Welcome to our dedicated page for Penske Automotv news (Ticker: PAG), a resource for investors and traders seeking the latest updates and insights on Penske Automotv stock.
Penske Automotive Group reports news on its automotive retail, commercial truck dealership, service and parts, and finance and insurance operations. The company is a diversified international transportation services business with franchised automotive dealerships, commercial truck dealerships, used-vehicle stores, commercial vehicle distribution and power systems operations, and joint venture interests tied to Penske Transportation Solutions.
Recurring updates for PAG cover quarterly operating results, same-store vehicle sales, gross profit per unit, service and parts revenue, truck-market conditions, dealership acquisitions, credit-agreement funding, dividends, share repurchases, and balance-sheet and capital-allocation activity. Company announcements also include completed dealership additions in markets such as California, Texas, and Florida, including Toyota and Lexus franchises.
Penske Automotive Group (NYSE: PAG) announced a 2.3% increase in its quarterly dividend, raising it to $0.45 per share. This dividend will be payable on September 1, 2021, to shareholders of record as of August 10, 2021. The annualized dividend now stands at $1.80 per share, yielding over 2% for shareholders. Penske reported record results for the six months ending June 30, 2021, and highlighted strong cash flow as a foundation for this increase.
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.
Penske Automotive Group, Inc. (NYSE: PAG) announced its entry into the Charlotte, North Carolina market with the acquisition of Mercedes-Benz of South Charlotte. This acquisition is projected to generate $150 million in annualized revenues. The dealership, spanning over 70,000 square feet with 50 service bays, enhances Penske's position in a rapidly growing area. This acquisition contributes to the company's goal of achieving $1 billion in earnings before taxes in 2023, adding over $700 million in expected annualized revenue this year.
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.