2024-04-24 20:10:18 ET
Summary
- Lithia Motors disappointed investors with lower-than-expected net income and a slight beat in revenues for the last quarter.
- Net income declined by 29% despite a 23% increase in revenues, indicating rising costs for the company.
- Same-store sales for new cars were up 2% while used car sales were down 5%, possibly due to a small price difference between new and used cars.
- Despite short-term troubles, the long-term story remains intact, and the company will continue to invest up to 60% of its cash flow into the company's growth initiatives.
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Lithia Motors: Despite Short-Term Troubles, Long-Term Story Remains Intact