UPDATE 1-Penske profit off 3 pct; share buyback approved


(Recasts throughout) DETROIT, Feb 19 (Reuters) - Penske Automotive Group , the No. 2 U.S. auto retailer by revenue, on Tuesday posted a 3 percent decline in quarterly earnings after writing down assets, and said its board had authorized a $150 million share buyback program. Excluding charges, Penske posted adjusted earnings from continuing operations of 34 cents per share, flat from a year earlier and slightly higher than Wall Street expectations. The Bloomfield Hills, Michigan-based ...

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