Significant Equity Method Investees

6 Months Ended

Jun. 30, 2020

Significant Equity Method Investees

Significant Equity Method Investees

4. Significant Equity Method Investees

We hold a 28.9% ownership interest in Penske Truck Leasing Co., L.P. (“PTL”), a leading provider of transportation and supply chain services. Penske Transportation Solutions (“PTS”) is the universal brand name for PTL’s various business lines. Our investment in PTS is accounted for using the equity method of accounting. PTS equity earnings represent a significant portion of our consolidated pre-tax income. We recorded $43.5 million and $63.8 million during the six months ended June 30, 2020 and 2019, respectively, on our statements of income under the caption “Equity in earnings of affiliates” related to earnings from PTS investment.

Unaudited summarized income statement information for PTS for the six months ended June 30, 2020 and 2019 is as follows:

	Six Months Ended June 30,
	2020		2019
Revenues	$	4,227	$	4,390
Gross profit		858		896
Income from continuing operations		151		221
Net income		151		221