Lithia & Driveway's Q3 results beat on demand for used vehicles
LAD•Lithia & Driveway reported Q3 revenue of $9.95 billion and adjusted EPS of $10.34, beating analyst estimates of $9.73 billion and $9.77. The company repurchased $85 million in shares and raised its quarterly dividend by 7%.
1. Q3 results and outlook
Lithia & Driveway said Q3 revenue rose 3% year over year and adjusted diluted EPS increased 9%, with both beating analyst expectations. Used vehicle gross profit per unit rose 11%, aftersales gross profit and margin improved on a same-store basis, and financing operations income grew 69%. The company expects $250 million in annualized revenue from recent Memphis store acquisitions and said it has acquired $1.17 billion in expected annualized revenue year to date.
