Penske issues 2Q forecast, stands by full-year outlook

BLOOMFIELD HILLS, Mich.—Penske Automotive Group Inc. on Tuesday issued a second quarter earnings forecast close to Wall Street's expectations, and maintained its outlook for the full-year.

The auto retailer predicts second-quarter earnings from continuing operations, which exclude some one-time items, of 45 to 47 cents per share.

Analysts, who typically exclude one-time items, forecast profit of 45 cents per share, according to Thomson Financial.

For the year, the company sees earnings from continuing operations in a range of $1.63 per share to $1.71 per share. Analysts currently predict $1.65 per share.