Welcome to our dedicated page for Penske Automotive Group news (Ticker: PAG), a resource for investors and traders seeking the latest updates and insights on Penske Automotive Group stock.
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) announced remarkable financial results for Q4 and full year 2020, showcasing a 97% increase in income from continuing operations to $200.1 million and earnings per share of $2.49. Despite a revenue decline to $5.8 billion, strong performance in retail margins and reduced expenses led to a gross margin increase. The company reduced long-term debt by $670 million and announced plans for expansion, including new dealerships expected to contribute $600 million in annualized revenue.
Penske Automotive Group (NYSE: PAG) will host its fourth quarter 2020 financial results conference call on February 10, 2021, at 2:00 PM EST. Interested participants can join by calling (866) 394-1455 in the U.S. or (516) 575-8644 internationally, using conference ID 8644058. The call will follow the earnings release that morning and will be streamed live via the company's website. A replay will be accessible until February 17, 2021. Penske Automotive is a key player in transportation services and is listed among the Fortune 500.
Penske Automotive Group (NYSE:PAG) announced a quarterly dividend increase to $0.43 per share, payable on March 1, 2021, for shareholders of record on February 10, 2021. This adjustment raises the annualized dividend to $1.72 per share, yielding 2.7%, the highest among its peers. President Robert K. Kurnick stated that the company's business and cash flow remain robust despite the challenges posed by the COVID-19 pandemic, crediting operational measures that mitigate its impact.
Penske Automotive Group (NYSE:PAG) reported record results in Q3 2020, highlighted by income from continuing operations of $246.5 million, or $3.07 per share, up 112% year-over-year. Revenue was flat at $6 billion, while SG&A expenses decreased significantly, improving efficiency. The company eliminated $125-150 million in costs and repaid $300 million in long-term debt. Retail automotive same-store revenue grew 3.6%. However, total revenue for the nine months fell 15% to $14.6 billion. The board reinstated a cash dividend of $0.42 per share, payable December 1, 2020.
Penske Automotive Group (NYSE:PAG) will hold its third quarter 2020 financial results conference call on October 22, 2020, at 2:00 p.m. EDT. Participants can join the call via phone, with U.S. callers dialing (866) 394-1455 and international callers at (516) 575-8644, using conference ID 6795577. The call will be accessible online through the company's website, where a replay will also be available until October 28, 2020. Penske Automotive Group operates automotive and commercial truck dealerships across multiple regions, including North America and parts of Europe.
Penske Automotive Group (NYSE:PAG) announced the reinstatement of its dividend, declaring a $0.42 cash dividend per share, payable on December 1, 2020, to shareholders of record on November 10, 2020. Chair Roger Penske highlighted improvements in business conditions and actions taken to mitigate the impact of Covid-19, which contributed to a strong financial position. Notably, the company repaid $300 million in Senior Subordinated Notes in August 2020, ensuring liquidity and stability.
Penske Automotive Group (NYSE:PAG) has completed the redemption of $550 million in 5.75% Senior Subordinated Notes due 2022, funded by the issuance of $550 million in 3.5% Senior Subordinated Notes due 2025. This strategic move reduces future interest expenses by approximately $12 million annually and extends the debt maturity by three years. The company continues to operate in the automotive and commercial truck sectors across various countries, maintaining a strong position in the Fortune 500 and Russell indexes.
Penske Automotive Group (NYSE: PAG) announced the full repayment of its $300 million Senior Subordinated Notes, which were due on August 15, 2020. The repayment was made using its U.S. revolving credit facility, leaving over $800 million in available liquidity. Additionally, the company issued $550 million of 3.5% Senior Subordinated Notes due 2025 to refinance its existing $550 million 5.75% Senior Subordinated Notes due 2022, which will be redeemed on October 1, 2020. CEO Roger Penske highlighted the strong cash flow from the company’s diversified transportation model.
Penske Automotive Group (NYSE: PAG) announced the pricing of $550 million in fixed rate Senior Subordinated Notes due 2025 at 3.5%. This offering is subject to customary closing conditions and is expected to close on August 20, 2020. The proceeds will be used to redeem the company's existing $550 million 5.75% Senior Subordinated Notes due 2022, scheduled for redemption on October 1, 2020, along with other debts. The offering details and forward-looking statements are available in the prospectus filed with the SEC.
Penske Automotive Group (NYSE:PAG) announced a $550 million offering of fixed-rate Senior Subordinated Notes due 2025, contingent on market conditions. The net proceeds will be used to redeem existing $550 million 5.75% Senior Subordinated Notes due 2022 by October 1, 2020, and for various corporate purposes, including repaying U.S. credit agreements and floor plan debt. The offering is conducted through a prospectus supplement filed with the SEC. Forward-looking statements highlight the uncertainties associated with the financing.
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