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Jun 30, 2020
Penske Q2 2020 Earnings Report
Penske Automotive Group reported a decrease in revenue and earnings per share for the second quarter of 2020 due to the impact of the COVID-19 pandemic, but diversification helped offset challenges.
Key Takeaways
Penske Automotive Group reported a challenging second quarter in 2020 due to the COVID-19 pandemic, with revenue decreasing to $3.7 billion and earnings per share falling to $0.56. The company's diversification, particularly retail commercial trucks and Penske Transportation Solutions, helped offset the impact of the automotive retail environment. The company took actions to control costs, manage inventory, and preserve liquidity, which led to sequential improvement throughout the quarter.
Income from continuing operations was $45.0 million, or $0.56 per share, compared to $117.7 million, or $1.42 per share in the prior year.
Revenue was $3.7 billion, a decrease from $5.8 billion in the same period last year.
Liquidity stood at $1.2 billion as of June 30, 2020.
The company will repay $300 million in senior subordinated notes in August.
Revenue by Segment
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Forward Guidance
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Revenue & Expenses
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