
21.9% |
4,239.2 |
3,700.4 |
14.6% |
||||||
Finance and Insurance, Net |
94.0 |
80.1 |
17.4% |
375.7 |
322.3 |
16.6% |
||||||
Service and Parts |
399.8 |
362.9 |
10.2% |
1,550.6 |
1,444.3 |
7.4% |
||||||
Fleet and Wholesale |
173.8 |
216.9 |
-19.9% |
715.3 |
859.9 |
-16.8% |
||||||
Commercial Vehicle and Car Rental |
117.4 |
4.0 |
NM |
205.1 |
4.0 |
NM |
||||||
Total Revenues |
$ 3,855.0 |
$ 3,350.9 |
15.0% |
$ 14,705.4 |
$ 13,084.3 |
12.4% |
||||||
Cost of Sales: |
||||||||||||
New Vehicle |
$ 1,823.1 |
$ 1,646.9 |
10.7% |
$ 7,034.7 |
$ 6,208.0 |
13.3% |
||||||
Used Vehicle |
1,016.8 |
828.1 |
22.8% |
3,928.1 |
3,417.5 |
14.9% |
||||||
Service and Parts |
164.5 |
149.6 |
10.0% |
630.2 |
603.1 |
4.5% |
||||||
Fleet and Wholesale |
172.1 |
211.8 |
-18.7% |
704.2 |
848.8 |
-17.0% |
||||||
Commercial Vehicle and Car Rental |
92.1 |
1.2 |
NM |
148.4 |
1.2 |
NM |
||||||
Total Cost of Sales |
$ 3,268.6 |
$ 2,837.6 |
15.2% |
$ 12,445.6 |
$ 11,078.6 |
12.3% |
||||||
Gross Profit |
586.4 |
513.3 |
14.2% |
2,259.8 |
2,005.7 |
12.7% |
||||||
SG&A Expenses |
462.7 |
407.2 |
13.6% |
1,761.9 |
1,586.8 |
11.0% |
||||||
Depreciation |
17.0 |
14.0 |
21.4% |
61.7 |
53.5 |
15.3% |
||||||
Operating Income |
106.7 |
92.1 |
15.9% |
436.2 |
365.4 |
19.4% |
||||||
Floor Plan Interest Expense |
(12.0) |
(9.5) |
26.3% |
(43.6) |
(38.3) |
13.8% |
||||||
Other Interest Expense |
(11.7) |
(11.7) |
-- |
(47.9) |
(46.8) |
2.4% |
||||||
Equity in Earnings of Affiliates |
8.2 |
6.2 |
32.3% |
30.7 |
27.6 |
11.2% |
||||||
Debt Redemption Costs |
-- |
-- |
-- |
-- |
(17.8) |
NM |
||||||
Income from Continuing Operations Before Income Taxes |
91.2 |
77.1 |
18.3% |
375.4 |
290.1 |
29.4% |
||||||
Income Taxes |
(29.0) |
(24.8) |
16.9% |
(124.3) |
(94.3) |
31.8% |
||||||
Income from Continuing Operations |
62.2 |
52.3 |
18.9% |
251.1 |
195.8 |
28.2% |
||||||
Loss from Discontinued Operations, Net of Tax |
(2.5) |
(3.1) |
-19.4% |
(5.4) |
(8.6) |
-37.2% |
||||||
Net Income |
59.7 |
49.2 |
21.3% |
245.7 |
187.2 |
31.3% |
||||||
Less: Income Attributable to Non-Controlling Interests |
(0.5) |
(0.6) |
-16.7% |
(1.5) |
(1.7) |
-11.8% |
||||||
Net Income Attributable to Common Shareholders |
$ 59.2 |
$ 48.6 |
21.8% |
$ 244.2 |
$ 185.5 |
31.6% |
||||||
Income from Continuing Operations Per Share |
$ 0.68 |
$ 0.57 |
19.3% |
$ 2.76 |
$ 2.15 |
28.4% |
||||||
Income Per Share |
$ 0.66 |
$ 0.54 |
22.2% |
$ 2.70 |
$ 2.05 |
31.7% |
||||||
Weighted Average Shares Outstanding |
90,378,532 |
90,290,765 |
-- |
90,330,621 |
90,342,315 |
-- |
||||||
Amounts Attributable to Common Shareholders: |
||||||||||||
Reported Income from Continuing Operations |
$ 62.2 |
$ 52.3 |
18.9% |
$ 251.1 |
$ 195.8 |
28.2% |
||||||
Less: Income Attributable to Non-Controlling Interests |
(0.5) |
(0.6) |
-16.7% |
(1.5) |
(1.7) |
-11.8% |
||||||
Income from Continuing Operations, net of tax |
$ 61.7 |
$ 51.7 |
19.3% |
$ 249.6 |
$ 194.1 |
28.6% |
||||||
Loss from Discontinued Operations, net of tax |
(2.5) |
(3.1) |
-19.4% |
(5.4) |
(8.6) |
-37.2% |
||||||
Net Income |
$ 59.2 |
$ 48.6 |
21.8% |
$ 244.2 |
$ 185.5 |
31.6% |
||||||
NM – not meaningful |
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PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Balance Sheets (Amounts In Millions) (Unaudited) |
||||
December 31, |
December 31, |
|||
2013 |
2012 |
|||
Assets |
||||
Cash and Cash Equivalents |
$ 49.8 |
$ 43.5 |
||
Accounts Receivable, Net |
606.2 |
550.9 |
||
Inventories |
