We continue to take forward orders and continue to see strong vehicle demand. And for most of the brands that we represent. However, we expect supply to remain below historical averages during 2023. Our demand for new vehicles remain strong and new vehicle availability is improving. Let me now turn to our automotive operations. Year-to-date through June 30, we've repurchased 2.6 million shares for $350 million. Net income was $301 million and earnings per share was $4.41. SG&A as a percentage of gross profit was 67.4% and improved 10 basis points sequentially. Same-store variable gross profit per unit retailed increased $163 when compared to the first quarter of 2023. Our same-store retail revenue increased 6%, including an 11% increase in service and parts. Revenue increased 8% to a quarterly record of $7.5 billion. As we will discuss, the quarter was highlighted by the performance of our automotive and commercial truck operations was partially was offset with higher interest expense and lower equity earnings for our investment and Penske Truck Leasing.ĭuring the second quarter, total units delivered increased to 123,879 units, which includes 8,900 units, which were agency in the U.K. I'm really pleased to report strong second quarter performance from our diversified business model. Let me now discuss PAG's financial results for the second quarter. These roles will work in tandem with me, our President, Rob Kurnik and our executive leadership team while building further depth to ensure we have the best leadership team in place. Rich Shearing, formerly President of Premier Truck Group supports our North American automotive and commercial truck operations. Randall Seymore, formerly Executive Vice President, Global Operations for Commercial Trucks and Power Systems will now support our International Operations. As you may recall, earlier this year, we added additional depth to our leadership team. Before we discuss our second quarter results, I wanted to welcome Randall Seymore and Rich Shearing to the call today. Good afternoon, everyone, and thanks for joining us today. I direct you to our SEC filings, including our Form 10-K and our previously filed Form 10-Qs for additional discussion and factors that could cause future results to differ materially from expectations. Our future results may vary from our expectations because of risks and uncertainties outlined in today's press release under forward-looking statements. We have prominently displayed or presented the comparable GAAP measures and have reconciled the non-GAAP measures in this morning's press release and investor presentation, which are available on our website to the most directly comparable GAAP measures. We may also discuss certain non-GAAP financial measures such as earnings before interest, taxes, depreciation and amortization or EBITDA and our leverage ratio. Our discussion today may include forward-looking statements about our operations, earnings potential, outlook, future events, growth plans, liquidity and assessment of business conditions. Joining me for today's call are Roger Penske, our Chair and our CEO Shelley Hulgrave, EVP and Chief Financial Officer Rich Shearing, North American operations, Randall Seymore, International Operations and Tony Facione, our Vice President and Controller. As always, I'm available by email or phone for any follow-up questions you may have. A press release detailing Penske Automotive Group's second quarter 2023 financial results was issued this morning and is posted on our website, along with the presentation designed to assist you in understanding the company's results. Good afternoon, everyone, and thank you for joining us today. I will now introduce Anthony Pordon, the company's Executive Vice President of Investor Relations and Corporate Development. Today's call is being recorded and will be available for replay approximately 1 hour after completion through August 2, 2023, on the company's website under the Investors tab at (Operator Instructions). Thank you for standing by, and welcome to the Penske Automotive Group Second Quarter 2023 Earnings Conference Call. Rajat Gupta Research Analyst JPMorgan Chase & Co, Research Division Presentation John Joseph Murphy MD and Lead United States Auto Analyst BofA Securities, Research Division Penske Chairman & CEO Penske Automotive Group, Inc.ĭaniel Robert Imbro MD & Research Analyst Stephens Inc., Research Divisionĭavid Whiston Sector Strategist Morningstar Inc., Research Division Shearing COO of North American Operations Penske Automotive Group, Inc. Randall Seymore COO of International Operations Penske Automotive Group, Inc. Michelle Hulgrave Executive VP & CFO Penske Automotive Group, Inc. Pordon Executive VP of IR & Corporate Development Penske Automotive Group, Inc.
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