BLOOMFIELD HILLS — Penske Automotive Group Inc. said Wednesday its fourth-quarter profit jumped 67 percent, boosted by higher U.S. demand for its cars and trucks.
The Bloomfield Hills-based automotive retailer posted a profit of $47.7 million, or 53 cents per share, up from $28.5 million, or 31 cents per share, in the same quarter a year earlier.
The company's earnings from continuing operations rose to $42.5 million, or 47 cents per share, from $34.9 million, or 38 cents per share.
Revenue rose 11 percent to $2.96 billion from $2.67 billion, as total retail unit sales increased 11 percent to 71,453 cars and trucks. Like other automotive retailers, Penske has seen its sales rise over the past years, as more Americans headed to dealerships to replace their aging vehicles.
The profit beat Wall Street predictions. Analysts, on average, expected earnings from continuing operations of 41 cents per share on $2.98 billion in revenue, according to a FactSet poll.
Company officials said Penske benefited during the quarter from its focus on premium and luxury vehicles and their higher sticker prices.
Premium brands such as BMW, Audi and Mercedes accounted for 70 percent of the company's sales during the recent quarter, up from 68 percent in the same period in 2010.
Overall unit sales of new vehicles rose 4 percent, while unit sales of used vehicles jumped 20 percent.
Business
Penske posts $47.7M 4Q profit
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Score: Tap Employees for New Ideas
Every day, small business owners scour the internet, read business journals, and wrack their brains in search of new ideas for improving efficiency, attracting customers, and boosting the bottom line.
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Pool access for disabled is sparking controversy
The Obama administration is sidestepping an election-year confrontation with the hotel industry and other pool owners to give them more time to comply with access rules for the disabled.
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After NYC beer museum tour, hop on over to its bar
Beer was hip in New York long before hipsters were into craft brews, according to a new exhibit at the New-York Historical Society that traces the history of beer all the way back to drunken Colonial times.
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Recalls this week: Lamps, bike parts
Clip-on desk lamps and kitchen blenders are among this week's recalled products.
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Business View: To be healthy, we need to stop fraud
Medicare has been a ripe plum for picking by some of the most-sophisticated and not-so-sophisticated criminals. Because the law says that all claims must be paid to vendors in less than 30 days Medicare is based solely on trust.
Continued ... - Business Memoranda: 05/27/2012
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Business in Brief: 05/27/2012
Local executive to co-chair policy forum; Machine safety is the subject of program; Job training help is available for veterans; Retail sales down in April; outlook better; and more.
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Making the miles melt away
Judging by the sharply angled, aggressive nose on the 2013 Lexus GS, you might think this is a car that wants to bite your head off.
Continued ... - Saturday, May 26, 2012
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Small dairies fading away
The MacLaren brothers are third-generation dairy farmers, but they will likely be the last in their family. After working all their lives on the hillside farm in Vermont that their grandfather bought in 1939, they decided to call it quits, auctioning off their roughly 200 cows and equipment.
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Agriculture forum: A big year for local food in schools
With asparagus spears and rhubarb stalks poking up through the ground, many schools throughout northwest Lower Michigan are capping off a big year of celebrating and serving locally grown food.
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Futures File: Eurozone, investors troubled by Greek drama
The euro currency continued to sink this week, falling to the lowest price since 2010.
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Business in Brief: Michigan dairies show April milk increase
Milk production from Michigan dairy herds in April increased from last year.
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Council created in 2010 names members
Agriculture Secretary Tom Vilsack has named the members of a council created in a 2010 settlement to ensure Native American farmers and ranchers have access to Department of Agriculture programs.
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Sugar fight takes another bitter turn
The Sugar Association is accusing the makers of high fructose corn syrup of trying to candy-coat their image by calling their product a "sugar."
Continued ... - Friday, May 25, 2012
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State jobless rate drops to 8 percent
Michigan reports that the seasonally unadjusted unemployment rate dropped a full percentage point statewide and fell in all major labor markets.
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The Record: 05/25/2012
Assumed names filed in Grand Traverse County:
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Building Permits: 05/25/2012
Eastwood Custom Homes, 927 Andrew Melissa Lane, Blair Township, new home, $254,253
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Schilling's firm lays off staff
Former Boston Red Sox pitcher Curt Schilling's faltering video game company, which received a $75 million loan guarantee to move to Rhode Island in 2010, laid off its entire staff on Thursday.
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Dow wins Kuwaiti case
Dow Chemical has been awarded $2.16 billion in damages by an international arbitration court for a Kuwaiti joint venture that collapsed four years ago as the global recession took hold.
Continued ... - Thursday, May 24, 2012
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Oil below $90 for 1st time since Oct.
The price of oil dropped below $90 per barrel Wednesday, the latest milestone in a weekslong decline brought on by uncertainty surrounding economies from Europe to China.
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Scott's Harbor Grill getting new owners
Scott Neumann is selling Scott's Harbor Grill just two weeks shy of the 21st anniversary of its opening.
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Greek banks to get $23 billion
Four of Greece's leading banks are to receive a $23 billion capital injection to replenish reserves which were hit by the country's massive debt restructuring deal.
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Business in Brief: 05/24/2012
Mich. Senate OKs work-sharing bill; Feds add 2012 model year to Cruze fire probe.
Continued ... - Wednesday, May 23, 2012
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Local home sales on the rebound
Existing home sales continued to surge in the 5-county area, and sale prices also are starting to rebound.
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Beryl Makes Landfall on Florida Coast
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Biden Addresses West Point Graduating Class
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Calif.'s Coronado Named Nation's Best Beach
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