2,538.3 |
1,975.7 |
||
Other Current Assets |
88.5 |
90.4 |
||
Assets Held for Sale |
63.8 |
123.4 |
||
Total Current Assets |
3,346.6 |
2,783.9 |
||
Property and Equipment, Net |
1,241.0 |
1,022.9 |
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Intangibles |
1,449.0 |
1,248.3 |
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Other Long-Term Assets |
378.9 |
323.9 |
||
Total Assets |
$ 6,415.5 |
$ 5,379.0 |
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Liabilities and Equity |
||||
Floor Plan Notes Payable |
$ 1,704.4 |
$ 1,404.9 |
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Floor Plan Notes Payable – Non-Trade |
903.2 |
711.4 |
||
Accounts Payable |
374.7 |
261.1 |
||
Accrued Expenses |
264.0 |
222.6 |
||
Current Portion Long-Term Debt |
50.0 |
19.5 |
||
Liabilities Held for Sale |
35.5 |
75.6 |
||
Total Current Liabilities |
3,331.8 |
2,695.1 |
||
Long-Term Debt |
1,033.2 |
917.1 |
||
Other Long-Term Liabilities |
528.4 |
450.5 |
||
Total Liabilities |
4,893.4 |
4,062.7 |
||
Equity |
1,522.1 |
1,316.3 |
||
Total Liabilities and Equity |
$ 6,415.5 |
$ 5,379.0 |
||
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Selected Data (Unaudited) |
||||||||
Three Months Ended |
Twelve Months Ended |
|||||||
December 31, |
December 31, |
|||||||
2013 |
2012 |
2013 |
2012 |
|||||
Geographic Revenue Mix: |
||||||||
U.S. |
64% |
67% |
64% |
65% |
||||
U.K. |
32% |
31% |
34% |
34% |
||||
Other International |
4% |
2% |
2% |
1% |
||||
Total |
100% |
100% |
100% |
100% |
||||
Revenue Mix: |
||||||||
Automotive Dealership |
97% |
100% |
99% |
100% |
||||
Commercial Vehicle and Car Rental |
3% |
-- |
1% |
-- |
||||
Total |
100% |
100% |
100% |
100% |
||||
Automotive Dealership Revenue Mix: |
||||||||
Premium/Luxury: |
||||||||
BMW |
26% |
29% |
25% |
26% |
||||
Audi |
13% |
12% |
13% |
12% |
||||
Mercedes-Benz |
11% |
11% |
11% |
11% |
||||
Lexus |
4% |
4% |
4% |
4% |
||||
Land Rover |
5% |
4% |
4% |
4% |
||||
Porsche |
5% |
5% |
5% |
5% |
||||
Ferrari / Maserati |
2% |
2% |
2% |
2% |
||||
Acura |
2% |
1% |
1% |
2% |
||||
Others |
3% |
4% |
4% |
4% |
||||
Total Premium/Luxury |
71% |
72% |
69% |
70% |
||||
Volume Foreign: |
||||||||
Toyota |
11% |
10% |
11% |
10% |
||||
Honda |
9% |
9% |
11% |
11% |
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Nissan |
1% |
1% |
1% |
1% |
||||
Volkswagen |
2% |
2% |
2% |
2% |
||||
Others |
2% |
2% |
2% |
2% |
||||
Total Volume Foreign |
25% |
24% |
27% |
26% |
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Domestic Big 3: |
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General Motors / Chrysler / Ford |
4% |
4% |
4% |
4% |
||||
Total Automotive Dealership Revenue |
100% |
100% |
100% |
100% |
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Gross Profit Mix: |
||||||||
New Vehicles |
27.0% |
28.7% |
25.9% |
27.2% |
||||
Used Vehicles |
12.2% |
12.6% |
13.8% |
14.1% |
||||
Service and Parts |
40.2% |
41.6% |
40.7% |
42.0% |
||||
Finance and Insurance |
16.0% |
15.6% |
16.6% |
16.1% |
||||
Fleet and Wholesale |
0.3% |
0.9% |
0.5% |
0.5% |
||||
Commercial Vehicle and Car Rental |
4.3% |
0.6% |
2.5% |
0.1% |
||||
Total |
100.0% |
100.0% |
100.0% |
100.0% |
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PENSKE AUTOMOTIVE GROUP, INC. Consolidated Selected Data (Unaudited) |
||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||
December 31, |
December 31, |
|||||||||||
2013 |
2012 |
Increase/ (Decrease) |
2013 |
2012 |
