Shares of Lithia Motors Inc. (LAD), also known as Lithia & Driveway, were indicated up nearly 2% in premarket trading Wednesday, after the auto retailer reported fourth-quarter that more than doubled to beat expectations by a wide margin, as used vehicle retail revenue that soared more than 80%. Net income rose to $291.0 million, or $9.57 a share, from $187.6 million, or $7.02 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share more than doubled to $11.39 from $5.46, well above the FactSet consensus of $10.14. Revenue grew 60.1% to $6.31 billion, beating the FactSet consensus of $6.16 billion, as new vehicle retail sales jumped 37.7% to $2.96 billion and used vehicle retail sales soared 82.1% to $2.02 billion. Gross profit margin improved to 19.7% from 16.5%. The stock has dropped 8.4% over the past three months while the S&P 500 has eased 3.5%.
(END) Dow Jones Newswires
02-09-22 0609ETCopyright (c) 2022 Dow Jones & Company, Inc.