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Same-store sales, which declined 0.6% year over year, would instead have grown 3.8% but for foreign exchange headwinds.
And earnings-per-share growth of 7.1% could have been nearly five full percentage points higher — 12% — again, excluding foreign exchange.
Reporting earnings for its fiscal fourth quarter and full-year 2016, Penske admitted to slowing revenue growth in the year’s final quarter but a sizable improvement in profitability.
In fact, the company’s 4.3% revenue growth last year compares pretty favorably to 4.4% sales growth that U.S.-focused rival CarMax reported for Q3 in December.
And unlike CarMax, which does business exclusively in the U.S., Penske has to deal with foreign exchange headwinds that affect the 39% of its business done outside U.S. borders.