Penske raises dividend 7% Penske Automotive Group Inc. increased its quarterly dividend by 7 percent, to 15 cents per share, for the first quarter, the company announced today.
The dividend is payable on June 3 to shareholders of record on May 20. The dividend is up 1 cent per share from the previous quarter’s payout.
Last month the company reported a 23 percent increase in net income for the first quarter, citing higher new- and used-vehicle sales. Net income rose to $57.7 million in the quarter -- the company’s highest quarterly earnings ever -- and revenue climbed 8 percent to $3.4 billion.
New-vehicle sales rose 10 percent to 45,745 units and used-vehicle sales increased 10 percent , to 40,076 for the quarter.
Penske ranks No. 2 on the Automotive News list of top 125 dealership groups in the United States with retail sales of 180,764 new vehicles in 2012.
Copyright 1999-2018 | AutoRacing1 is an
independent internet online publication and is not affiliated with, sponsored by, or endorsed
by IndyCar, NASCAR, FIA, or any series sponsor.
This material may not be published, broadcast, or redistributed without