Lithia Motors (LAD) Misses Q1 EPS by 4c, Revenues Miss

Lithia Motors (NYSE: LAD) reported Q1 EPS of $2.01, $0.04 worse than the analyst estimate of $2.05. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $2.93 billion.

First Quarter-over-Quarter Operating Highlights:

• Same store new vehicle sales decreased 10.6 %
• Same store used vehicle retail sales increased 2.7%
• Same store F&I per unit increased 6.1% to $1,557
• Same store service, body, and part sales increased 0.5 %
• Same store total gross profit per unit increased 2.3% to $3,697

"First quarter results were driven by strength in January and February, with same store new, used, F&I and service, body and part sales up 4%, 22%, 18% and 6% respectively," said Bryan DeBoer, President and CEO. "These results continued through early March before being negatively impacted by varying levels of shelter in place policies enacted in most states due to COVID-19. Our decentralized operating structure has allowed our teams to respond independently to these differences with decisive actions aligned with their local market conditions."

For earnings history and earnings-related data on Lithia Motors (LAD) click here.

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