BLOOMFIELD HILLS, Mich. (AP) — BLOOMFIELD HILLS, Mich. (AP) — Penske Automotive Group Inc. (PAG) on Wednesday reported fourth-quarter earnings of $186.1 million.
The Bloomfield Hills, Michigan-based company said it had net income of $2.83 per share. Earnings, adjusted for asset impairment costs, came to $2.91 per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $3.19 per share.
The auto dealership chain posted revenue of $7.77 billion in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $7.64 billion.
For the year, the company reported profit of $935.4 million, or $14.13 per share. Revenue was reported as $31.81 billion.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PAG at https://www.zacks.com/ap/PAG
/Microsoft%20sign%20at%20the%20headquarters%20by%20VDB%20Photos%20via%20Shutterstock.jpg)
