LAD - Lithia Motors leaps on big earnings beat

Lithia Motors (NYSE:LAD) is accelerating in pre-market trading after cruising past Wall Street estimates in its first quarter earnings release.  The Oregon-based dealership group reported non-GAAP EPS of $11.96, driving past estimates by $1.62. Meanwhile, revenue came in at $6.71 billion for the quarter, an over 50% gain from the year prior and $370 million above expectations. The company noted that recent store acquisitions from major automakers like Stellantis have significantly added to revenue growth. Thus far in 2022, the group has acquired $1.1 billion in annualized revenues via these purchases. That figure added to the over $10 billion already acquired since the announcement of an aggressive five-year plan in July 2020. "Our highly adaptable model generated significant free cash flows and Driveway and DFC each achieved impressive milestones,” Bryan DeBoer, Lithia & Driveway's President and CEO, said in a statement. “Combined with our teams' unique ability to quickly integrate

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Lithia Motors leaps on big earnings beat