The Zacks Auto Retail and Wholesale industry is set for growth, driven by vehicle demand, which may receive an additional boost with the increased likelihood of a Federal Reserve rate cut next month. While sales have managed to hold ground, dealerships are offering attractive incentives amid high inventory levels, which are putting pressure on retailers' profit margins. Despite this, auto retailers like Penske Automotive (PAG) and Rush Enterprises (RUSHA) stand out for their strategic expansions and shareho ...

Penske Automotive Group (PAG) reported second-quarter 2024 adjusted earnings of $3.61 per share, which decreased 18% year over year but surpassed the Zacks Consensus Estimate of $3.43. Better-than-expected results from Commercial Vehicle Distribution and Other segment drove the outperformance. The company registered net sales of $7.69 billion, surpassing the Zacks Consensus Estimate by 0.02%. The top line rose 3.1% from the year-ago quarter's level. Penske's gross profit in the reported quarter declined 0.7 ...

Monty Rakusen/DigitalVision via Getty Images Auto Dealer Stocks Hit The Accelerator In July It's been nine months since I last eovered Penske Automotive Group (NY SE:PAG). The story didn't change much for most of that period. The company continues to show nice revenue growth, hitting a quarterly record in 2Q 2024. This has not been translating to the bottom line, however, as margins have been returning to normal since hitting unsustainably high levels during the immediate post-pandemic period in 2022. Recal ...

Penske Automotive Group, Inc. (NYSE:PAG) Q2 2024 Results Conference Call July 31, 2024 2:00 PM ET Company Participants Tony Pordon - Executive Vice President, Investor Relations and Corporate Development Roger Penske - Chair and Chief Executive Officer Shelley Hulgrave - Executive Vice President and Chief Financial Officer Rich Shearing - North American Operations Randall Seymore - International Operations Tony Facioni - Vice President and Corporate Controller Conference Call Participants John Murphy - Bank ...

Table of Contents Title of each class Trading symbol(s) Name of each exchange on which registered Voting Common Stock, par value $0.0001 per share PAG New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

FOR IMMEDIATE RELEASE PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS Revenue Increases 3% to $7.7 Billion, a Quarterly Record Record Retail Automotive Service and Parts Revenue of $753 Million, up 10% Earnings Before Taxes of $326 Million and Earnings Per Share of $3.61 Sequential Improvement in Earnings Before Taxes and Earnings Per Share of 10% and 12%, Respectively, from First Quarter of 2024 BLOOMFIELD HILLS, MI, July 31, 2024 – Penske Automotive Group, Inc. (NYSE: PAG), a diversified international t ...

Penske Automotive (PAG) came out with quarterly earnings of $3.61 per share, beating the Zacks Consensus Estimate of $3.43 per share. This compares to earnings of $4.41 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates just once. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on ...

Represents 15th Consecutive Quarterly Increase Increase Highlights Strength of Balance Sheet and Low Leverage Including this dividend distribution and the Company's securities repurchases, the Company will have returned approximately $271 million to shareholders so far in 2024. Further, Penske Automotive Group has completed acquisitions representing $2 billion in estimated annualized revenues this year, consistent with the Company's capital allocation strategy. Penske Automotive Group President, Robert Kurn ...

WHEN: Wednesday, July 31, 2024 TIME: 2:00 p.m. Eastern PHONE: United States, please dial (877) 692-8955 (access code 8247256) International, please dial (234) 720-6979 (access code 8247256) Note: Callers should dial-in approximately 10-15 minutes before the call begins WEBCAST: To access the live webcast of the conference call, please visit https://investors.penskeautomotive.com/events-and-presentations and select the webcast link Anthony Pordon Executive Vice President - Investor Relations BLOOMFIELD HILLS ...

Penske is riding high on strategic acquisitions. Last year, the company completed acquisitions that added more than $340 million in annualized revenues. The acquisition of Rybrook Group, completed in January 2024, is likely to add $1 billion to the company's annualized revenues. The acquisition of two Porsche dealerships in Australia, completed in June, is expected to add $130 million to PAG's annualized revenues. The acquisition of River States Truck and Trailer, Inc., also completed in June, is expected t ...