The market expects Penske Automotive (PAG) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 29, 2024, might help the stock move higher if these key num ...

Represents 16th Consecutive Quarterly Increase Balance Sheet Remains Strong and Leverage Remains Low BLOOMFIELD HILLS, Mich., Oct. 16, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that its Board of Directors has approved a quarterly dividend of $1.19 per share, representing an increase of 11%, or $0.12 per share. This represents the fourth i ...

Penske Automotive (PAG) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. The power ...

BLOOMFIELD HILLS, Mich., Oct. 15, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers today announced it will release financial results for the three months and nine months ended September 30, 2024, on the morning of Tuesday, October 29, 2024. A conference call to discuss these results will be held later that day as follows: WHEN: Tuesday, October 29, 2024 TIME: 1: ...

It has been about a month since the last earnings report for Penske Automotive (PAG) . Shares have lost about 1% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Penske due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Penske Q2 Earnings Beat Expectations, Declines ...

GUELPH, ON, Aug. 19, 2024 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (Nasdaq: CSIQ) today announced that it has entered into a definitive agreement with PAG, a leading investment firm in Asia Pacific, pursuant to which PAG will subscribe for US$200 million in aggregate principal amount of convertible notes (the "Notes") to be issued by the Company. The transaction is expected to close in the fourth quarter of 2024, subject to closing conditions. The Company will retain certain f ...

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 ...

Core Viewpoint - Penske Automotive Group has shown strong revenue growth but faces challenges in profitability due to normalizing margins after a post-pandemic surge in 2022 [2][4][18] Financial Performance - Q2 2024 net income attributable to common stockholders was $4.93 million, with total revenue reaching $374 million, marking a slight decrease from Q2 2023 [3] - For the first half of 2024, net income attributable to common stockholders was $15.1 million, with total revenue of $742 million, compared to $14.8 million and $599 million in the same period of 2023 [3] - The company maintained a strong dividend performance, increasing the latest dividend to $1.07 per share, a 35% rise from $0.79 in Q4 2023 [4] Stock Performance - Despite a stagnant stock performance for most of the past nine months, PAG stock surged approximately 24% in July, reaching all-time intraday highs [4][18] - PAG remains one of the highest valued stocks in its peer group based on P/E ratio, reflecting its strong capital management and diversification [5][6] M&A Activity - Penske has been active in acquisitions, spending $442 million in the first half of 2024, which is more than any full year in the previous five years [7][8] - Recent acquisitions include expanding its commercial truck dealership business and acquiring high-end dealerships in Australia and the UK, contributing an estimated $2 billion in annual sales [8][9] Interest Rate Impact - The company is expected to benefit from declining interest rates, which will reduce floor plan interest expenses and potentially increase customer financing through dealerships [10][12] - Higher interest rates have previously discouraged leasing and affected Finance and Insurance revenue, but lower rates could reverse these trends [12][14] Capital Management - In the first half of 2024, Penske allocated $842 million in cash, with significant spending on acquisitions and dividends, while share buybacks were reduced to $76 million [16] - The company added $137 million in long-term debt and $369 million in floor plan debt, but this was manageable given the growth in inventory [16] Future Outlook - For the second half of 2024, Penske is expected to spend approximately $146 million on dividends and $200 million on capital expenditures, with a slowdown in M&A activity anticipated [17] - The company remains well-positioned for long-term growth, but the benefits of lower interest rates may favor competitors with higher debt levels more than Penske [18]

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 ...