Penske Automotive Surges 6% On Q2 Beat: Details Here
Portfolio Pulse from Nabaparna Bhattacharya
Penske Automotive Group, Inc. (NYSE:PAG) shares surged 6.37% after the company reported strong Q2 results, beating earnings and revenue estimates. The company posted earnings per share of $3.61 and quarterly sales of $7.697 billion. Revenue increased by 3% year-over-year, with a notable 10% rise in retail automotive service and parts revenue. The company also reported a 63% sequential growth in equity earnings from Penske Transportation Solutions.
July 31, 2024 | 5:31 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Penske Automotive Group, Inc. (NYSE:PAG) reported strong Q2 results, beating both earnings and revenue estimates. The company posted earnings per share of $3.61, surpassing the street view of $3.40, and quarterly sales of $7.697 billion, exceeding the analyst consensus of $7.576 billion. Revenue increased by 3% year-over-year, with a notable 10% rise in retail automotive service and parts revenue. The company also reported a 63% sequential growth in equity earnings from Penske Transportation Solutions. As a result, PAG shares surged 6.37%.
PAG's strong Q2 performance, with earnings and revenue beating estimates, and significant growth in key segments, has positively impacted investor sentiment, leading to a 6.37% surge in share price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100