Penske Automotive Expects Solid Growth In Q2 Earnings

Transportation services company Penske Automotive Group Inc PAG expects second-quarter FY21 earnings before taxes of more than $450 million.
The company sees income from continuing operations of more than $325 million and related earnings per share of more than $4.00, representing more than 600% growth from last year.
These preliminary results include a net charge of about $13 million relating to the previously completed refinancing of $500 million 5.50% senior subordinated notes due 2026 with $500 million 3.75% senior subordinated notes due 2029.
Price action: PAG shares are trading higher by 1.28% at $80.00 in the premarket session on Thursday.