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: ...

Core Viewpoint - Penske Automotive reported a mixed performance in its Q2 2024 earnings, with adjusted earnings per share beating expectations but showing a year-over-year decline, raising questions about future performance trends [2][10]. Financial Performance - Adjusted earnings for Q2 2024 were $3.61 per share, down 18% year-over-year, but above the Zacks Consensus Estimate of $3.43 [2]. - Net sales reached $7.69 billion, exceeding the Zacks Consensus Estimate by 0.02%, and reflecting a 3.1% increase from the previous year [2]. - Gross profit decreased by 0.7% year-over-year to $1.26 billion, while operating income fell 11.2% to $338 million [3]. Segment Performance - Retail Automotive segment revenues were $6.61 billion, up 3% year-over-year, with same-store retail units declining 1% to 120,486 [4][5]. - Same-store new-vehicle revenues increased by 1.9% to $2.87 billion, while same-store used-vehicle revenues decreased by 5.6% to $2.15 billion [4]. - The Commercial Vehicle Distribution and Other segment saw revenues rise 32% to $189 million, with gross profit increasing to $44.6 million [7]. Cost and Debt Management - SG&A costs totaled $887.5 million, up 3.4% year-over-year [8]. - Cash and cash equivalents increased to $115 million from $96.4 million at the end of 2023, while long-term debt rose to $1.59 billion from $1.42 billion [8]. Shareholder Returns - The company increased its dividend by 11% to $1.07 per share, marking the 15th consecutive quarterly increase [9]. Market Sentiment and Outlook - There has been an upward trend in estimates revisions for Penske, indicating a potentially positive outlook [10][12]. - The stock currently holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [12].

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]

Company Performance - Penske Automotive (PAG) reported quarterly earnings of $3.61 per share, exceeding the Zacks Consensus Estimate of $3.43 per share, but down from $4.41 per share a year ago [1] - The company achieved revenues of $7.7 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.02% and up from $7.47 billion year-over-year [8] - Over the last four quarters, Penske has surpassed consensus EPS estimates only once [2] Market Context - Penske shares have increased approximately 2.7% since the beginning of the year, compared to a 14% gain in the S&P 500 [9] - The Automotive - Retail and Whole Sales industry, to which Penske belongs, is currently ranked in the bottom 8% of over 250 Zacks industries, indicating a challenging market environment [5] Earnings Outlook - The sustainability of Penske's stock price movement will largely depend on management's commentary during the earnings call [3] - The current estimate revisions trend for Penske is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [11] - Future earnings expectations and revisions will be crucial for assessing the company's performance [10]

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 ...

rates; our ability to consummate, integrate, and realize returns on acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes or work stoppages by its employees, a reduction in PTS' asset utilization rates, continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on ...

Expands North American Operations to New Market Areas in Wisconsin and Minnesota Three Full-Service Freightliner and Western Star Dealerships: River States Truck and Trailer – Eau Claire, which will become Premier Truck Group of Eau Claire River States Truck and Trailer – La Crosse, which will become Premier Truck Group of La Crosse River States Truck and Trailer – Roberts, which will become Premier Truck Group of Roberts Two Independent Repair Facilities: JL Truck and Trailer, located in Osseo, WI Minnesot ...