Penske posts stronger-than-expected profit
Nov 2 (Reuters) - Penske Automotive Group Inc, the No. 2 U.S. dealership group, on Friday posted a stronger-than-expected quarterly profit, helped by a 24 percent jump in retail sales of vehicles.
Net income in the third quarter fell to $41 million, or 45 cents a share, compared with $55.7 million, or 61 cents a share, in the year-earlier quarter.
Excluding one-time items, Penske, based in suburban Detroit, earned 60 cents a share, 3 cents better than what analysts polled by Thomson Reuters I/B/E/S had expected.
Revenue in the quarter rose 17 percent to $3.4 billion, above the $3.27 billion analysts had expected.
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