Penske Automotive Group (PAG) Q4 FY2023 earnings: revenue $7.3 billion, up 3.7% on the year

Penske Automotive Group, Inc. (PAG) reported revenue of $7.3 billion for Q4 FY2023, the quarter ended 31 December 2023, up 3.7% on the same quarter a year earlier. Net income was $191 million, down 36.0% on the year, and diluted earnings per share $2.86. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$7.3 billionup 3.7%

Net income$191 milliondown 36.0%

Diluted EPS$2.86

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	7,272	7,448	n/a	n/a
Cost of revenue	6,084	6,227	n/a	n/a
Gross profit	1,188	1,220	n/a	n/a
Gross margin	16.3%	16.4%	n/a
Selling, general and administrative	844	854	n/a	n/a
Operating income	266	332	n/a	n/a
Operating margin	3.7%	4.5%	n/a
Pre-tax income	256	356	n/a	n/a
Income tax	63.8	92.1	n/a	n/a
Effective tax rate	24.9%	25.8%	n/a
Net income	191	263	n/a	n/a
Net margin	2.6%	3.5%	n/a
Diluted EPS	$2.86	$3.92	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	71.4	418	n/a	n/a
Capital expenditure	103	86.6	n/a	n/a
Free cash flow	-31.8	331	n/a	n/a
Free cash flow margin	-0.4%	4.4%	n/a
Cash from investing	-111	-200	n/a	n/a
Cash from financing	29.8	-231	n/a	n/a
Buybacks	17.5	13.1	n/a	n/a
Dividends paid	53.3	48.6	n/a	n/a
Dividend per share	n/a	$0.72	n/a	n/a
Diluted shares, weighted	68m	67m	n/a	n/a
Shares outstanding at period end	67m	67m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	4,726	4,523	n/a	n/a
Non-controlling interest	29.4	27.7	n/a	n/a
Debt	3,885	1,707	n/a	n/a
Operating lease liabilities	2,336	2,301	n/a	n/a
Other liabilities	4,695	6,250	n/a	n/a
Total liabilities and equity	15,672	14,810	n/a	n/a
Fixed assets	2,765	2,661	n/a	n/a
Goodwill	2,235	2,246	n/a	n/a
Cash and equivalents	96.4	104	n/a	n/a
Receivables	1,115	959	n/a	n/a
Inventory	4,293	3,700	n/a	n/a
Other assets	5,167	5,140	n/a	n/a
Total assets	15,672	14,810	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	7,448	7,272	7,793	8,065	7,930	8,078	7,954	8,032	8,053	7,769	7,864	8,513
Cost of revenue	6,227	6,084	6,203	6,433	6,348	6,459	6,632	6,680	6,446	n/a	6,564	7,156
Gross profit	1,220	1,188	1,294	1,316	1,294	1,313	1,321	1,352	1,300	1,244	1,299	1,357
Gross margin	16%	16%	17%	16%	16%	16%	17%	17%	16%	16%	17%	16%
SG&A	854	844	880	888	885	886	951	944	908	n/a	966	974
Operating income	332	266	328	338	317	334	329	365	299	n/a	289	338
Operating margin	4%	4%	4%	4%	4%	4%	4%	5%	4%	n/a	4%	4%
Pre-tax income	356	256	295	326	304	315	350	354	292	n/a	324	354
Tax rate	26%	25%	27%	25%	25%	25%	26%	24%	27%	n/a	27%	26%
Net income	263	191	226	255	238	249	258	267	225	186	234	260
Net margin	4%	3%	3%	3%	3%	3%	3%	3%	3%	2%	3%	3%
Diluted EPS	$3.92	$2.86	$3.21	$3.61	$3.39	$3.73	$3.66	$3.78	$3.23	$2.83	$3.56	$3.96
Operating cash flow	418	71.4	456	235	271	218	291	190	380	n/a	215	204
Capital expenditure	86.6	103	102	99.2	80.9	86.1	84.7	70.8	79.1	n/a	62.6	72.3
Free cash flow	331	-31.8	354	136	190	132	206	119	300	n/a	152	132
Buybacks	13.1	17.5	32.9	25.2	0.0	0.6	39.9	71.3	7.8	40.1	26.3	0.0
Dividends paid	48.6	53.3	58.6	64.4	71.7	79.7	81.8	83.6	87.3	91.1	92.6	93.6
Shares outstanding	67m	67m	67m	67m	67m	67m	67m	66m	66m	66m	66m	66m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0001019849-24-000033: the filing on EDGAR. All of Penske Automotive Group, Inc.'s filings: EDGAR company page.

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