Penske Automotive Group (PAG) reported third-quarter 2024 adjusted earnings of $3.36 per share, which decreased 13.8% year over year and missed the Zacks Consensus Estimate of $3.48. Lower-than-expected results from the Retail Automotive segment contributed to the underperformance. The company registered net sales of $7.59 billion, missing the Zacks Consensus Estimate of $7.77 billion. The top line rose 2% from the year-ago quarter's level. Stay up-to-date with the quarterly releases: See Zacks Earnings Cal ...

Penske Automotive (PAG) reported $7.59 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 1.9%. EPS of $3.36 for the same period compares to $3.90 a year ago. The reported revenue represents a surprise of -2.26% over the Zacks Consensus Estimate of $7.77 billion. With the consensus EPS estimate being $3.48, the EPS surprise was -3.45%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wa ...

Company Performance - Penske Automotive (PAG) reported quarterly earnings of $3.36 per share, missing the Zacks Consensus Estimate of $3.48 per share, and down from $3.90 per share a year ago, representing an earnings surprise of -3.45% [1] - The company posted revenues of $7.59 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.26%, compared to year-ago revenues of $7.45 billion [2] - Over the last four quarters, Penske has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] Stock Outlook - Penske shares have lost about 3% since the beginning of the year, while the S&P 500 has gained 22.1% [3] - The current consensus EPS estimate for the coming quarter is $3.39 on revenues of $7.7 billion, and for the current fiscal year, it is $13.72 on revenues of $30.62 billion [7] - The estimate revisions trend for Penske is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [6] Industry Context - The Automotive - Retail and Whole Sales industry, to which Penske belongs, is currently in the bottom 20% of over 250 Zacks industries, which may impact the stock's performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that investors should monitor these revisions closely [5]

Acquisition Represents Third Porsche Location in Melbourne and 25th WorldwideBLOOMFIELD HILLS, Mich., Oct. 23, 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 with operations across four continents and nine countries, has signed an agreement to acquire Porsche Centre Melbourne, located in Melbourne, Australia, from Porsche Retail Group Australia Pty Ltd.  Upon ...

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: ...

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 ...