Penske Automotive Increases Dividend
BLOOMFIELD HILLS, Mich., Oct. 17, 2018 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, today announced that its Board of Directors has approved an increase in the cash dividend to $0.37 per share for the third quarter of 2018.
Penske Automotive Group President Robert H. Kurnick, Jr., said, "Our Board of Directors are pleased to offer our shareholders an increase in the quarterly dividend for the 30(th) consecutive quarter. The increase in the dividend reflects our commitment to increasing returns for shareholders and reinforces the continued confidence we have in our ability to grow our company's diversified transportation services business model."
The dividend is payable on December 4, 2018, to shareholders of record on November 12, 2018.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future sales and earnings potential. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters such as the recent hurricanes, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10?K for the year ended December 31, 2017, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 26,000 people worldwide, is a member of the Fortune 500, Russell 2000, and was named as one of the World's Most Admired Companies by Fortune. For additional information visit the company's website at www.penskeautomotive.com.
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Inquiries should contact:
Contacts:
J.D. Carlson
Anthony R. Pordon
Executive Vice President - Investor
Executive Vice President and Relations and Corporate Development
248-648-2540
Chief Financial Officer tpordon@penskeautomotive.com
248-648-2810
jcarlson@penskeautomotive.com
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SOURCE Penske Automotive Group, Inc.
