Automobile dealership major Penske Automotive Group (NYSE: PAG) recently reported strong 2016 results, key highlights of which are shown below:
- Revenue climbed 4.3% to just over $20B. Revenue climbed 8.6% excluding FX.
- SS retail revenue declined by a modest 0.6%, but increased 3.8% excluding FX
- Adjusted EPS from Continuing Ops increased 7.1%; +12% excluding FX.
Shareholders were also rewarded with a 1 cent or 3% increase in the company’s quarterly dividend to 30 cents per share. This most recent dividend increase represents the company’s 23rd such consecutive quarterly increase 🙂
See below for why I think PAG is a good long-term hold for the serious dividend investor: