Penske Automotv - PAG STOCK NEWS

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.

Penske Automotive Group (NYSE: PAG) has successfully sold its Marin Honda dealership in San Rafael, CA, with Haig Partners LLC serving as the exclusive sell-side advisor. In 2022, Penske Automotive generated $27.8 billion in revenue, retailing nearly 467,000 vehicles. The transaction illustrates a strong market for dealerships despite inflation concerns, as buyer confidence remains high with dealership values near record levels. Haig Partners has facilitated the purchase or sale of 70 dealerships in California, showcasing their significant role in the automotive retail sector.

Penske Automotive Group (NYSE: PAG) has announced a new $250 million securities repurchase authority, supplementing the remaining $3.6 million of a prior program as of February 7, 2023. In 2022, the company repurchased 8.2 million shares, equating to approximately 10.6% of its outstanding shares at the beginning of the year, for a total of $886.5 million. So far in 2023, 0.6 million shares have been repurchased, costing $70.7 million. The repurchase strategy will depend on market conditions and is intended to enhance shareholder value. The company operates internationally, focusing on automotive retail and transportation services.

Penske Automotive Group (NYSE: PAG) reported record financial results for Q4 and full-year 2022. Q4 revenue rose 11% to $7.0 billion, with earnings per share increasing 6% to $4.21. For the full year, total revenue was $27.8 billion, a 9% increase, while earnings per share climbed 25% to $18.55. Despite foreign currency impacts negatively affecting revenue by $1 billion, key metrics excluding these effects showed a healthier growth trajectory, with revenues up 13% and EPS up 27%. The company repurchased 8.2 million shares for $886.5 million in 2022, and raised its quarterly dividend by 7% to $0.61 per share.

Penske Automotive Group (NYSE: PAG) announced it will host a financial results conference call on February 8, 2023, to discuss its fourth quarter and full-year 2022 earnings.

The call will occur at 2:00 p.m. EST, following the morning release of the financial results. Investors can access the call via phone or through a webcast on the company’s website.

A replay will be available later that day. Penske Automotive Group is a leading international transportation service company operating in multiple countries.

Penske Automotive Group, Inc. (NYSE: PAG) has announced a 7% increase in its quarterly dividend, raising it by $0.04 to $0.61 per share. This decision reflects the strength of the company's diversified business model and strong cash flow. The new dividend will be payable on March 1, 2023, to shareholders of record as of February 10, 2023. President Robert Kurnick, Jr. expressed confidence in the firm's financial performance, underlining the commitment to providing returns to shareholders.