Penske Automotv Stock Price, News & Analysis

Penske Automotive Group, Inc. (NYSE: PAG) announced the pricing of $500 million of 3.75% Senior Subordinated Notes due 2029. This offering is set to close on June 15, 2021, subject to standard conditions. The proceeds will be used to redeem $500 million in 5.5% Senior Subordinated Notes due 2026 on June 24, 2021, and to repay U.S. credit obligations and other debts. The offering is accompanied by a prospectus filed with the SEC. The release includes forward-looking statements subject to risks and uncertainties.

Penske Automotive Group (NYSE: PAG), a diversified transportation services provider, announced a proposed offering of $500 million in fixed rate Senior Subordinated Notes due 2029. The proceeds will be utilized to redeem existing $500 million 5.5% Senior Subordinated Notes due 2026, repay amounts under the U.S. credit agreement, and for general corporate purposes. The offering is contingent on market conditions and customary closing requirements, with no solicitation of offers in jurisdictions where prohibited.

Penske Automotive Group, Inc. (NYSE: PAG) has appointed Michelle Hulgrave as Executive Vice President and Chief Financial Officer, effective June 1, 2021, replacing retiring CFO J.D. Carlson. Hulgrave, a company veteran since 2006 with extensive financial experience, aims to enhance the firm's global financial operations. Additionally, Aaron Michael has been promoted to Executive Vice President, Financial Services and Global Risk Management, taking on added responsibilities while managing the company's capital structure, relationships, and risk management initiatives.

Penske Automotive Group (NYSE:PAG) has announced a 2.3% increase in its quarterly dividend to $0.44 per share, payable on June 2, 2021, to shareholders of record on May 24, 2021. This boosts the annualized dividend to $1.76 per share, reflecting a yield of approximately 2%. The company's president, Robert H. Kurnick, highlighted record results and strong cash flow in the first quarter, underscoring confidence in the business's financial health.

Penske Automotive Group (NYSE:PAG) reported record first-quarter results for 2021, with income from continuing operations increasing 253.7% to $182.5 million and earnings per share rising 253.1% to $2.26. Total revenue reached $5.8 billion, up 15.3% from the prior year. Despite COVID-related showroom closures in the U.K., the company maintained strong performance, achieving a 5.5% increase in same-store unit sales. The acquisition of Kansas City Freightliner is anticipated to boost annual revenue by $450 million. The company targets $1 billion in income from continuing operations by 2023.

Penske Automotive Group, Inc. (NYSE: PAG) has acquired Kansas City Freightliner (KCFL), enhancing Premier Truck Group's operations. This strategic move is projected to generate $450 million in annual revenue and expand service offerings across Kansas and Missouri. The acquisition includes five full-service dealerships and additional service centers, bringing PTG's total to thirty dealerships across North America. This expansion aims to capitalize on new and used truck sales, targeting approximately $2.5 billion in annual revenue.

Penske Automotive Group (NYSE:PAG) will conduct its first quarter 2021 financial results conference call on April 28, 2021, at 2:00 p.m. EDT. The call will follow the morning release of its earnings. Interested parties can join by dialing (866) 394-1455 (U.S.) or (516) 575-8644 (International) with Conference ID: 6999373. A replay will be available until May 5 via (855) 859-2056 (U.S.) and (404) 537-3406 (International). The event will also be webcast on the company's website.

Penske Automotive Group (NYSE:PAG) has rebranded its six U.S. used vehicle SuperCenters from CarSense to CarShop, unifying its global brand. The company, which operates 11 U.K. CarShop locations, aims to simplify car buying with transparent pricing and a money-back guarantee. In 2020, CarShop sold over 50,000 units, generating more than $1 billion in revenue. By the end of 2023, Penske plans to expand CarShop locations to 40, aiming for annual sales of 150,000 units and revenues between $2.5 billion and $3 billion, targeting earnings before taxes of approximately $100 million.

Penske Automotive Group (NYSE: PAG) announced the acquisition of Kansas City Freightliner (KCFL), expected to generate $450 million in annualized revenue. The acquisition expands its Premier Truck Group subsidiary, which will now include five full-service dealerships and enhanced service capabilities across Kansas and Missouri. With this transaction, PTG anticipates annual revenues nearing $2.5 billion and a total of 20,000 unit sales annually. The deal is set to close in Q2 2021, subject to customary conditions.