Lithia Motors: 2Q Earnings Snapshot
MEDFORD, Ore. (AP) _ Lithia Motors Inc. (LAD) on Wednesday reported second-quarter net income of $61.9 million.
The Medford, Oregon-based company said it had profit of $2.63 per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to $2.95 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.87 per share.
The auto dealership chain posted revenue of $3.22 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $3.21 billion.
Lithia Motors shares have increased 55% since the beginning of the year. The stock has climbed 24% in the last 12 months.