Welcome to our dedicated page for Lithia Mtrs news (Ticker: LAD), a resource for investors and traders seeking the latest updates and insights on Lithia Mtrs stock.
Lithia Motors, Inc., doing business as Lithia & Driveway (NYSE: LAD), is frequently in the news as it executes its automotive retail and capital allocation strategies. The company describes itself as the largest global automotive retailer, with operations that span the vehicle ownership lifecycle through physical locations, e-commerce platforms, captive finance solutions, fleet management offerings and related services.
News coverage on this page reflects several recurring themes in Lithia & Driveway’s public announcements. The company regularly reports quarterly financial results, including revenue and earnings per share, and often pairs these updates with information about dividends and share repurchase activity. Recent disclosures have highlighted record quarterly revenue, increases in diluted and adjusted diluted earnings per share, and ongoing cash dividends per share.
Another major news category involves acquisitions and network expansion. Lithia & Driveway issues press releases when it acquires dealerships in key markets, such as Subaru, Acura, Hyundai, Genesis, Porsche and Audi stores in regions including the Southeast United States, the Atlanta metro area, the West Palm Beach area, the West Side of Los Angeles and the Greater Toronto Area in Canada. These transactions are typically described in terms of expected annualized revenue contributions, brand mix, network density and strategic fit within its omnichannel ecosystem.
Additional news items cover capital markets activity and governance developments. Examples include announcements of proposed and priced private offerings of senior notes due 2030, amendments to its large syndicated loan agreement, and changes to the board of directors. Together, these updates provide insight into Lithia & Driveway’s financial structure, growth plans and corporate oversight. Investors following LAD news can use this stream of earnings releases, acquisition announcements and financing updates to understand how the company is pursuing its stated vision to modernize personal transportation solutions.
Lithia & Driveway (LAD) reported record second quarter revenue of $9.2 billion, a 14% increase from the previous year. The company achieved its first profitable quarter for Financing Operations, including Driveway Finance However, net income decreased by 28% to $217 million, with diluted earnings per share at $7.87, down 27% from Q2 2023. LAD expanded its network through acquisitions and invested in Wheels, Inc. to enhance its omnichannel strategy. The company ended Q2 with approximately $1.3 billion in cash and available credit. LAD's Board approved a dividend of $0.53 per share for Q2 2024 and continued its share repurchase program, buying back 793,000 shares at an average price of $256.
Lithia & Driveway (NYSE: LAD) has announced the release date for its second quarter 2024 earnings. The financial results will be disclosed before the market opens on Thursday, August 1, 2024. Following the release, the company will host a conference call at 10:00 a.m. Eastern Time to discuss the earnings results.
Interested parties can participate in the conference call by dialing (877) 407-8029. For those who prefer to listen online or access the replay, the company's investor relations website at investors.lithiadriveway.com will provide a live stream and recording of the quarterly earnings call.
Wheels, a leading fleet management company in North America, announced a significant minority investment from Marubeni and Lithia & Driveway. This strategic partnership aligns Wheels with key players in the mobility space, enhancing its product offerings for corporate clients. Marubeni, known for its extensive experience in the US automotive value chain, will provide expertise and diversified funding channels through its relationships in Japan. Lithia, one of the largest dealership groups in the US, shares Wheels' commitment to delivering valuable vehicle lifecycle services. The transaction, anticipated to close in Q3 2024, is subject to customary closing conditions.
Kerrigan Advisors facilitated the sale of Sunrise Auto Group's two leading Buick GMC and Chevrolet dealerships in Memphis to Lithia Motors (NYSE:LAD). This transaction highlights the robust buyer demand in high-growth, business-friendly Southern markets. With this sale, Kerrigan Advisors has successfully handled over 80 franchise sales in the Southeast since 2020. Sunrise Auto Group, led by Bob Berkheimer for 35 years, is a significant player in Memphis, capturing 75% of the city's Buick GMC sales. The Sunrise dealerships are top performers, with Wolfchase ranking #4 in Tennessee and Collierville #7. Buick GMC and Chevrolet have shown impressive sales growth in 2023. Tennessee's business-friendly environment and population growth have driven substantial interest from major auto retailers. Legal counsel for the seller was provided by Holland & Knight.
Lithia & Driveway (NYSE: LAD) has expanded its retail network in the U.S. Southeast Region with the acquisition of Sunrise Chevrolet Buick GMC at Collierville, Sunrise Buick GMC at Wolfchase in Memphis, Tennessee, and Woodbridge Hyundai in the greater Toronto area. These acquisitions are expected to generate over $240 million in annualized revenue. This move marks LAD's entry into the Memphis market, which is noted as the most profitable region in the U.S.
The Woodbridge Hyundai store will eventually be relocated to an existing owned facility, enhancing returns. The acquisitions contribute to LAD's year-to-date expected annualized revenue of over $5.6 billion. The company financed these purchases using its existing on-balance sheet capacity.
LAD aims to leverage the goodwill of these dealerships to continue delivering an exceptional retail experience.
Lithia & Driveway (NYSE: LAD) announced a $350 million increase to its share repurchase authorization, bringing the total available funds for future repurchases to approximately $660 million.
CEO Bryan DeBoer highlighted this move as a reflection of confidence in the company's long-term growth and profitability.
So far in 2024, LAD has spent over $156 million to repurchase nearly 609,500 shares, representing 2.2% of outstanding shares at an average price of $257 per share.
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