BUZZ-Penske: Rises as co sees upbeat Q2 results due to cost cuts

** Shares of Penske Automotive Group Inc rises 2% to $45.5 in early trading after the automotive and commercial truck dealer forecast Q2 profit vs estimates of a loss

** Co expects to report earnings per share from continuing operations between 52 cents to 57 cents vs estimates of 13 cents loss, according to Refinitiv data

** Co says costs cuts and inventory management helped lift June performance

** Penske says sales of used units were strong with combined U.S. and U.K. operations generating more than double the profit from operations in June compared with a year ago

** Co says all its U.S. dealerships are open and it has seen sequential sales improvement from May to June

** In UK, new vehicle unit sales significantly outperformed the overall market since reopening in June

** Stock is down ~11% this year (Reporting by Rachit Vats)

07/16/2020 13:48

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