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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 impressive third-quarter results for 2021, showcasing a record income from continuing operations of $354.8 million, marking a 43.9% increase year-over-year. Earnings per share rose 45.3% to $4.46. Total revenue for the quarter reached $6.5 billion, an 8.8% increase from $6.0 billion. Key performance indicators included a 106.4% rise in retail commercial truck dealership earnings and a significant growth in Penske Transportation Solutions equity earnings by 83.4%. Despite ongoing supply chain challenges, the company's diversified operations have driven robust results.
Penske Automotive Group (NYSE: PAG), a global leader in automotive retail, announced a 2.2% increase in its quarterly dividend to $0.46 per share, reflecting the Board's confidence in the company’s diversified business model and robust cash flow. The dividend will be paid on December 1, 2021, to shareholders of record by November 10, 2021. Penske continues to solidify its position in the market with operations across multiple countries and a significant stake in Penske Transportation Solutions.
Penske Automotive Group (NYSE:PAG) announced its third quarter 2021 financial results conference call on October 27, 2021, at 2:00 p.m. EDT. Participants can dial in using (866) 996-5381 for the U.S. or (602) 585-9891 internationally, with conference ID 4572964. The call follows the earnings release earlier that morning and will be live-streamed on their website. A replay will be available until November 3, 2021. Penske Automotive is a leading international transportation services company, operating dealerships primarily in the U.S., U.K., Germany, and Italy.
Penske Automotive Group (NYSE:PAG) reported second quarter 2021 results showing a remarkable 652.9% increase in income from continuing operations to $338.8 million and earnings per share of $4.20, up 650.0%. Total revenue surged 91.4% to $7.0 billion. Excluding certain charges, adjusted income rose 700.4% to $360.2 million. The company benefited from strong automotive sales, with same-store sales for new vehicles rising 91.5% and used vehicles by 74.7%. Notably, Penske's strategic acquisitions and enhanced profitability metrics display a robust operational outlook.
Penske Automotive Group (NYSE:PAG) and Cox Automotive have launched a revolutionary fully automated technology platform for online retail sales of used vehicles. This exclusive platform, powered by Cox’s patent-pending AI technology, Essential Commerce™, offers consumers a seamless, fully digital vehicle purchasing experience. Features include personalized financing options, trade-in capabilities, and digital signatures. The platform is now operational in select markets through CarShop SuperCenters, reflecting the growing demand for online vehicle purchases amid changing consumer preferences.
Penske Automotive Group (NYSE: PAG) announced a 2.3% increase in its quarterly dividend, raising it to $0.45 per share. This dividend will be payable on September 1, 2021, to shareholders of record as of August 10, 2021. The annualized dividend now stands at $1.80 per share, yielding over 2% for shareholders. Penske reported record results for the six months ending June 30, 2021, and highlighted strong cash flow as a foundation for this increase.
Penske Automotive Group (NYSE: PAG) reported preliminary financial results for Q2 2021, projecting earnings before taxes exceeding $450 million and income from continuing operations over $325 million, both up more than 600% year-over-year. Earnings per share are anticipated to surpass $4.00. Compared to Q2 2019, these figures represent increases over 175%. The results also reflect a $13 million net charge due to refinancing senior subordinated notes. The company credits its record performance to strong market volume, vehicle margins, and cost controls despite ongoing vehicle supply disruptions.
Penske Automotive Group, Inc. (NYSE: PAG) announced its entry into the Charlotte, North Carolina market with the acquisition of Mercedes-Benz of South Charlotte. This acquisition is projected to generate $150 million in annualized revenues. The dealership, spanning over 70,000 square feet with 50 service bays, enhances Penske's position in a rapidly growing area. This acquisition contributes to the company's goal of achieving $1 billion in earnings before taxes in 2023, adding over $700 million in expected annualized revenue this year.
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