Penske Automotive Group, Inc. (NYSE: PAG)* today announced that it has acquired BMW of Wilmington and Porsche Wilmington. The move increases operations in the luxury vehicle segment. PAG forecasts that it will add ~$140,000,000 in revenue annually. (AutoInformed: Penske Automotive Group Buys Transolutions Truck Centers; Penske Automotive Group Ups Dividend Again)
“We are pleased to expand our relationship with these world-class brands and further enhance our premium retail automotive brand mix in the southeastern United States.,” said PAG Chair and CEO Roger Penske. “The greater Wilmington, North Carolina area is a growing market, and we look forward to continuing these dealerships’ legacy of exceptional performance under the guidance of The Baker Motor Company. We welcome the associates of these two dealerships to the Penske Automotive Group team.”
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During Q2 2023 PAG revenue increased 8% to $7.5 billion, a quarterly record. Net income attributable to common stockholders decreased 20% to $300.8 million from $374.0 million, and related earnings per share decreased 11% to $4.41 from $4.93 when compared to the same period last year. PAG said results for the second quarter of 2023 were driven by strong performance from its automotive and commercial truck operations which partially offset higher interest expense and lower equity earnings from its investment in Penske Transportation Solutions. Move over, foreign currency exchange negatively impacted revenue by $23.7 million, net income attributable to common stockholders by $0.5 million, and earnings per share by $0.01.
*Penske Automotive Group, Inc. (NYSE: PAG) with a head office in Bloomfield Hills, Michigan, is a diversified international transportation services company and a large automotive and commercial truck retailer. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan and is among the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services mostly in Australia and New Zealand. PAG employs more than 27,000 people worldwide. PAG also owns 28.9% of Penske Transportation Solutions (PTS), a business that employs over 43,000 people worldwide, manages what it describes as one of the largest, most comprehensive and modern trucking fleets in North America with more than 419,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts. PTS says it “provides innovative transportation, supply chain, and technology solutions to its customers.” PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes.
BLOOMFIELD HILLS, MI, Oct 18, 2023 — 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 increased the Company’s quarterly dividend by $0.07 per share, or 9.7%, to $0.79 per share. “Our healthy balance sheet, continued strong cash flow and the strength of operations enables us to increase the cash dividend and reward our shareholders,” said Penske Automotive Group President, Robert Kurnick, Jr. The dividend is payable December 1, 2023, to shareholders of record as of November 10, 2023.
AutoCrat – PAG Q3 earnings are due next week on the morning of 25 October.