Question
The following data were extracted from the 2018 financial statements of Penske Automotive Group, Incorporated. This company operates automobile dealerships, mostly in the United States,
The following data were extracted from the 2018 financial statements of Penske Automotive Group, Incorporated. This company operates automobile dealerships, mostly in the United States, Canada, and Western Europe, and commercial truck dealerships in Australia, New Zealand, and the United Kingdom. The company had 536 dealerships as of the end of 2018. Dollar amounts are in millions.
December 31, 2018 | December 31, 2017 | |
---|---|---|
Revenue | $ 22,785.1 | $ 21,386.9 |
Cost of sale | 19,370.2 | 18,164.4 |
Gross profit | 3,414.9 | 3,222.5 |
Operating income before taxes | 604.1 | 548.2 |
Net income | 471.0 | 613.3 |
Ending inventory | 4,040.1 | 3,944.1 |
Required How much higher or lower would New Ways earnings before taxes have been in 2018 if its gross margin percentage had been the same as it was in 2017? (Enter your answer in millions of dollar. Round your answer to 1 decimal place.)
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