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) reported a record revenue of $7.3 billion for Q1 2023, marking a 5% increase compared to the previous year. Despite this, net income attributable to common stockholders fell 19% to $298 million, and earnings per share decreased 9% to $4.31, partly due to adverse foreign currency exchange effects. Retail automotive same-store service & parts revenue rose 10%, and commercial truck same-store revenue increased 10%. The company's SG&A expenses improved sequentially by 140 basis points. Penske repurchased 0.9 million shares for $110.2 million during the quarter. The company continues to face challenges such as higher interest costs and inventory issues yet demonstrates robust operational strength in diversified sectors.
Penske Automotive Group (NYSE: PAG), based in Bloomfield Hills, Michigan, has announced its financial results conference call for the first quarter of 2023. Scheduled for April 26, 2023, at 2:00 p.m. EDT, the call will occur after the earnings release earlier that morning. Investors can join via phone or access a webcast through the company's website. The call will provide insights into the company's performance for the quarter, expected to be critical for stakeholders. Penske Automotive operates globally, specializing in automotive and commercial truck retail, and employs over 26,500 individuals. Additional details are available on their website.
On April 11, 2023, Penske Automotive Group made a significant contribution of $1.3 million to the Paralyzed Veterans of America (PVA). This generous donation, which includes contributions from employees and customers, marks the continuation of Penske's support, amounting to over $8 million since their partnership began eight years ago. The funds will help PVA provide essential services for veterans with spinal cord injuries and diseases, facilitating access to specialized care and resources. Penske's Service Matters Campaign aims to ensure veterans lead full and productive lives. Both organizations express deep gratitude for the ongoing community support that enables vital programs for veterans nationwide.
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