Penske Automotive Group Inc.’s third-quarter earnings set records, aided by increases in overall sales, plus higher gross profits in most parts of its retail automotive business.
Net income for the nation’s second-largest automotive retailer jumped 38 percent to $130.1 million, while revenue increased 2.4 percent to $5.66 billion.
Penske, in a statement Thursday, said an $11.6 million tax benefit related to a final reconciliation of the 2017 U.S. Tax Cuts and Jobs Act also helped results. Without that benefit, adjusted income from continuing operations came in at $118.5 million, a 26 percent gain. Because of the tax changes, Penske’s tax rate also dropped to 17.3 percent in the quarter, down from 32.2 percent a year ago.