Penske Automotive Group, Inc. - PAG STOCK NEWS

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.

Haig Partners , a leading buy-sell advisory firm, has successfully facilitated the sale of La Crosse Truck Center Ford and La Crosse Truck Center Mack-Isuzu. The Ford dealership was acquired by Dahl Automotive, while the Mack-Isuzu dealership was sold to Kriete Truck Centers. These transactions followed the recent sale of three Freightliner-Western Star dealerships to Premier Truck Group, a subsidiary of Penske Automotive Group (NYSE: PAG).

The sales process involved navigating complex OEM restrictions and managing multiple transactions simultaneously. Haig Partners' expertise in the medium and heavy-duty truck market was important in achieving optimal outcomes for the seller, Joe Laux, former owner and CEO of River States. The transactions expand Dahl Automotive's commercial vehicle operations and align with Kriete Truck Centers' growth strategy.

The Presidio Group has exclusively advised the Brown family on the sale of Bill Brown Ford, a prestigious Ford dealership in Livonia, Michigan, to Penske Automotive Group (PAG). Founded in 1940, Bill Brown Ford has been a cornerstone of the Livonia community since 1952, winning Ford's Triple Crown Award for seven consecutive years and the President's Award for 17 straight years. The dealership, known for its customer-first approach, was led by Ed Brown for 50 years until his passing in March 2023.

Tom Brown and Ruth Ann Brown, the current owners, expressed confidence in PAG's ability to maintain the dealership's legacy and take care of employees and customers. Roger Penske, CEO of PAG, welcomed Bill Brown Ford employees and pledged to continue the family's legacy. This transaction is considered one of the most notable dealership buy-sell deals of 2024 in the automotive industry.

Penske Automotive Group (NYSE: PAG) has acquired Bill Brown Ford in Livonia, Michigan, expanding its North American retail operations. The acquisition is expected to add $550 million in estimated annualized revenue. PAG will acquire over 200,000 square feet of facilities across 29 acres, including a main dealership, pre-owned facility, fleet maintenance center, and collision center.

Bill Brown Ford is an 18-time recipient of the Ford President's Award. This acquisition strengthens PAG's relationship with Ford and expands its Midwest presence. Year-to-date 2024, PAG has completed acquisitions representing nearly $2 billion in estimated annualized revenue. The company operates dealerships across four continents and nine countries, employing over 28,500 people worldwide.