Penske Automotive Group, Inc. (NYSE:PAG) Q3 2022 Results Conference Call October 26, 2022 2:00 PM ET
Company Participants
Anthony Pordon - Executive Vice President, Investor Relations & Corporate Development
Roger Penske - Chair & Chief Executive Officer
Shelley Hulgrave - Executive Vice President & Chief Financial Officer
Tony Facione - Vice President & Corporate Controller
Conference Call Participants
John Murphy - Bank of America
Michael Ward - Benchmark
Daniel Imbro - Stephens, Inc
Rajat Gupta - JPMorgan
David Whiston - Morningstar
Operator
Good afternoon. Welcome to the Penske Automotive Group Third Quarter 2022 Earnings Conference Call. Today's call is being recorded and will be available for replay approximately one hour after completion through November 2, 2022, on the Company's website under the Investors tab at www.penskeautomotive.com.
I will now introduce Anthony Pordon, the Company's Executive Vice President of Investor Relations and Corporate Development. Sir, please go ahead.
Anthony Pordon
Thank you, Hanna. Good afternoon, everyone, and thank you for joining us today. A press release detailing Penske Automotive Group's record third quarter 2022 financial results was issued this morning and is posted on our website, along with the presentation designed to assist you in understanding the Company's results.
As always, I'm available by e-mail or phone for any follow-up questions you may have. Joining me for today's call are Roger Penske, our Chair and CEO; Shelley Hulgrave, EVP and Chief Financial Officer; and Tony Facione, our Vice President and Corporate Controller.
Our discussion today may include forward-looking statements about our operations, earnings potential, outlook, future events, growth plans, liquidity and assessment of business conditions. We may also discuss certain non-GAAP financial measures, such as earnings before interest, taxes, depreciation and amortization or EBITDA and our leverage ratio. We have prominently presented the comparable GAAP measures and have reconciled the non-GAAP measures in this morning's press release and investor presentation, which are available on our website to the most directly comparable GAAP measures.
Our actual results may vary because of risks and uncertainties outlined in today's press release, which may cause the actual results to differ materially from expectations. I direct you to our SEC filings, including our Form 10-K and previously filed Form 10-Qs for additional discussion and factors that could cause results to differ materially.
At this time, I would now like to turn the call over to Roger Penske.
Roger Penske
Good afternoon, everyone. Thank you, Tony and all of you for joining us today. I'm pleased to report record revenue and earnings per share in the third quarter, which was driven by our diversified business model. Our revenue increased 7% to $6.9 billion, EBT decreased 2% to $467 million and net income declined 4% to $340 million. Earnings per share increased 3% to $4.61.