Welcome to our dedicated page for Penske Automotv news (Ticker: PAG), a resource for investors and traders seeking the latest updates and insights on Penske Automotv stock.
Penske Automotive Group, Inc. (NYSE: PAG) is described in its public communications as a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. News about PAG often centers on its retail automotive and commercial truck operations, its international dealership footprint, and its strategic investments in transportation services.
Company press releases highlight quarterly and year-to-date financial results, including revenue trends, gross profit performance, and segment details for retail automotive dealerships, retail commercial truck dealerships, and its equity interest in Penske Transportation Solutions. These updates frequently discuss same-store revenue and gross profit for new and used vehicles, service and parts, and finance and insurance, as well as the impact of freight market conditions on commercial truck and PTS-related results.
Penske Automotive’s news flow also features corporate development activity. Recent examples include the completion of an acquisition of a Ferrari dealership in Modena, Italy, and the acquisition of Longo Toyota, Longo Lexus, Lexus of Stevens Creek, and Longo Toyota of Prosper in the United States. The company notes that these transactions expand its luxury presence in Italy and strengthen its relationship with Toyota and Lexus while increasing its presence in California and Texas.
Investors following PAG news will also see announcements regarding dividends, securities repurchase authorizations, and share repurchase activity, as well as scheduled conference calls and investor webcasts for quarterly results. Risk factor discussions and references to macro-economic, industry, and regulatory conditions appear in many releases, providing additional context for the company’s operating environment.
This news page aggregates such company-issued updates and related coverage so readers can review Penske Automotive Group’s reported financial performance, capital allocation decisions, acquisitions, and other material events over time.
Penske Automotive Group (NYSE: PAG) reported record financial results for Q4 and full-year 2021. Q4 income from continuing operations soared 55.1% to $310.4 million, with earnings per share (EPS) up 59.4% to $3.97. Total revenue rose 8.3% to $6.3 billion, while gross profit increased 31.3%. Full-year income from continuing operations climbed 118.4% to $1.2 billion, with EPS at $14.88. The company reduced its debt significantly, returning over $530 million to shareholders via dividends and share buybacks. Growth is expected to continue with ambitious sales targets for CarShop.
Penske Automotive Group (NYSE: PAG) announced a 2.2% increase in its dividend, raising it by $0.01 to $0.47 per share. This adjustment, effective March 1, 2022 for shareholders of record on February 10, 2022, reflects the Board of Directors' confidence in the company’s strong cash flow and robust business model.
The company operates dealerships in the US, UK, Germany, Italy, and Japan, and is a major commercial truck retailer in North America.
Penske Automotive Group (NYSE: PAG) will host its fourth quarter and full-year 2021 financial results conference call on February 9, 2022, at 2:00 p.m. ET. The results will be released earlier that day. Interested parties can join the call via phone or listen to a live webcast on the company's website. A replay will be available until February 16, 2022.
Penske operates automotive and commercial truck dealerships in multiple countries and is a significant player in the North American truck retail market.
Penske Automotive Group (NYSE: PAG) has announced the grand opening of its 14th Honda dealership, Honda Leander, in Leander, Texas. The new facility spans over 9 acres, featuring 46,000 square feet of space and 27 service bays. This expansion adds to Penske's existing presence in the Austin/Round Rock market, where it operates eight other dealerships and two collision centers. President Rob Kurnick expressed satisfaction with this development, highlighting its significance for the company’s growth.
Penske Automotive Group (NYSE: PAG) has acquired Erhard BMW of Bloomfield, enhancing its BMW dealership network to 48 locations globally. Located in Bloomfield Hills, Michigan, this dealership has a strong 50-year history in the Detroit market and is the largest BMW dealership in Michigan. The acquisition is projected to generate approximately $100 million in annual revenue. Year-to-date, PAG has added about $1.2 billion in expected annualized revenue through various dealership acquisitions.
Penske Automotive Group (NYSE: PAG) has acquired McCoy Freightliner, enhancing its operations in Oregon. This acquisition is projected to generate around $200 million in annual revenue, further expanding its Premier Truck Group subsidiary. McCoy adds two full-service dealerships and a remarketing center, extending PAG's reach to the Pacific Northwest. Year-to-date, the company has secured approximately $1.1 billion in expected annual revenue through similar acquisitions, positioning PAG for continued growth in the commercial truck market.
Penske Automotive Group (NYSE:PAG) announced the opening of its eighth CarShop location in Scottsdale, Arizona, marking its 23rd location globally. This new 45,000 square foot facility offers a wide selection of certified vehicles, a no-haggle pricing model, and an indoor shopping experience supported by a service center staffed with certified technicians. The expansion has created 50 jobs in the community and enhances CarShop's legacy of customer service, aiming to provide a stress-free car-buying experience.
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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.
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