Dividend Increased by $0.04 per share, or 7%, to $0.61
BLOOMFIELD HILLS, Mich., Jan. 25,
2023 /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
increased the Company's quarterly dividend by $0.04 per share, or 7%, to $0.61 per share. "Based on the strength of
the Company's diversified business model and our continued strong
cash flow, we are pleased to provide our shareholders with an
increase in the cash dividend," said Penske Automotive Group
President, Robert Kurnick, Jr.
The dividend is payable March 1,
2023, to shareholders of record as of February 10, 2023.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in
Bloomfield Hills, Michigan, is a
diversified international transportation services company and one
of the world's premier automotive and commercial truck
retailers. PAG operates dealerships principally in
the United States, the
United Kingdom, Canada, Germany, Italy, and Japan and is one of 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 principally in Australia and New
Zealand. Additionally, PAG owns 28.9% of Penske
Transportation Solutions ("PTS"), a business that manages one of
the largest, most comprehensive and modern trucking fleets in
North America with over 414,500
trucks, tractors, and trailers under lease, rental, and/or
maintenance contracts, and 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, and is ranked among the World's Most Admired
Companies by Fortune Magazine. For additional information, visit
the Company's website at www.penskeautomotive.com.
Caution Concerning Forward Looking
Statements
Statements in this press release may involve forward-looking
statements, including forward-looking statements regarding Penske
Automotive Group, Inc.'s financial performance and future plans.
Actual results may vary materially because of risks and
uncertainties that are difficult to predict. These risks and
uncertainties include, among others, those related to
macro-economic, geo-political and industry conditions and events,
including their impact on new and used vehicle sales, the
availability of consumer credit, changes in consumer demand,
consumer confidence levels, fuel prices, personal discretionary
spending levels, consumer credit availability, interest rates, and
unemployment rates; our ability to obtain vehicles and parts from
our manufacturers, especially in light of supply chain disruptions
due to natural disasters, the shortage of microchips or other
components, the COVID-19 pandemic, the war in Ukraine, challenges in sourcing labor, or
other disruptions; changes in the retail model either from direct
sales by manufacturers, a transition to an agency model of sales,
sales by online competitors, or from the expansion of electric
vehicles; the continued effect of COVID-19 on the global economy,
including our ability to react effectively to changing business
conditions in light of the COVID-19 pandemic; the rate of
inflation, including its impact on vehicle affordability; changes
in interest rates and foreign currency exchange rates; our ability
to consummate and integrate 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 our significant capital investment in
new and upgraded dealership facilities; our ability to navigate a
rapidly changing automotive and truck landscape; our ability to
respond to new or enhanced regulations in both our domestic and
international markets relating to automotive dealerships and
vehicles sales, including those related to emissions standards, as
well as changes in consumer sentiment relating to commercial truck
sales that may hinder our or PTS' ability to maintain, acquire,
sell, or operate trucks; the success of our distribution of
commercial vehicles, engines, and power systems; natural disasters;
recall initiatives or other disruptions that interrupt the supply
of vehicles or parts to us; the outcome of legal and administrative
matters, and other factors over which management has limited
control. These forward-looking statements should be evaluated
together with additional information about Penske Automotive
Group's business, markets, conditions, risks and other
uncertainties, which could affect Penske Automotive Group's future
performance. The risks and uncertainties discussed above are not
exhaustive and additional risk and uncertainties are addressed in
Penske Automotive Group's Form 10-K for the year ended December 31, 2021, Form 10-Q for the quarterly
periods ended March 31, 2022,
June 30, 2022, and September 30, 2022, and its other filings with
the Securities and Exchange Commission ("SEC"). This press release
speaks only as of its date, and Penske Automotive Group disclaims
any duty to update the information herein.
Inquiries should contact:
Shelley
Hulgrave
|
Anthony
Pordon
|
Executive Vice
President and
|
Executive Vice
President Investor Relations
|
Chief Financial
Officer
|
and Corporate
Development
|
Penske Automotive
Group, Inc.
|
Penske Automotive
Group, Inc.
|
248-648-2812
|
248-648-2540
|
shulgrave@penskeautomotive.com
|
tpordon@penskeautomotive.com
|
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SOURCE Penske Automotive Group, Inc.