October 25, 2020

Penske Automotive Reinstates Dividend

BLOOMFIELD HILLS, Mich., Oct. 14, 2020 /PRNewswire/ — Penske Automotive Group, Inc. (NYSE:PAG), a  diversified international transportation services company, today announced that its Board of Directors has reinstated the Company’s dividend, declaring a cash dividend of $0.42 per share. The dividend is payable on December 1, 2020, to shareholders of record on November 10, 2020.

Commenting on the dividend reinstatement, Chair Roger Penske said, “I am pleased to announce the reinstatement of our dividend. The actions we took to mitigate the impact of Covid-19, coupled with the improvement in business conditions in the third quarter, were instrumental in our ability to preserve liquidity and repay $300 million in Senior Subordinated Notes in August, at their maturity. I am confident in the strength of our financial position and our ability to reinstate the dividend at this time.” 

About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield

Read More

Group 1 Automotive shares jump premarket on upbeat guidance and news to reinstate quarterly dividend

MARKET PULSE

Group 1 Automotive Inc. shares (gpi) rose 3.5% in premarket trade Tuesday, after the car retailer offered upbeat guidance for the third quarter, unveiled a $200 million share buyback program and said it will reinstate its quarterly cash dividend which was suspended during the pandemic. The Houston-based company said it expects third-quarter per-share earnings of $6.25 to $6.65 and adjusted EPS of $6.50 to $6.80. The current FactSet consensus is for EPS of $3.73. The adjusted number excludes a $3.3 million pretax expense that is equal to 15 cents a share, for redeeming all previously issued 5.00% bonds due June 2022. The company expects higher gross margins on new and used cars in the U.S. has offset lower sales volumes. “Group 1’s U.K. operations also contributed to the significant third quarter profit improvement with vehicle sales and service levels recovering from the extensive lockdowns that occurred over April

Read More

Group 1 Automotive Reports Preliminary Third Quarter 2020 Results, New Share Repurchase Authorization, and Intention to Reinstate Dividend

HOUSTON, Oct. 6, 2020 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI), an international, Fortune 500 automotive retailer, today reported preliminary financial results for the three months ended September 30, 2020. Group 1 expects diluted earnings per common share to be between $6.25 and $6.65, and adjusted diluted earnings per common share between $6.40 and $6.80. Adjusted earnings per share reflects the exclusion of the $3.3 million pre-tax expense or approximately $0.15 EPS impact of redeeming all previously issued 5.00% bonds due June 2022. This represents a 206% to 226% increase on a GAAP basis and a 112% to 125% increase on an adjusted basis as compared to third quarter 2019 results of $2.04 and $3.02, respectively.

This earnings increase represents a continuation of the solid profit performance of May and June 2020. Group 1 believes that new and used vehicle gross margins in the

Read More