Source: Yahoo

Lithia Motors: Lithia Motors Q3 Earnings Miss Estimates

Lithia Motors Inc (NYSE: LAD ) reported third-quarter FY22 sales growth of 18.2% year-on-year to $7.29 billion, missing the consensus of $7.46 billion. New vehicle retail revenues increased 14.1% Y/Y, and used vehicle retail revenues rose 18.6%. Driveway reached 2 million monthly visitors in Q3 and a 327% increase in transactions versus Q3 2021. Vehicle gross profit per unit was $6,139. Gross profit increased 10.5% Y/Y to $1.31 billion, and the gross margin contracted 130 basis points to 18%. The operating margin was 7.2%, and operating income for the quarter rose 9.1% to $523.1 million. Adjusted EPS of $11.08 missed the analyst consensus of $12.11. Lithia Motors held $233 million in cash and equivalents as of September 30, 2022. The Board of Directors approved a dividend of $0.42 per share, payable on November 18, 2022, to shareholders of record on November 11, 2022. Under the current share repurchase authorization, approximately $77 remains available. Price Action: LAD shares are trading 2.13% lower at $202.94 in the pre-market on Wednesday.

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Bryan DeBoer's photo - President & CEO of Lithia Motors

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Bryan DeBoer

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