LAD - Lithia Motors stock decelerates as per unit profits plunge

2023-04-19 07:17:56 ET

Lithia Motors ( NYSE: LAD ) shares slipped in premarket trading on Wednesday after Q1 earnings results fell well short of expectations.

The Oregon-based auto retailer reported $8.44 in earnings per share, missing expectations by $0.37. Meanwhile, $7B in revenue fell $280M short of estimates. A $1,240 decline in vehicle gross profit per unit to $5,585 impacted results, reflecting a pullback in auto prices from historic peaks in 2022.

“As we navigate the current environment, we continue to find accretive acquisitions that expand our network, grow DFC, which will increase our profitability in the long-term, and progress toward the goals in our 2025 Plan,” CEO Bryan DeBoer commented. “Our strong balance sheet and significant capital engine position us well to further consolidate the industry."

Elsewhere, the company increased its dividend by 19% to $0.50 per share.

Shares of Lithia Motors ( LAD ) moved 3.29% lower in premarket trading on light volume.

Dig into the details of the print .

For further details see: