UPDATE 1-Penske profit tops expectations, shares rally


* Q4 adj. EPS 33 cents vs expectations for 26 cents * Earnings gain despite drag from Smart distribution * Shares rise 9 percent, extending rally DETROIT, Feb 16 (Reuters) - Penske Automotive Group , the No. 2 U.S. auto dealership group, on Wednesday reported a more than 50 percent gain in fourth-quarter earnings -- topping analyst expectations -- on the recovery in U.S. auto sales. Penske's shares rose 9 percent in morning trading. The stock has gained 26 percent since the start of ...

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