| 12 April 2024, Friday |

Lithia Motors: First quarter earnings snapshot

MEDFORD, Ore.: Lithia Motors Inc. (LAD) on Wednesday reported first-quarter net income of $156.2 million.

On a per-share basis, the Medford, Oregon-based company said it had net income of $5.81. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were $5.89 per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $4.73 per share.

The auto dealership chain posted revenue of $4.34 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $3.86 billion.

Lithia Motors shares have risen 28% since the beginning of the year. The stock has more than quadrupled in the last 12 months.

  • Associated Press