Company Overviewįounded in 1990 by Roger Penske, the eponymous company is headquartered in Bloomfield Hills, Michigan and has grown into one of the largest automotive retailers in the world. In this article, I will discuss some of the pros and a few of the risks of investing in Penske from the perspective of a dividend growth investor. Given the mixed bag of results, I decided to take a closer look at the company to see whether it presents a buying opportunity for investors or if, on the other hand, it would be better to look elsewhere. A sharp decline in revenue generated by the company's used vehicle operations is particularly eye-opening as the revenue from used vehicles in both retail automotive sales and retail commercial truck sales dropped substantially in Q1, with the former reporting a 23% decline and the latter reporting a 51% plummet. Among the more disappointing details is the fact that Penske reported that net income attributable to common stockholders decreased 19% to $298.3 million from $367.9 million while related earnings per share decreased 9% to $4.31 from $4.76 year-over-year. Those positive numbers, however, cannot make up for some concerning trends elsewhere in the report, which is likely why the stock price stumbled a bit as investors digested the news. Among other highlights in the report, Penske announced that Q1 GAAP earnings per share of $4.31 beat Wall Street expectations by $0.20, retail and commercial truck same-store revenue increased by 10%, and retail automotive same-store revenue climbed 2%.
That number represents a 5.3% increase year over year and beat Wall Street expectations by $320 million. _ĪP Sports Writer Dave Skretta contributed to this report.On Wednesday, Penske Automotive Group ( NYSE: PAG) released a superficially encouraging Q1 revenue report in which the firm celebrated a record quarterly revenue increase of 5% to $7.34 billion. “I think back about coming here in 1951 with my dad to see the first race of my own with him, and of course never realized that many, many years would pass and I would be here today, our family as the steward of the track, and also to have 19 wins,” Penske said. Newgarden was still doing postrace media obligations and the spot had already been changed to 19.
Roger Penske’s parking spot inside the speedway has been marked simply 18 for the last four years. “We always want to win this place, but 2019 was the last time that we had won and somebody else owned the place before,” Penske president Tim Cindric said.
ROGER PENSKE AUTOMOTIVE DRIVER
It was the first Indy win for a Team Penske driver since 2019, the year before Roger Penske bought the track. “The last two laps, I forgot about being the track owner and said ‘Let’s go for it,’” said Penske, who joined Newgarden in an open-top Chevy Camaro for a victory lap around the speedway. And for a moment, the 86-year-old team owner looked like a child filled with joy. Newgarden didn’t make the same mistake with Ericsson out in front of him.Īs Newgarden crossed the yard of bricks, Penske and his entire executive committee jumped up and down in celebration on an elevated platform near the start-finish line. Ericsson held him off the rest of the way, and many criticized O’Ward for not making a more aggressive move for the win. Last year’s race was red-flagged with five to go, when Ericsson was leading O’Ward to the finish. I don’t think it’s safe to go out of the pits on cold tires for a restart when half the field is sort of still trying to get out on track when we go green,” Ericsson said. “I think it wasn’t enough laps to go to do what we did. The Swede believed the race should have ended under caution, with him the winner, rather than having the green flag fly on the first lap out of the pits.
I knew I could.”Įricsson finished second in a Honda for Chip Ganassi Racing, and he immediately criticized Ind圜ar’s decision to hold a one-lap shootout to the checkered flag. “Everyone kept asking why I hadn’t won this race, and they look at you like you’re a failure if you haven’t won it. I started out as a fan in the crowd, and this place is amazing, regardless of where you’re sitting,” Newgarden said after pouring a bottle of whole milk over his head. He led five of the 200 laps and beat Ericsson in the fourth-closest finish in 107 years with a margin of victory of. The 32-year-old from Nashville is the first American to win the Indy 500 since Alexander Rossi in 2016. Then, Newgarden climbed the fence to mimic longtime Team Penske driver and four-time Indy 500 winner Helio Castroneves. Newgarden brought his Chevrolet-powered car to a stop on the front stretch, jumped out and found a hole in the fence, diving into part of a crowd estimated at more than 300,000 to celebrate.
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