BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Penske
Automotive Group, Inc. (NYSE:PAG), an international automotive
retailer, today announced preliminary results for the fourth quarter of
2009. The company currently expects income from continuing operations
attributable to common shareholders to be within the range of $0.20 to
$0.23 per share.
Commenting on the preliminary results, PAG Chairman Roger Penske said,
"I'm pleased with the strong results achieved by our business in the
fourth quarter. These results were driven by our brand mix, a strong
performance from our UK operations and the continuing benefit from our
cost-saving initiatives."
Fourth-Quarter Earnings Conference Call
Penske Automotive expects to release financial results for the fourth
quarter and full year ended December 31, 2009, on Friday, February 19th,
2010. Company management will host a conference call at 2 p.m. Eastern
Time that day to discuss those results. Details regarding the conference
call will be announced in advance.
About Penske Automotive
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 310 retail automotive franchises, representing 40 different
brands and 25 collision repair centers. Penske Automotive, which sells
new and previously owned vehicles, finance and insurance products and
replacement parts, and offers maintenance and repair services on all
brands it represents, has 160 franchises in 17 states and Puerto Rico
and 150 franchises located outside the United States, primarily in the
United Kingdom. Penske Automotive, through its wholly-owned subsidiary smart
USADistributor LLC, is the exclusive distributor of the smart
fortwo vehicle and related parts in the United States. smart USA
supports more than 75 smart retail centers in the United States. Penske
Automotive is a member of the Fortune 500 and Russell 1000 and has
approximately 14,000 employees. smart and fortwo
are registered trademarks of Daimler AG.
Caution Concerning Forward Looking
Statements
Statements in this press release may involve forward-looking statements,
including forward-looking statements regarding Penske Automotive Group,
Inc.'s preliminary financial results. Actual results may vary materially
because of risks and uncertainties, including that the Company completes
its ongoing audit and reports fourth quarter results consistent with its
current expectations. These forward-looking statements should be
evaluated together with additional information about Penske Automotive's
business, markets, conditions and other uncertainties which could affect
Penske Automotive's future performance. These risks and uncertainties
are addressed in Penske Automotive's Form 10-K for the year ended
December 31, 2008, and its other filings with the Securities and
Exchange Commission. This press release speaks only as of its date, and
Penske Automotive disclaims any duty to update the information herein.
Source: Penske Automotive Group, Inc.
Contact: Bob O'Shaughnessy
Executive Vice President - Finance
Penske Automotive Group
248-648-2800
boshaughnessy@penskeautomotive.com
or
Anthony R. Pordon
Senior Vice President
Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com