Penske Automotive Announces Record Preliminary Second Quarter 2021 Results
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.
- Projected earnings before taxes exceeding $450 million.
- Income from continuing operations expected to surpass $325 million.
- Earnings per share anticipated to be above $4.00, representing over 600% growth year-over-year.
- Increase of more than 175% in key financial metrics compared to Q2 2019.
- Net charge of approximately $13 million related to refinancing.
- Ongoing disruptions in new vehicle supply affecting performance.
BLOOMFIELD HILLS, Mich., July 15, 2021 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced preliminary estimates of its financial results for the three months ended June 30, 2021. Penske Automotive Group expects to report earnings before taxes of more than
Penske Automotive Group CEO and Chair said, "Our business produced a record second quarter driven by strength across all areas of our business. Strong volume and vehicle margins, a reopening of the U.K. market, a growing Class 8 commercial truck market, record performance at Penske Transportation Solutions and continuing cost controls all contributed to the record performance." Penske continued, "Despite the ongoing disruption to new vehicle supply, our performance in the quarter demonstrates the strength of the auto and commercial truck retail model and the benefit from our diversification."
The foregoing estimated results are based on preliminary information as of this date and are subject to change following completion of the quarter-end review process and other developments arising between now and the time financial results are finalized. In addition, these preliminary unaudited results are not comprehensive financial results for the three months ending June 30, 2021, should not be viewed as a substitute for complete GAAP financial statements or more comprehensive financial information, and are not indicative of the results for any future period.
Penske Automotive Group also announced that it will host its second quarter 2021 financial results conference call as follows:
WHEN: | Wednesday, July 28, 2021 |
TIME: | 2:00 p.m. (Eastern Daylight Time) |
PHONE: | United States, please call (866) 996-5381 |
International, please call (602) 585-9891 | |
Conference ID: 9670988 | |
Note: Callers should dial in 5-10 minutes before the call begins. |
The call will follow the release that morning of second quarter 2021 earnings for Penske Automotive Group and will be simultaneously broadcast over the Internet. This simultaneous webcast may be accessed through the Investors section on the Penske Automotive Group website at www.penskeautomotive.com.
If you are unable to participate, a replay of the conference call will be available until Wednesday, August 4, 2021. To listen to the replay, please dial:
United States, please call (855) 859-2056
International, please call (404) 537-3406
Conference ID: 9670988
A rebroadcast of the conference call will also be available on www.penskeautomotive.com beginning approximately one hour after completion of the live broadcast.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships principally in the United States, the United Kingdom, Germany and Italy and is the largest retailer of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems and related parts and services principally in Australia and New Zealand. Additionally, PAG owns
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others:, the duration, severity and resolution of the COVID-19 pandemic, government mandated restrictions on our business in light of COVID-19 or otherwise, economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, new rules in place after the recent Brexit accord between the European Union and the U.K. could slow parts originating in the U.K. or Europe for distribution to our dealerships, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic, the shortage of automotive semiconductor chips or other components, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2020, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
Inquiries should contact:
Shelley Hulgrave | Anthony R. Pordon |
Executive Vice President and | Executive Vice President Investor Relations |
Chief Financial Officer | and Corporate Development |
Penske Automotive Group, Inc. | Penske Automotive Group, Inc. |
248-648-2812 | 248-648-2540 |
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SOURCE Penske Automotive Group, Inc.
FAQ
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