Penske Automotive Reinstates Dividend

Rhea-AI Summary

Penske Automotive Group (NYSE:PAG) announced the reinstatement of its dividend, declaring a $0.42 cash dividend per share, payable on December 1, 2020, to shareholders of record on November 10, 2020. Chair Roger Penske highlighted improvements in business conditions and actions taken to mitigate the impact of Covid-19, which contributed to a strong financial position. Notably, the company repaid $300 million in Senior Subordinated Notes in August 2020, ensuring liquidity and stability.

Positive

• Reinstatement of a $0.42 per share dividend, signaling financial recovery.
• Successful repayment of $300 million in Senior Subordinated Notes, enhancing liquidity.
• Improvement in business conditions attributed to recovery efforts amidst Covid-19.

Negative

• None.

BLOOMFIELD HILLS, Mich., Oct. 14, 2020 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a  diversified international transportation services company, today announced that its Board of Directors has reinstated the Company's dividend, declaring a cash dividend of $0.42 per share. The dividend is payable on December 1, 2020, to shareholders of record on November 10, 2020.

Commenting on the dividend reinstatement, Chair Roger Penske said, "I am pleased to announce the reinstatement of our dividend. The actions we took to mitigate the impact of Covid-19, coupled with the improvement in business conditions in the third quarter, were instrumental in our ability to preserve liquidity and repay $300 million in Senior Subordinated Notes in August, at their maturity. I am confident in the strength of our financial position and our ability to reinstate the dividend at this time." 

About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World's Most Admired Companies by Fortune Magazine. For additional information, visit the company's website at www.penskeautomotive.com.

Inquiries should contact:

J.D. Carlson	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.
248-648-2810	248-648-2540
jcarlson@penskeautomotive.com	tpordon@penskeautomotive.com

 

 

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SOURCE Penske Automotive Group, Inc.

FAQ

When will Penske Automotive's dividend be paid?

Penske Automotive's dividend will be paid on December 1, 2020.

What is the amount of the dividend declared by Penske Automotive?

The amount of the dividend declared is $0.42 per share.

What is the record date for Penske Automotive's dividend?

The record date for the dividend is November 10, 2020.

Why did Penske Automotive reinstate its dividend?

Penske Automotive reinstated its dividend due to improved business conditions and effective Covid-19 mitigation strategies.