NEW YORK (Associated Press) - Auto retailer Penske Automotive Group Inc. cut its full-year earnings forecast Wednesday after reporting its second-quarter earnings declined on weaker sales.
The company said it now expects earnings from continuing operations for 2008 of between $1.54 and $1.60 per share. Previously, the company guided for $1.63 to $1.71 per share.
Analysts polled by Thomson Financial expect full-year earnings of $1.58 per share, on average. Such estimates typically exclude one-time items.
Also on Wednesday, Penske said its second-quarter earnings declined 1 percent as a tough retail environment weakened its sales.
Shares of the company added 5 cents to $13.86 in morning trading.
http://money.cnn.com/news/newsfeeds/articles/apwire/999b14529fa8e17e708e6ec0430b3ff9.htm
Friday, August 1, 2008
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