LAD - Lithia & Driveway Non-GAAP EPS of $8.44 misses by $0.37 revenue of $7B misses by $280M

2023-04-19 05:01:32 ET

• Lithia & Driveway press release ( NYSE: LAD ): Q1 Non-GAAP EPS of $8.44 misses by $0.37 .
• Revenue of $7B (+4.3% Y/Y) misses by $280M .
• New and used unit growth was 4% and 6%, respectively
• Total vehicle gross profit per unit of $5,585, down $1,240
• Driveway averaged 2.4 million monthly unique visitors in the quarter, and over 2.7 million in March alone
• Driveway Finance Corporation penetration rate rose to over 14% in Q1, originating nearly $630 million in loans
• Service, body, and parts revenues increased 17%
• Adjusted SG&A as a percentage of gross profit was 62.7%

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