Penske Suspends Dividend

By Staff Writer May 18, 2020

Penske Automotive Group Inc. 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. The company estimates that the suspension of the dividend will preserve approximately $34 million in cash during the second quarter.

Chairman Roger Penske stated, “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 percent of its worldwide workforce, among others.”

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Last modified on Tuesday, 19 May 2020 14:19

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