Lithia Motors Inc LAD reported a third-quarter FY23 sales growth of 13% year-on-year to $8.28 billion, beating the analyst consensus of $8.20 billion.
Adjusted EPS of $9.25 missed the analyst consensus of $10.08.
New vehicle retail revenues increased by 17.5% Y/Y, and used vehicle retail revenues rose by 6.3%.
Driveway averaged more than 3.25 million monthly unique visitors, and Driveway Finance originated $502 million in loans in Q3.
Total vehicle gross profit per unit was $5,218. Gross profit increased 4.3% Y/Y to $1.37 billion, and the gross margin contracted 140 basis points to 16.6%.
Adjusted operating margin was 5.5%, down by 110 bps, and adjusted operating income for the quarter fell to $455.8 million from $480.4 million a year ago.
Lithia Motors held $256.2 million in cash and equivalents. As of September 30, 2023, inventories totaled $4.4 billion, versus $3.4 billion as of December 31, 2022.
The company’s Board of Directors approved a dividend of $0.50 per share, to be paid on November 17, 2023, to shareholders of record on November 10, 2023.
Price Action: LAD shares traded higher by 1.21% at $252.50 premarket on the last check Wednesday.
Image and article originally from www.benzinga.com. Read the original article here.