Penske Automotive (PAG) posted a net income of $30.9 million or 34 cents per share from continuing operations in the third quarter. With this, the Michigan-based second leading automotive retailer in the U.S. exceeded the Zacks Consensus Estimate of 27 cents per share. When compared to the year ago level, net income reflects a rise of 16% from $26.6 million or 21% from 28 cents per share in the third quarter of last year. Total revenue dipped 13% to $2.59 billion. New Vehicle witnessed a steeper 14% decline in revenue to $1.34 billion compared to Used Vehicle (5% to $673 million). Total retail revenues slipped 10.4%, driven by weakness in the U.S. market. Same-store retail revenues fell 12.4% to $2.34 million. Excluding exchange rate fluctuations, total same-store retail revenues declined 8%, including 3.5% for service and parts revenues. Penske wholesaled 3,401 units of smart USA vehicles, ...

Shares of Group 1 Automotive, Inc. (GPI) are up approximately 6% today, which puts this automotive retailer on the Zacks #1 Rank Top Performers List.

< ?DART(15);?> Earnings estimates have been trending higher for the company, especially after its late-July second-quarter report that saw a positive earnings surprise and a good guidance.

Volume is around 505,000 shares so far today, slightly below the daily average of 592,000. GPI is part of the retail/wholesale auto/truck industry; one of only 2 from that space on today's 226-stock Zacks #1 Rank List. (The other company is AutoNation, Inc. (AN).)

Earnings Estimates

The Zacks Consensus Estimate for this year and next is currently $1.41 per share and $1.91 per share, respectively. (That suggests year-over-year profit growth of more than 35%.) Both periods have seen upward revisions from 2 of 6 analysts in 30 days.

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