Benzinga | Jul 15, 2021 07:01AM EDT

Penske Automotive Sees Prelim. Q2 EBIT Over $450M, Related EPS $4.00+

BLOOMFIELD HILLS, Mich., July 15, 2021 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced preliminary estimates of its financial results for the three months ended June 30, 2021. Penske Automotive Group expects to report earnings before taxes of more than $450 million, income from continuing operations of more than $325 million and related earnings per share of more than $4.00, each representing an increase of more than 600% when compared to the three months ended June 30, 2020. These results include a net charge of approximately $13 million ($0.16 per share) relating to the previously completed refinancing of the company's $500 million 5.50% senior subordinated notes due 2026 with $500 million 3.75% senior subordinated notes due 2029. Additionally, when compared to the three months ended June 30, 2019, earnings before taxes, income from continuing operations and related earnings per share is expected to increase by more than 175%.