Penske Expects Huge Q2

By Staff Writer July 15, 2021

Penske Automotive Group announced strong preliminary estimates of its financial results for the three months ended June 30, 2021. The company expects to report earnings before taxes of more than $450 million, income from continuing operations of more than $325 million and related earnings per share of more than $4.00, each representing an increase of more than 600% when compared to the three months ended June 30, 2020. These results include a net charge of approximately $13 million ($0.16 per share) relating to the previously completed refinancing of the company’s $500 million 5.50% senior subordinated notes due 2026 with $500 million 3.75% senior subordinated notes due 2029. 

Additionally, when compared to the three months ended June 30, 2019, earnings before taxes, income from continuing operations and related earnings per share is expected to increase by more than 175%.   

“Our business produced a record second quarter driven by strength across all areas of our business,” Penske Automotive Group CEO and Chair Roger Penske said. “Strong volume and vehicle margins, a reopening of the U.K. market, a growing Class 8 commercial truck market, record performance at Penske Transportation Solutions and continuing cost controls all contributed to the record performance.

“Despite the ongoing disruption to new vehicle supply, our performance in the quarter demonstrates the strength of the auto and commercial truck retail model and the benefit from our diversification.”  

The foregoing estimated results are based on preliminary information as of this date and are subject to change following completion of the quarter-end review process and other developments arising between now and the time financial results are finalized. In addition, these preliminary unaudited results are not comprehensive financial results for the three months ending June 30, 2021, should not be viewed as a substitute for complete GAAP financial statements or more comprehensive financial information, and are not indicative of the results for any future period.

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Last modified on Friday, 16 July 2021 14:17