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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 an 8% increase in earnings before taxes to $500 million for Q2 2022, with income from continuing operations rising 10% to $374 million and earnings per share up 17% to $4.93. Revenue decreased 1% to $6.9 billion, influenced by foreign currency exchange losses. The company repurchased 3.5 million shares for $362.7 million year-to-date and announced a $250 million increase in stock repurchase authority. The company remains focused on strong operational performance amidst supply chain challenges.
Penske Automotive Group (NYSE: PAG) has announced a 6% increase in its quarterly dividend, raising it by $0.03 to $0.53 per share. This decision reflects the company's strong cash flow and diversified business model. The dividend is set to be paid on September 1, 2022, to shareholders who are on record as of August 10, 2022. Penske operates globally, with significant operations in the U.S., UK, Germany, Italy, and Japan.
Penske Automotive Group, Inc. (NYSE: PAG) will release its second quarter 2022 financial results on July 27, 2022. An audio webcast and conference call to discuss the results are scheduled for 2:00 PM Eastern on the same day. Investors can access the earnings release and related presentation on the company’s website. PAG operates globally, retailing automotive and commercial trucks, and is a significant player in the transportation services sector.
Penske Automotive Group (NYSE: PAG) has announced a 6.4% increase in its dividend, raising it by $0.03 to $0.50 per share. This increase is attributed to the company's robust cash flow of $381 million from operations in Q1 2022. The new dividend will be payable on June 1, 2022. Additionally, the share repurchase authorization has been raised to $250 million, enabling further shareholder value enhancement following the repurchase of 1.9 million shares for $184.1 million earlier this year.
Penske Automotive Group (NYSE: PAG) has acquired Terry Lee Hyundai & Genesis in Noblesville, Indiana, advised by The Presidio Group. Terry Lee, the dealership's president, expressed pride in the company's innovative design and commitment to customer service. Roger Penske, Chair and CEO, noted the strategic importance of adding Hyundai and Genesis to their existing brands in the Indianapolis area. The acquisition reflects ongoing strong demand for automotive dealerships, particularly for these franchises, as market consolidation continues.
Penske Automotive Group (NYSE: PAG) has acquired Terry Lee Hyundai and Genesis in Noblesville, Indiana, enhancing its Indianapolis market presence.
The acquisition is expected to generate annualized revenue of $80 million and brings the total expected acquired annualized revenue for 2022 to approximately $745 million. CEO Roger Penske expressed optimism about expanding the company's dealership footprint and strengthening the legacy of these brands in the area.
Penske Automotive Group (NYSE:PAG) reported record quarterly results for Q1 2022, with earnings before taxes rising 101% to $497.6 million and income from continuing operations up 102% to $367.9 million. Earnings per share increased 111% to $4.76. Total revenue grew 21% to $7.0 billion, driven by strong performance across retail automotive and commercial truck sectors. The company also repurchased 1.9 million shares for $184 million year-to-date. Despite positive growth, foreign exchange impacts reduced earnings per share by $0.05.
Penske Automotive Group (NYSE: PAG) will host its first quarter 2022 financial results conference call on April 27, 2022, at 2:00 p.m. ET. The call follows the release of the earnings report that morning and will be accessible via the company's website. Callers are advised to join 5-10 minutes early. A replay will be available until May 4, 2022, with details provided for both U.S. and international listeners. Penske Automotive is a leading diversified transportation services and commercial truck retailer operating in multiple countries.
Penske Automotive Group (NYSE: PAG) has acquired BMW/MINI of Escondido and a collision center, enhancing its presence in the Escondido Auto Mall, California. This acquisition is projected to bring in an annualized revenue of approximately $115 million. Year-to-date 2022, Penske has added $665 million in annualized revenue through acquisitions. CEO Roger Penske expressed enthusiasm about welcoming the 72 employees from the acquired dealership, indicating growth and strengthening relationships with BMW and MINI brands.
Penske Automotive Group (NYSE: PAG) has acquired three BMW MINI dealerships and a collision center in South East England, enhancing its scale in the U.K. market. This acquisition is expected to generate $250 million in annualized revenues and adds to the approximately $550 million in annualized revenue obtained through various acquisitions in 2022. With this move, Penske solidifies its position as the largest retail partner for BMW and MINI in the U.K.
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