Dividend Increased by $0.04 per share, or 7.5%, to $0.57
BLOOMFIELD HILLS, Mich., Oct. 20,
2022 /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 dividend by
$0.04 per share, or 7.5%, to
$0.57 per share. "Based on our
continued strong cash flow and the strength of the Company's
diversified business model, we are delighted to provide our
shareholders with an increase in the cash dividend," said
Penske Automotive Group President, Robert
Kurnick, Jr. The dividend is payable
December 1, 2022, to shareholders of
record as of November 10,
2022.
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, a business that manages a fleet of over
400,000 vehicles providing innovative transportation, supply chain
and technology solutions to North American fleets. 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, acquisitions, and
growth 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 general
economic and industry conditions, including the effect of COVID-19
on the global economy; the distribution rate, effectiveness, and
acceptance of vaccines for COVID-19; our ability to react
effectively to changing business conditions in light of the
COVID-19 pandemic; the rate of inflation; changes in interest rates
and foreign currency exchange rates; our ability to consummate and
integrate acquisitions; the level of vehicle sales in the markets
where we operate; our ability to obtain vehicles and parts from our
manufacturers, especially in light of the COVID-19 pandemic and the
war in Ukraine, including global
shortages in microchip availability or other vehicle components;
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; 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 relating to automotive
dealerships; 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, changes in consumer credit availability,
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, and other uncertainties, which could affect
Penske Automotive Group's future performance. These risks 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 and June
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.