Penske Automotive Q3 Profit Misses Estimates Despite Revenue Beat

Penske Automotive Group Inc. (PAG) reported third-quarter profit of $220.8 million on Wednesday, falling short of Wall Street earnings expectations even as revenue topped forecasts. The Bloomfield Hills, Michigan-based auto dealership chain posted net income of $3.36 per share, or $3.42 per share adjusted for non-recurring costs. The average estimate of four analysts surveyed by Zacks Investment Research was $3.44 per share. Revenue for the period was $8.42 billion, beating the $8.04 billion forecast from four Zacks-surveyed analysts.