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Letter to the Editor
Monday March 1
Rising Sales in 4Q Earn Penske $18.7 Million
Penske Automotive Group Inc., based in Bloomfield Hills, Michigan, reported earnings of $18.7 million in the fourth quarter, recovering from a year-ago loss, on a combination of higher sales, a strong performance in the United Kingdom, and cost-cutting.Chairman Roger Penske said the automotive retailer's premium and luxury segment performed especially well. He said retail revenue rose 18.2 percent including growth of 8.6 percent in the United States and 38.7 percent in the United Kingdom.
For the three months that ended Dec. 31, Penske Automotive earned 20 cents per share. That compares to a loss of $511.9 million, or $5.59 per share a year earlier when charges weighed on its results.
Overall revenue rose 13.4 percent to $2.4 billion from $2.15 billion a year ago.
Analysts surveyed by Thomson Reuters expected the company to earn 19 cents per share on lower revenue of $2.19 billion. For the full year, Penske earned $76.5 million, or 83 cents per share, versus a loss of $420.0 million, or $4.47 per share, in 2008. Annual revenue fell 18 percent to $9.5 billion.
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