Penske Automotive Group Inc - PAG STOCK NEWS

Penske Automotive Group, Inc. (NYSE: PAG) will release its first quarter 2024 financial results on April 30, 2024. The company, known for its international transportation services, will hold a conference call to discuss the results later that day.

Penske Automotive Group, Inc. (NYSE: PAG) plans to expand its retail automotive operations into Australia by acquiring two Porsche dealerships and a Ducati motorcycle dealership in Melbourne. The company aims to strengthen its partnership with the Porsche brand and enhance customer experience in Melbourne.

Penske Automotive Group, Inc. (PAG) reported a 4% increase in revenue to $7.3 billion for the fourth quarter of 2023. Despite a 36% decrease in income from continuing operations, the company achieved the third most profitable year in its history. The financial results were impacted by non-cash impairment charge, lower equity earnings from PTS, and higher interest expense. The company's CEO attributed the decline in income to lower supply of quality, low mileage used vehicles due to industry-wide lower sales of new vehicles. The company's retail automotive and commercial truck operations drove the fourth quarter performance, with a significant increase in service and parts gross profit. However, the company's equity earnings from PTS declined by 48%, impacting overall profitability. The full year 2023 operating highlights showed a 6% increase in revenue to $29.5 billion, but a 24% decrease in income attributable to common stockholders. The company's diversified business achieved the third best year of profitability of all-time. The company also announced a 10% increase in the quarterly dividend, completed the acquisition of Rybrook Group Limited, and reported a $215.5 million remaining available repurchase authority.

Penske Automotive Group, Inc. (NYSE: PAG) announced the release of its financial results for Q4 and full-year 2023, scheduled for February 7, 2024. The company will hold a conference call to discuss the results, with access to the investor presentation and earnings press release available on their website. The call will be accessible via phone and webcast, with replay options available for both formats.

Premier Truck Group relocates its Amarillo dealership to a new 115,000 sq. foot facility, offering enhanced service, parts, and vehicle sales. The move aims to maximize customer uptime and improve efficiency, catering to heavy-duty and medium-duty trucks, buses, and motorhome chassis. President Ron Long emphasizes the customer-focused approach and increased inventory to speed up repairs.

Penske Automotive Group, Inc. (PAG) has approved a quarterly dividend of $0.87 per share, marking a 10% increase. The dividend is payable on March 1, 2024, to shareholders of record as of February 15, 2024. President Robert Kurnick, Jr. stated that the company's strong balance sheet and cash flow allowed them to reward shareholders.

Penske Automotive Group, Inc. (NYSE: PAG) has been named a winner of Glassdoor's 16th Annual Employees' Choice Awards, honoring the 'Best Places to Work 2024'. The company received top workplace factor ratings in Diversity & Inclusion, Senior Management, and Culture & Values. This recognition reflects the company's commitment to nurturing talent and fostering a culture of continuous improvement and personal growth.

Penske Automotive Group, Inc. (NYSE: PAG) has acquired Rybrook Group Limited, adding 15 premium dealerships in the United Kingdom, including BMW, MINI, Volvo, Land Rover, and Porsche dealerships, with estimated annualized revenues of $1 billion.

Penske Automotive Group, a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, has signed an agreement to acquire Rybrook Group Limited, consisting of 15 premium dealerships in the United Kingdom, including four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships, and one Porsche dealership. Additionally, three of the BMW locations also retail BMW Motorrad motorcycles. The dealerships to be acquired represent estimated annualized revenues of $1 billion.