Penske Automotive Group (PAG) Tops Q2 EPS by 2c, Revenues Miss

Penske Automotive Group (NYSE: PAG) reported Q2 EPS of $0.56, $0.02 better than the analyst estimate of $0.54. Revenue for the quarter came in at $3.65 billion versus the consensus estimate of $4.06 billion.

Commenting on the company's results, Chairman Roger Penske said, "The operating environment in the second quarter was one of the most challenging in memory. Since the COVID-19 pandemic began impacting operations, our teams took action to protect the safety of employees and customers, control costs, manage vehicle inventory, maximize gross profit and preserve liquidity. Through these actions, our business experienced sequential improvement from month to month in units retailed, service/parts gross profit and overall profitability. Penske continued, "Starting in late March, we furloughed approximately 15,000 employees, or 57% of the workforce. At the end of June approximately 14% of our employees remained on furlough. Additionally, we have reduced our workforce by approximately 8% as of June 30."

For earnings history and earnings-related data on Penske Automotive Group (PAG) click here.

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