Penske Automotive Group Stock Dips After Q3 Earnings Miss Amid Continued Freight Challenges

Penske Automotive Group, Inc. (NYSE:PAG) shares are trading lower after the company reported worse-than-expected third-quarter financial results.

The company reported earnings per share of $3.39, missing the street view of $3.42. Quarterly sales of $7.59 billion (+2%) missed the analyst consensus of $7.67 billion.

The company reported quarterly retail automotive service and parts revenue of $778.0 million, marking a 14% growth. Additionally, same-store retail automotive service and parts revenue rose by 7%, while related gross ...