Penske: Q1 Earnings Snapshot
April 28, 2021 GMT
BLOOMFIELD HILLS, Mich. (AP) Penske Automotive Group Inc. (PAG) on Wednesday reported first-quarter net income of $182.5 million.
On a per-share basis, the Bloomfield Hills, Michigan-based company said it had profit of $2.26.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.81 per share.
The auto dealership chain posted revenue of $5.77 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $5.5 billion.
Penske shares have risen 49% since the beginning of the year. The stock has more than doubled in the last 12 months.
Surging new-vehicle sales lift Penske to record Q1 results autonews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from autonews.com Daily Mail and Mail on Sunday newspapers.
9 & 10 News
April 28, 2021 Automated Insights
BLOOMFIELD HILLS, Mich. (AP) Penske Automotive Group Inc. (PAG) on Wednesday reported first-quarter net income of $182.5 million.
On a per-share basis, the Bloomfield Hills, Michigan-based company said it had profit of $2.26.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.81 per share.
The auto dealership chain posted revenue of $5.77 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $5.5 billion.
Penske shares have risen 49% since the beginning of the year. The stock has more than doubled in the last 12 months.
Penske Automotive Reports All Time Record First Quarter Results apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
Anheuser-Busch InBev (NYSE: BUD),
Penske Automotive Group Inc (NYSE: PAG) and
Ryder System Inc (NYSE: R) have joined the Hypertruck council, Healy said.
Although the companies have not committed to preorders, they will be a part of the development and testing process, he said.
Demonstration Hypertrucks will be on the road and Hypertruck council members will get a chance to test the vehicles later in 2021, Healy told Benzinga.
The market opportunity is substantial, he said, adding that the Hypertruck will be a global powertrain solution.
The company plans to replace natural gas with hydrogen in the future, but there are a lot of obstacles to overcome on the path to hydrogen, Healy said.