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, Inc. (NYSE: PAG) is described in its public communications as a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. News about PAG often centers on its retail automotive and commercial truck operations, its international dealership footprint, and its strategic investments in transportation services.
Company press releases highlight quarterly and year-to-date financial results, including revenue trends, gross profit performance, and segment details for retail automotive dealerships, retail commercial truck dealerships, and its equity interest in Penske Transportation Solutions. These updates frequently discuss same-store revenue and gross profit for new and used vehicles, service and parts, and finance and insurance, as well as the impact of freight market conditions on commercial truck and PTS-related results.
Penske Automotive’s news flow also features corporate development activity. Recent examples include the completion of an acquisition of a Ferrari dealership in Modena, Italy, and the acquisition of Longo Toyota, Longo Lexus, Lexus of Stevens Creek, and Longo Toyota of Prosper in the United States. The company notes that these transactions expand its luxury presence in Italy and strengthen its relationship with Toyota and Lexus while increasing its presence in California and Texas.
Investors following PAG news will also see announcements regarding dividends, securities repurchase authorizations, and share repurchase activity, as well as scheduled conference calls and investor webcasts for quarterly results. Risk factor discussions and references to macro-economic, industry, and regulatory conditions appear in many releases, providing additional context for the company’s operating environment.
This news page aggregates such company-issued updates and related coverage so readers can review Penske Automotive Group’s reported financial performance, capital allocation decisions, acquisitions, and other material events over time.
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Penske Automotive Group (NYSE: PAG) reported a record revenue of $7.3 billion for Q1 2023, marking a 5% increase compared to the previous year. Despite this, net income attributable to common stockholders fell 19% to $298 million, and earnings per share decreased 9% to $4.31, partly due to adverse foreign currency exchange effects. Retail automotive same-store service & parts revenue rose 10%, and commercial truck same-store revenue increased 10%. The company's SG&A expenses improved sequentially by 140 basis points. Penske repurchased 0.9 million shares for $110.2 million during the quarter. The company continues to face challenges such as higher interest costs and inventory issues yet demonstrates robust operational strength in diversified sectors.
Penske Automotive Group (NYSE: PAG), based in Bloomfield Hills, Michigan, has announced its financial results conference call for the first quarter of 2023. Scheduled for April 26, 2023, at 2:00 p.m. EDT, the call will occur after the earnings release earlier that morning. Investors can join via phone or access a webcast through the company's website. The call will provide insights into the company's performance for the quarter, expected to be critical for stakeholders. Penske Automotive operates globally, specializing in automotive and commercial truck retail, and employs over 26,500 individuals. Additional details are available on their website.
On April 11, 2023, Penske Automotive Group made a significant contribution of $1.3 million to the Paralyzed Veterans of America (PVA). This generous donation, which includes contributions from employees and customers, marks the continuation of Penske's support, amounting to over $8 million since their partnership began eight years ago. The funds will help PVA provide essential services for veterans with spinal cord injuries and diseases, facilitating access to specialized care and resources. Penske's Service Matters Campaign aims to ensure veterans lead full and productive lives. Both organizations express deep gratitude for the ongoing community support that enables vital programs for veterans nationwide.
Penske Automotive Group (NYSE: PAG) has successfully sold its Marin Honda dealership in San Rafael, CA, with Haig Partners LLC serving as the exclusive sell-side advisor. In 2022, Penske Automotive generated $27.8 billion in revenue, retailing nearly 467,000 vehicles. The transaction illustrates a strong market for dealerships despite inflation concerns, as buyer confidence remains high with dealership values near record levels. Haig Partners has facilitated the purchase or sale of 70 dealerships in California, showcasing their significant role in the automotive retail sector.