Penske: Q1 Earnings Snapshot

BLOOMFIELD HILLS, Mich. (AP) _ Penske Automotive Group Inc. (PAG) on Wednesday reported first-quarter net income of $182.5 million.

On a per-share basis, the Bloomfield Hills, Michigan-based company said it had profit of $2.26.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.81 per share.

The auto dealership chain posted revenue of $5.77 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $5.5 billion.

Penske shares have risen 49% since the beginning of the year. The stock has more than doubled in the last 12 months.