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Penske Automotive Group, Inc. (NYSE: PAG) is a globally diversified transportation services company headquartered in Bloomfield Hills, Michigan. With operations spanning the United States, Canada, Western Europe, Australia, New Zealand, and Japan, Penske Automotive Group holds a prominent position in the automotive and commercial truck dealership industry.
The company primarily operates automotive and commercial truck dealerships, distributing commercial vehicles, diesel engines, gas engines, power systems, and related parts and services. It manages nearly 20 U.S. states and also operates in Puerto Rico, the United Kingdom, Germany, Italy, and Japan, among other locations.
Penske Automotive Group is renowned for its extensive network of approximately 150 U.S. light-vehicle dealerships and 189 franchised dealerships overseas, with a significant presence in the United Kingdom and Continental Europe. The company sells over 35 brands of vehicles, with more than 90% of its retail automotive revenue stemming from luxury and import brands. Alongside new and used vehicle sales, Penske offers parts and repair services, finance, and insurance solutions.
The company's Premier Truck Group operates 48 truck dealerships in North America, primarily selling Freightliner and Western Star brands. Penske also owns 19 CarShop used-vehicle stores in the U.S. and the U.K. Premier Truck Group recently announced the relocation of its Amarillo, Texas dealership to a state-of-the-art facility, enhancing its ability to service customers with increased service bays and improved amenities.
Penske Automotive Group reported a revenue increase of 1.5% to $7.4 billion in the first quarter of 2024, despite facing higher interest costs and lower equity earnings from its investment in Penske Transportation Solutions (PTS). The company also expanded its global footprint by acquiring two Porsche dealerships and a Ducati motorcycle dealership in Melbourne, Australia, further strengthening its presence in the luxury automotive market.
With over 28,500 employees worldwide, Penske Automotive Group continues to invest in strategic acquisitions and facility upgrades to maintain its competitive edge. The company is listed on the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For more information, including the latest news and financial updates, visit the company's website at www.penskeautomotive.com.
Penske Automotive Group (NYSE: PAG) reported strong Q4 2024 results with record quarterly revenue of $7.7 billion, up 6% year-over-year. Q4 earnings per share increased 25% to $3.54, while net income rose to $236.4 million. The company saw a 3% increase in new and used retail automotive units delivered, with same-store service and parts revenue up 7% and related gross profit up 9%.
Key operational highlights include a 30 basis points increase in retail automotive service and parts gross margin and improved cost control with SG&A expenses as a percentage of gross profit decreasing 70 basis points to 70.3%. For full-year 2024, revenue increased 3% to $30.5 billion, though net income decreased to $918.9 million from $1.05 billion in 2023.
The Board of Directors declared the 17th consecutive quarterly dividend increase to $1.22 per share. The company completed acquisitions representing approximately $2.1 billion in estimated annualized revenue during 2024 and maintained strong liquidity of $1.9 billion with a leverage ratio of 1.2x.
Penske Automotive Group (NYSE: PAG) has announced it will release its financial results for Q4 and full-year 2024 on Thursday, February 13, 2025. The company will host a conference call and audio webcast at 2:00 PM Eastern on the same day.
PAG operates as a diversified international transportation services company, managing dealerships across multiple countries including the US, UK, Canada, Germany, Italy, Japan, and Australia. The company employs over 28,900 people worldwide and owns 28.9% of Penske Transportation Solutions, which manages a fleet of over 435,000 vehicles. PAG is notably positioned as a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes.
Penske Automotive Group (NYSE: PAG) has completed the acquisition of Porsche Centre Melbourne from Porsche Retail Group Australia Pty This marks PAG's 25th Porsche dealership worldwide and third location in Melbourne. The acquisition is expected to add $130 million in estimated annualized revenue, bringing the total estimated annual revenue for PAG's three Melbourne Porsche dealerships to $260 million. The strategic partnership aims to enhance customer experience and service delivery in the Melbourne market.
