Penske Automotive predicts record Q2 results

DETROIT — Penske Automotive Group Inc. expects record second-quarter results, with income from continuing operations topping more than $325 million, the company said Thursday as it announced preliminary results for the quarter ended June 30.

The second-largest auto retailer based in the U.S. last year also expects record earnings before taxes of more than $450 million in the second quarter and record earnings per share of more than $4 — soaring over results that were dampened a year earlier by the coronavirus pandemic and also surpassing second-quarter 2019 results.

Penske spokesman Anthony Pordon said income from continuing operations, earnings per share and earnings before taxes are predicted to be records for any quarter.

“Our business produced a record second quarter driven by strength across all areas of our business,” CEO Roger Penske said in a statement. “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.” 

Shares of Penske rose 1.2 percent to $79.96 in midday trading on Thursday.

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