Increase/ (Decrease) |
|||||||
Operating items as a percentage of revenue: |
||||||||||||
Gross Profit: |
||||||||||||
New Vehicle |
8.0% |
8.2% |
-20 bps |
7.7% |
8.1% |
-40 bps |
||||||
Used Vehicle |
6.6% |
7.3% |
-70 bps |
7.3% |
7.6% |
-30 bps |
||||||
Service and Parts |
58.9% |
58.8% |
10 bps |
59.4% |
58.2% |
120 bps |
||||||
Fleet and Wholesale |
1.0% |
2.4% |
-140 bps |
1.6% |
1.3% |
30 bps |
||||||
Commercial Vehicle and Car Rental |
21.6% |
NM |
NM |
27.6% |
NM |
NM |
||||||
Total Gross Profit |
15.2% |
15.3% |
-10 bps |
15.4% |
15.3% |
10 bps |
||||||
Selling, General and Admin. Expenses |
12.0% |
12.2% |
-20 bps |
12.0% |
12.1% |
-10 bps |
||||||
Operating Income |
2.8% |
2.7% |
10 bps |
3.0% |
2.8% |
20 bps |
||||||
Inc. From Cont. Ops. Before Inc. Taxes |
2.4% |
2.3% |
10 bps |
2.6% |
2.2% |
40 bps |
||||||
Operating items as a percentage of total gross profit: |
||||||||||||
Selling, General and Administrative Expenses |
78.9% |
79.3% |
-40 bps |
78.0% |
79.1% |
-110 bps |
||||||
Operating Income |
18.2% |
17.9% |
30 bps |
19.3% |
18.2% |
110 bps |
||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||
December 31, |
December 31, |
||||||||||||
2013 |
2012 |
% Increase/ (Decrease) |
2013 |
2012 |
% Increase/ (Decrease) |
||||||||
Other (Amounts in Millions): |
|||||||||||||
EBITDA* |
$ 119.9 |
$ 102.8 |
16.6% |
$ 485.0 |
$ 390.4 |
24.2% |
|||||||
Adjusted EBITDA* |
119.9 |
102.8 |
16.6% |
485.0 |
408.2 |
18.8% |
|||||||
Rent Expense |
47.5 |
43.4 |
9.4% |
181.2 |
171.2 |
5.8% |
|||||||
Floorplan Credits |
6.5 |
6.4 |
1.6 % |
26.6 |
23.3 |
14.2% |
|||||||
* See the following Non-GAAP reconciliation tables |
|||||||||||||
NM – not meaningful |
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PENSKE AUTOMOTIVE GROUP, INC. Automotive Retail Operations Selected Data (Unaudited) |
||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||
December 31, |
December 31, |
|||||||||||
2013 |
2012 |
% Increase/ (Decrease) |
2013 |
2012 |
% Increase/ (Decrease) |
|||||||
Total Retail Units: |
||||||||||||
New Retail |
49,510 |
46,422 |
6.7% |
199,795 |
180,949 |
10.4% |
||||||
Used Retail |
41,112 |
34,912 |
17.8% |
166,419 |
145,087 |
14.7% |
||||||
Total Retail |
90,622 |
81,334 |
11.4% |
366,214 |
326,036 |
12.3% |
||||||
Same-Store Retail Units: |
||||||||||||
New Same-Store Retail |
48,097 |
45,652 |
5.4% |
192,433 |
177,171 |
8.6% |
||||||
Used Same-Store Retail |
39,827 |
34,455 |
15.6% |
159,336 |
142,033 |
12.2% |
||||||
Total Same-Store Retail |
87,924 |
80,107 |
9.8% |
351,769 |
319,204 |
10.2% |
||||||
Same-Store Retail Revenue: (Amounts in millions) |
||||||||||||
New Vehicles |
$ 1,925.5 |
$ 1,763.4 |
9.2% |
$ 7,351.2 |
$ 6,613.9 |
11.1% |
||||||
Used Vehicles |
1,060.6 |
883.6 |
20.0% |
4,089.8 |
3,646.2 |
12.2% |
||||||
Finance and Insurance, Net |
91.5 |
79.2 |
15.5% |
365.7 |
318.8 |
14.7% |
||||||
Service and Parts |
387.9 |
356.5 |
8.8% |
1,490.4 |
1,415.8 |
5.3% |
||||||
Total Same-Store Retail |
$ 3,465.5 |
$ 3,082.7 |
12.4% |
$ 13,297.1 |
$ 11,994.7 |
10.9% |
||||||
Retail Revenue Mix: |
||||||||||||
New Vehicles |
55.6% |
57.3% |
-170 bps |
55.3% |
55.3% |
-- |
||||||
Used Vehicles |
30.6% |
28.5% |
210 bps |
30.8% |
30.3% |
50 bps |
||||||
Finance and Insurance, Net |
2.6% |
2.6% |
-- |
2.7% |
2.6% |
10 bps |
||||||
Service and Parts |
11.2% |
11.6% |
-40 bps |
11.2% |
11.8% |
-60 bps |
||||||
Average Revenue per Vehicle Retailed: |
||||||||||||
New Vehicles |
$ 40,025 |