Penske Automotive Group (NYSE: PAG) reported Q3 2024 results with revenue increasing 2% to $7.6 billion. Net income was $226.1 million, down from $263.4 million in Q3 2023, with earnings per share of $3.39 compared to $3.92. Notable highlights include record quarterly retail automotive service and parts revenue of $778.0 million, up 14%, and same-store service and parts revenue growth of 7%. New vehicle units increased 5% while used vehicle units decreased 13%. The company completed acquisitions representing nearly $2 billion in estimated annualized revenue year-to-date and maintained strong liquidity of $1.7 billion.
Penske Automotive Group (NYSE: PAG) has signed an agreement to acquire Porsche Centre Melbourne from Porsche Retail Group Australia Pty This acquisition will be PAG's third Porsche location in Melbourne and 25th worldwide. The deal is expected to add $130 million in annualized revenue, bringing the total estimated revenue for the three Melbourne Porsche Dealerships to $260 million. The transaction is anticipated to close by year-end, subject to customary conditions. This expansion strengthens PAG's presence in Australia and enhances its partnership with Porsche in delivering exceptional customer experiences.
Penske Automotive Group (NYSE: PAG) has increased its quarterly dividend by 11% to $1.19 per share. This marks the 16th consecutive quarterly increase and the fourth increase in 2024. The dividend is payable on December 3, 2024, to shareholders of record as of November 15, 2024.
In 2024, PAG will have returned over $350 million to shareholders through dividends and securities repurchases. The company has also completed acquisitions representing $2 billion in estimated annualized revenues year-to-date. PAG operates dealerships internationally, is a major retailer of commercial trucks, and owns 28.9% of Penske Transportation Solutions.
Penske Automotive Group (NYSE: PAG) has announced its upcoming third quarter 2024 financial results conference call, scheduled for Tuesday, October 29, 2024, at 1:00 PM Eastern. The company will release its financial results for the three and nine months ended September 30, 2024, on the morning of the same day. Investors can access the call via phone or webcast, with dial-in information provided for both U.S. and international participants.
PAG, headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and a leading automotive and commercial truck retailer. The company operates dealerships across several countries and is a major retailer of Freightliner commercial trucks in North America. PAG employs over 28,500 people worldwide and owns 28.9% of Penske Transportation Solutions, which manages a large trucking fleet and provides transportation solutions.
Penske Automotive Group (NYSE: PAG) reported Q2 2024 results, with revenue increasing 3% to $7.7 billion, a quarterly record. Highlights include:
- Record retail automotive service and parts revenue of $753 million, up 10%
- Earnings before taxes of $326 million and earnings per share of $3.61
- Sequential improvement in earnings before taxes (10%) and EPS (12%) from Q1 2024
- New and used retail automotive units delivered increased 2%
- Retail commercial truck same-store revenue decreased 7%
The company's diversification drove performance, with strong results in retail automotive and commercial truck businesses. PAG repurchased 0.4 million shares for $58.1 million and increased its quarterly dividend by 11% to $1.07 per share.
Penske Automotive Group (NYSE: PAG) announced an 11% increase in its quarterly dividend to $1.07 per share, marking the 15th consecutive quarterly increase. This represents the third dividend hike in 2024, underscoring the company's robust balance sheet and low leverage ratio of 1.2x as of June 30, 2024. Penske Automotive has returned approximately $271 million to shareholders in 2024 through dividends and share repurchases. Furthermore, the company has completed acquisitions with an estimated annualized revenue of $2 billion this year. The dividend is payable on September 4, 2024, to shareholders of record as of August 15, 2024. CEO Robert Kurnick, Jr. highlighted the company's strong financial health and ongoing growth through acquisitions.
Penske Automotive Group (NYSE: PAG) has announced its Q2 2024 financial results conference call, scheduled for July 31, 2024, at 2:00 p.m. Eastern. The company will release its financial results for the three and six months ended June 30, 2024, earlier that morning. Investors can access the call via phone or webcast, with dial-in information provided for both U.S. and international participants. An investor presentation and earnings press release will be available on the company's website prior to the call.
PAG is a diversified international transportation services company, operating dealerships across multiple countries and is a major retailer of commercial trucks. The company employs over 28,500 people worldwide and owns 28.9% of Penske Transportation Solutions, which manages a large trucking fleet and provides transportation solutions.
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