NYSE:PAGSpecialty Retail
Penske Automotive Group (PAG) Stock Rallies On Sales Strength As Margin Questions Linger
Penske Automotive Group came into this earnings day with the stock up almost 30% over the past three months, yet the first reaction was a modest pullback of about 1% to roughly $221. For a company often treated as a mature auto retailer, the headline was simple and powerful. Q2 revenue reached $8.5b and earnings per share landed at $3.96, both backed by 5.7% same store sales growth across the core dealership base.
The gap between that cool share price reaction and the heat in those operating...