$ 38,645 |
3.6% |
$ 38,137 |
$ 37,322 |
2.2% |
||||||
Used Vehicles |
26,474 |
25,578 |
3.5% |
25,473 |
25,505 |
-0.1% |
||||||
Gross Profit per Vehicle Retailed: |
||||||||||||
New Vehicles |
$ 3,203 |
$ 3,168 |
1.1% |
$ 2,927 |
$ 3,014 |
-2.9% |
||||||
Used Vehicles |
1,742 |
1,859 |
-6.3% |
1,869 |
1,950 |
-4.2% |
||||||
Finance and Insurance |
1,037 |
985 |
5.3% |
1,026 |
989 |
3.7% |
||||||
PENSKE AUTOMOTIVE GROUP, INC. Consolidated Non-GAAP Reconciliation (Unaudited) |
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Reconciliation of reported income from continuing operations net of taxes and earnings per share to adjusted income from continuing operations net of taxes and earnings per share for the twelve months ended December 31, 2013 and 2012: |
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Income |
Earnings Per Share |
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Twelve Months Ended |
Twelve Months Ended |
|||||||||||
December 31, |
December 31, |
|||||||||||
(Amounts in Millions) |
2013 |
2012 |
% Increase/(Decrease) |
2013 |
2012 |
% Increase/(Decrease) |
||||||
Income from Continuing Operations Net of Tax and Earnings per Share |
$ 249.6 |
$ 194.1 |
28.6% |
$ 2.76 |
$ 2.15 |
28.4% |
||||||
Debt Redemption Costs (1) |
-- |
13.0 |
NM |
-- |
0.14 |
NM |
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Adjusted Income from Continuing Operations and Adjusted Earnings Per Share |
$ 249.6 |
$ 207.1 |
20.5% |
$ 2.76 |
$ 2.29 |
20.5% |
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(1) Costs associated with the redemption of the Company's $375 million of 7.75% senior subordinated notes due 2016 of $17.8 million ($13.0 million net of taxes), or $0.14 per share. |
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NM – not meaningful |
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PENSKE AUTOMOTIVE GROUP, INC. Consolidated Non-GAAP Reconciliation (Unaudited) |
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Reconciliation of reported net income to earnings before interest, taxes, depreciation and amortization ("EBITDA) and adjusted EBITDA for the three months and twelve months ended December 31, 2013 and 2012: |
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Three Months Ended |
Twelve Months Ended |
|||||||||||
December 31, |
December 31, |
|||||||||||
(Amounts in Millions) |
2013 |
2012 |
% Increase/ (Decrease) |
2013 |
2012 |
% Increase/ (Decrease) |
||||||
Net Income |
$ 59.7 |
$ 49.2 |
21.3% |
$ 245.7 |
$ 187.2 |
31.3% |
||||||
Depreciation |
17.0 |
14.0 |
21.4% |
61.7 |
53.5 |
15.3% |
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Other Interest Expense |
11.7 |
11.7 |
-- |
47.9 |
46.8 |
2.4% |
||||||
Income Taxes |
29.0 |
24.8 |
16.9% |
124.3 |
94.3 |
31.8% |
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Loss from Discontinued Operations, net |
2.5 |
3.1 |
-19.4% |
5.4 |
8.6 |
-37.2% |
||||||
EBITDA |
$ 119.9 |
$ 102.8 |
16.6% |
$ 485.0 |
$ 390.4 |
24.2% |
||||||
Add Back: Debt redemption costs (1) |
-- |
-- |
-- |
-- |
17.8 |
-- |
||||||
Adjusted EBITDA |
$ 119.9 |
$ 102.8 |
16.6% |
$ 485.0 |
$ 408.2 |
18.8% |
||||||
(1) Costs associated with the redemption of the Company's $375 million of 7.75% senior subordinated notes due 2016 of $17.8 million ($13.0 million net of taxes), or $0.14 per share. |
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NM – not meaningful |
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