Penske Automotive Group, Inc. (PAG) Q1 2024 Earnings Call Transcript

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Q1: 2024-04-30 Earnings Summary

EPS of $3.21 misses by $0.12
 | Revenue of $7.45B (1.48% Y/Y) misses by $34.02M

Penske Automotive Group, Inc. (NYSE:PAG) Q1 2024 Earnings Conference Call April 29, 2024 2:00 PM ET

Company Participants

Tony Pordon - Executive Vice President, Investor Relations and Corporate Development
Roger Penske - Chair and CEO
Shelley Hulgrave - Executive Vice President and CFO
Rich Shearing - North American Operations
Randall Seymore - International Operations
Tony Facione - Vice President and Corporate Controller

Conference Call Participants

John Murphy - Bank of America
Michael Ward - Freedom Capital
Rajat Gupta - JPMorgan
David Whiston - Morningstar

Operator

Good afternoon. And welcome to the Penske Automotive Group First Quarter 2024 Earnings Conference Call. Today’s call is being recorded and will be available for replay approximately one hour after completion through May 7, 2024 on the company’s website under the Investors tab at www.penskeautomotive.com.

I will now introduce Tony Pordon, the company’s Executive Vice President of Investor Relations and Corporate Development. Sir, please go ahead.

Tony Pordon

Thank you, Leah. Good afternoon, everyone, and thank you for joining us today. As you know, a press release detailing Penske Automotive Group’s first quarter 2024 financial results was issued this morning and it’s posted on our website along with a presentation designed to assist you in understanding the company’s results. As always, I’m available by email or phone for any follow-up questions you may have.

Joining me for today’s call are Roger Penske, our Chair and CEO; Shelley Hulgrave, our EVP and Chief Financial Officer; Rich Shearing, North American Operations; Randall Seymore, International Operations; and Tony Facione, our Vice President and Corporate Controller.

Our discussion today may include forward-looking statements about our operations, earnings potential, outlook, acquisitions, future events, growth plans, liquidity and assessment of business condition.

We may also discuss certain non-GAAP financial measures, such as earnings before interest, taxes, depreciation and amortization or EBITDA, and our leverage ratio. We

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