BLOOMFIELD HILLS—Penske Automotive Group Inc. (NYSE: PAG) announced that its board of directors had suspended its cash dividend.
The company previously paid a quarterly dividend of 42 cents a share on March 3. The company estimates that the suspension of the dividend will preserve approximately $34 million in cash during the second quarter.
“The decision to suspend the quarterly dividend is consistent with the other measures the company has implemented to mitigate the impact of Covid-19, including a hiring freeze, the deferral of approximately $150 million in capital expenditures, and the furloughing of 57 percent of its worldwide workforce, among others,” board chair Roger Penske said.
Penske Automotive Group 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.
More at www.penskeautomotive.com.