Penske Q3 revenue tops estimates on used vehicle demand
PAG•Penske Automotive Group’s third-quarter revenue rose 5% to $8.42 billion, beating the $8.17 billion analyst estimate, while EPS was $3.36. The company reiterated that its $212-per-share take-private deal is expected to close in the first quarter of 2027.
1. Revenue beats estimates
Penske Automotive Group reported third-quarter revenue of $8.42 billion, up 5% and above the $8.17 billion consensus estimate. Net income was $221.2 million and EPS was $3.36, which declined slightly from a year earlier.
2. Truck and vehicle demand
Higher new and used commercial truck deliveries boosted segment revenue and profit. Increased used vehicle deliveries contributed to modest growth in retail automotive revenue.
3. Deal and dividend
The company reiterated that its take-private transaction at $212 per share is expected to close in the first quarter of 2027, subject to closing conditions. Penske said it does not expect further share repurchases while the deal is pending and increased its quarterly dividend to $1.46 per share, or $5.84 annualized.
