UPDATE 1-Penske Automotive posts higher quarterly profit

Newswire

(Rewrites first paragraph, adds details) DETROIT, July 31 (Reuters) - Car dealership group Penske Automotive Group Inc. on Tuesday posted an 11 percent increase in quarterly profit on strong same-store revenue growth. Profit rose to $40.4 million, or 43 cents per share, compared to $36.3 million, or 39 cents, a year earlier. The company said it earned 42 cents from continuing operations, matching Wall Street analysts' average consensus, according to Reuters Estimates. Revenue in the ...

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