-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：Penske Automotive (PAG)公布的第一季度调整后每股收益为3.05美元，高于市场预期的3.59美元（下降15%），也高于市场普遍预期的2.88美元。业绩超预期主要得益于营收增长强劲，营收下降1.1%至78.6亿美元（比市场预期高出1.5亿美元），毛利率下降10个基点至16.5%（比市场预期低10个基点）。销量下滑是导致营收下降的主要原因，汽车销量下降2.8%至123,173辆。值得注意的是，汇率波动为PAG带来了显著的营收增长（约2.28亿美元），这主要得益于PAG的国际业务，尤其是英国市场（约占总营收的30%）。 PAG在第一季度回购了17万股股票，耗资2640万美元（约占已发行股份总数的1.8%）。管理层还在2月份完成了对多家经销商的收购，预计这将为公司带来4.5亿美元的年化收入。我们认为，这是一份稳健的财报，因为尽管汽车经销商行业面临诸多挑战，PAG的盈利仍超出预期。该股在盘前交易中上涨了3%。与其他美国大型汽车经销商相比，PAG在美国以外的业务占比更高，这也有助于提升业绩。
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