PAG - Penske Automotive Group, Inc.
35.12 -0.63 (-1.76%)
After hours: 7:37PM EDT
Chart Events
Momentum
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 34.09 |
| Open | 35.62 |
| Bid | 35.01 x 900 |
| Ask | 36.94 x 800 |
| Day's Range | 35.49 - 37.23 |
| 52 Week Range | 19.99 - 53.81 |
| Volume | 667,744 |
| Avg. Volume | 455,488 |
| Market Cap | 2.876B |
| Beta (5Y Monthly) | 1.68 |
| PE Ratio (TTM) | 7.54 |
| EPS (TTM) | 4.74 |
| Earnings Date | Jul 28, 2020 - Aug 03, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | Feb 21, 2020 |
| 1y Target Est | 40.50 |
Fair Value
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Penske (PAG) Suspends Quarterly Dividend on Coronavirus Crisis
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Penske Automotive Suspends Quarterly Dividend
Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company, today announced that its Board of Directors has suspended its cash dividend. The company previously paid a quarterly dividend of $0.42 per share to shareholders on March 3, 2020. The company estimates that the suspension of the dividend will preserve approximately $34 million in cash during the second quarter. Commenting on the announcement, Chair Roger Penske said, "The decision to suspend the quarterly dividend is consistent with the other measures the company has implemented to mitigate the impact of Covid-19, including a hiring freeze, the deferral of approximately $150 million in capital expenditures, and the furloughing of 57% of its worldwide workforce, among others."
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Edited Transcript of PAG earnings conference call or presentation 6-May-20 6:00pm GMT
Q1 2020 Penske Automotive Group Inc Earnings Call
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Penske Automotive (PAG) Q1 Earnings In Line, Revenues Beat (Revised)
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Penske Automotive Group Inc (PAG) Q1 2020 Earnings Call Transcript
A press release detailing Penske Automotive Group's first quarter 2020 financial results was issued this morning and is posted on our website, along with the first quarter earnings presentation designed to assist you in understanding the first quarter on our results. Joining me for today's call is Roger Penske, our Chairman; J.D. Carlson, the Chief Financial Officer; and Shelley Hulgrave, our Corporate Controller.
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Penske Automotive Reports First Quarter 2020 Results
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Analysts Estimate Penske Automotive (PAG) to Report a Decline in Earnings: What to Look Out for
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Penske Touts Shorter Term Leasing Deals In Unusual Public Statement
Penske Truck Leasing likes its new incentive program so much that the company did something it doesn't appear to have done for at least 10 years. It put out a press release on it.Signaling an aggressive stance in the market for leasing trucks, Penske announced on April 27 a "Get Back to Business" offer with what it called "flexible lease terms" and "low rates." The offer will be for customers leasing what privately held Penske said were "late-model, low-mileage vehicles" from its inventory of box trucks and tractors. A scroll through 10 years of Penske press releases on its website turns up no similar announcements. Specifically, the length of lease terms is being reduced. In an email sent to FreightWaves, a spokeswoman for the company said the incentive program includes a length of term of three to four years on a lease. In an earlier email to FreightWaves, Jim Lager, senior vice president of sales for Penske Truck Leasing said that five to seven years is the company's current "normal offer.""Today, we understand that the economic environment is unique and goals are changing, so we are adapting to meet that need," Lager said in the email."Customers often tell me how they appreciate the flexibility and competitiveness of our late-model equipment solutions in these unique times," said Phil Feger, vice president of sales at Penske Truck Leasing, said in the Penske statement."It's a strategic move ahead of an upturn we are anticipating later in the year when the economy is returning and businesses are opening," Lager added in his email.. The more flexible terms, Lager said, will be on 2018, 2019 and 2020 model years. Many of the vehicles have odometer readings less than 100,000 miles, he said, adding that many are also equipped with collision mitigation systems.Chris Visser, Commercial Truck Senior Analyst at J.D. Power, said the Penske move, while being announced publicly, is not odd. He also said that incentives in the industry have been a feature of used truck leasing since the market for all trucks started to slide in late 2018."I think a lot of dealers and OEMs [original equipment manufacturers] with in-house financing arms, and also the third-party finance companies, have been running specials ever since pricing started to come back down in 2018," Visser said. Visser added that he expected companies in the used truck leasing or sales market to provide "historically attractive rates" and be more willing to "dip down to widen the risk tolerance," another way of saying they might be offering deals to customers who might not have passed credit muster in the past. Warranties are another area that can be used as an incentive, Visser said. "It's been a traditional value-add," he said. "They will throw in a warranty to move a truck. You'll probably see that." (Visser's comments were to the broader industry, not to Penske specifically).In his email, Lager reviewed steps the company is taking with its trucks to sanitize the vehicles against COVID-19. And while he did not speak specifically to warranties, he did say that "maintenance is just one aspect of what we provide. While it is an important one, so are other services like engineering the right specs and procuring the best price."Penske truck leasing rival Ryder System, Inc. (NYSE: R) will be announcing its earnings today (April 29). Contacted by FreightWaves, Ryder's media department said it could not comment on certain specific questions.But spokesman Jonathan Mayor added, "we have had flexibility in our Lease product for some time." He cited three separate types of leases launched in 2016: Full Service, Preventive and On-Demand."The flexibility of our program from 2016 has greater impact even more during these uncertain times as the apprehension companies have right now on spending capital is strongly present," Mayor said in an email to FreightWaves. "Because of this, we have flexible terms and options that allow businesses to hold on to capital, while benefiting from reliable vehicles that come with built-in maintenance."See more from Benzinga * UPS Faces Mix/Margin Challenges As COVID-19 Skews Shipping Choices * Freight Futures Daily Curve: 4/28 * When Will Retail Recover? – Coronavirus Freight Market Update (With Video)(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Penske Automotive Group, Inc. -- Moody's announces completion of a periodic review of ratings of Penske Automotive Group, Inc.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Penske Automotive Group, Inc. New York, April 22, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Penske Automotive Group, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
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Penske Automotive Group, Inc. -- Moody's changes Penske Automotive's outlook to negative; affirms Ba1 corporate family rating
Moody's Investors Service, ("Moody's") today affirmed all ratings of Penske Automotive Group, Inc. ("Penske") including the Ba1 corporate family rating. "The outlook change to negative considers the potential for deterioration in Penske's credit metrics due to the various coronavirus containment measures," stated Moody's Vice President Charlie O'Shea. "Heading into 2020, Penske's metrics were already weakly positioned relative to the downward rating triggers with EBIT/interest of 3.1 times already below the 3.5 times trigger, with Moody's expectation that they would gradually improve during the year, which is now uncertain," continued O'Shea.
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Roger Penske has canceled the doubleheader race at Detroit and adjusted the IndyCar schedule Monday as the series remains on hold during the coronavirus pandemic. Penske told The Associated Press he had no choice but to cancel the two races at Belle Isle because Michigan is under a stay-at-home order and workers cannot begin constructing the track. Penske is the promoter of that race.
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Here's What Penske is Doing to Fight Coronavirus Crisis
Penske (PAG) enforces proactive measures, including cost cuts, staffing-level adjustments and postponement of an estimated $150 million in capital expenditures to combat the coronavirus crisis.
