Penske Automotive Group, Inc 8-K, filed Jan 26, 2021
Penske Automotive Group, Inc. (PAG)
About this 8-K
Penske Automotive Group, Inc filed this 8-K on January 26, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): |
(Exact name of registrant as specified in its charter)
|
| |||
(State or other jurisdiction | | (Commission | | (I.R.S. Employer |
of incorporation) | | File Number) | | Identification No.) |
| | | | |
| | | ||
(Address of principal executive offices) | | | | (Zip Code) |
| | | | |
Registrant’s telephone number, including area code: | | |||
| | | ||
| | Not Applicable | | |
Former name or former address, if changed since last report | ||||
| | | | |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On January 26, 2021, we announced that our Board of Directors has declared a quarterly dividend in the amount of $0.43 per share payable on March 1, 2021 to shareholders of record as of February 10, 2021, as discussed more fully in the press release incorporated herein and attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Index
Exhibit No. |
| Description |
99.1 | | |
104 | | Cover Page Interactive Data File (formatted as inline XBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | Penske Automotive Group, Inc. | ||
|
|
|
|
|
January 26, 2021 |
| By: |
| /s/ Shane M. Spradlin |
|
|
|
| Name: Shane M. Spradlin |
|
|
|
| Title: Executive Vice President |
| Exhibit 99.1 Press Release |
| Penske Automotive Group, Inc., 2555 Telegraph Rd. Bloomfield Hills, MI 48302 |
BLOOMFIELD HILLS, MI, January 26, 2021 – Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, today announced that its Board of Directors has increased the Company’s dividend to $0.43 per share. The dividend is payable on March 1, 2021, to shareholders of record on February 10, 2021.
Commenting on the dividend, President Robert K. Kurnick said, “I am pleased to announce an increase in the quarterly dividend. With this increase, the annualized dividend is $1.72 per share and represents a yield of 2.7%, the highest in our peer group. Our business and cash flow remain strong despite the Covid-19 pandemic, as the actions we took to mitigate its impact continue to provide operational benefits.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World’s Most Admired Companies by Fortune Magazine. For additional information, visit the company’s website atwww.penskeautomotive.com.
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 liquidity and business results. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: the duration, severity and resolution of the COVID-19 pandemic, economic conditions generally, conditions in the credit markets, changes in interest rates and foreign currency exchange rates, changes in tariff rates, adverse conditions affecting a particular manufacturer, including the
adverse impact to the vehicle and parts supply chain due to limited vehicle availability due to the COVID-19 pandemic or the reported shortage of automotive semiconductor chips, natural disasters, recall or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions and other uncertainties, which could affect Penske Automotive Group's future performance. These risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2019 and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
Inquiries should contact:
J. D. Carlson Chief Financial Officer 248-648-2810 | Anthony R. Pordon 248-648-2540 |
|---|
# # #