Penske Automotive (PAG) Reports Earnings

研报英文原文证据摘录

Penske Automotive (PAG) Reports Earnings

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971 North America Specialist Sales J P M O R G A N

neetu.jhamb@jpmorgan.com JPM | US Special Situations:

J.P. Morgan Securities LLC Penske Automotive (PAG) Reports

Earnings

29 July 2026

stronger new units and GPUs, while used units and P&S SS GP growth were also modestly ahead. SG&A leverage surprised

favorably (71.8% vs. JPMe 73.2%) as solid cost discipline continues, while PTG and PTL contribution were largely in line.

Commercial vehicle and power systems distribution segment registered +41% y/y revenue growth (~18% in 1H due to inherent

lumpiness), pointing to continued strength from exposure to Australian data center buildouts. Shares have re-rated recently to

reflect the recent take-private offer (click here for details), with the relative multiple supportive of diversified assets, including the

benefit of upcoming cyclical recovery potential in Trucking assets (peers R, RUSHA trading at ~16x P/E, re-rating 4,500bps

YTD) and exposure to high visibility growth in Australian off-highway distribution tied to data center build outs in the region. We

see results potentially aiding minority investors’ ability to bargain for the proposed go-private transaction, and we also see PAG

results (along with LAD earlier today) supporting sector multiples supported by resilient new units and new/used GPUs. Link to

NoteQuick 2Q26 results summary (Table 1). Table NaN: EPS of $3.62 was 11%/7% above JPMe/consensus, with EBITDA ~10%

ahead of JPMe, driven by GP tracking 5% higher, while SG&A was up only +3% y/y, coupled with lower floorplan interest

expense (~$1 mn or 3% lower), while PTG pre-tax income was slightly softer (~$47 mn vs. JPMe $48 mn) and PTL equity