LAD - Lithia & Driveway stock drives lower on earnings miss

Lithia & Driveway ( NYSE: LAD ) stock slipped on Wednesday after the company missed on top and bottom line earrings expectations.

The Oregon-based dealer and online auto seller notched $9.05 in earnings per share for the quarter, missing estimates by a wide margin. Meanwhile, an 11.1% jump in revenue to $7B came up $80M short of expectations. Total vehicle gross profit per unit of $5,691 was down $1,191 from the prior year quarter.

“Operational excellence is critical across our core in-store operations, growing omni-channel offerings and captive finance arm. We are nimbly adjusting to the environment and focused on achieving our 2025 Plan,” CEO Bryan DeBoer commented. “Our balance sheet is well capitalized and we're executing on the growth initiatives across our segments. With the significant capital engine we have built, we are well positioned for further consolidation in our sector.”

During the quarter, the company repurchased 174K shares at a weighted average price of $198. Approximately $501M remains available under the current authorization.

Shares of Lithia ( LAD ) slipped 5.79% in premarket trading on light volume after the print .

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