Penske Automotv Stock Price, News & Analysis

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.

Penske Automotive Group (NYSE:PAG) announced remarkable financial results for Q4 and full year 2020, showcasing a 97% increase in income from continuing operations to $200.1 million and earnings per share of $2.49. Despite a revenue decline to $5.8 billion, strong performance in retail margins and reduced expenses led to a gross margin increase. The company reduced long-term debt by $670 million and announced plans for expansion, including new dealerships expected to contribute $600 million in annualized revenue.

Penske Automotive Group (NYSE: PAG) will host its fourth quarter 2020 financial results conference call on February 10, 2021, at 2:00 PM EST. Interested participants can join by calling (866) 394-1455 in the U.S. or (516) 575-8644 internationally, using conference ID 8644058. The call will follow the earnings release that morning and will be streamed live via the company's website. A replay will be accessible until February 17, 2021. Penske Automotive is a key player in transportation services and is listed among the Fortune 500.

Penske Automotive Group (NYSE:PAG) announced a quarterly dividend increase to $0.43 per share, payable on March 1, 2021, for shareholders of record on February 10, 2021. This adjustment raises the annualized dividend to $1.72 per share, yielding 2.7%, the highest among its peers. President Robert K. Kurnick stated that the company's business and cash flow remain robust despite the challenges posed by the COVID-19 pandemic, crediting operational measures that mitigate its impact.

Penske Automotive Group (NYSE:PAG) reported record results in Q3 2020, highlighted by income from continuing operations of $246.5 million, or $3.07 per share, up 112% year-over-year. Revenue was flat at $6 billion, while SG&A expenses decreased significantly, improving efficiency. The company eliminated $125-150 million in costs and repaid $300 million in long-term debt. Retail automotive same-store revenue grew 3.6%. However, total revenue for the nine months fell 15% to $14.6 billion. The board reinstated a cash dividend of $0.42 per share, payable December 1, 2020.

Penske Automotive Group (NYSE:PAG) will hold its third quarter 2020 financial results conference call on October 22, 2020, at 2:00 p.m. EDT. Participants can join the call via phone, with U.S. callers dialing (866) 394-1455 and international callers at (516) 575-8644, using conference ID 6795577. The call will be accessible online through the company's website, where a replay will also be available until October 28, 2020. Penske Automotive Group operates automotive and commercial truck dealerships across multiple regions, including North America and parts of Europe.