Penske races higher after first-quarter earnings beat

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Penske Automotive's stock closed up more than 11 percent Tuesday after the company reported better-than-expected quarterly results.

The car and dealership firm posted first-quarter earnings per share of 90 cents, on revenue of $4.83 billion. Wall Street expected the firm to report earnings per share of 88 cents on revenue of $4.79 billion, according to a Thomson Reuters consensus estimate.

"The resiliency of the U.S. and U.K. automotive markets and a solid performance from our truck dealership operations drove Penske Automotive to another quarter of record results," Roger Penske, the firm's chairman, said in a statement. "We believe the diversification provided by our business model continues to reward our shareholders."

The company's stock is down more than 5 percent year to date.

PAG in 2016

— CNBC's Gina Francolla and Reuters contributed to this report.