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. operates Lithia & Driveway as a global automotive retailer serving the vehicle ownership lifecycle through physical dealerships, e-commerce platforms, captive finance solutions, fleet management offerings, and related adjacencies. Company news commonly covers new and used vehicle sales, same-store trends, aftersales performance, Driveway Finance Corporation activity, and capital allocation through dividends and share repurchases.
Recurring developments also include dealership acquisitions across core volume and luxury brands, preferred partner technology deployments for store operations, earnings release schedules, and community or workforce initiatives tied to automotive technician programs.
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Lithia & Driveway (NYSE: LAD) announced its record first quarter revenue of $7.0 billion, a 4% increase from $6.7 billion in Q1 2022. However, net income per diluted share dropped 28% to $8.30, with adjusted net income at $8.44, a 29% decline. Overall net income fell to $230 million, down 33% from $344 million a year earlier. The drop in profitability was influenced by unrealized foreign currency losses. Notable performance metrics include a total vehicle gross profit per unit of $5,585, a decrease of $1,240, and a significant increase in service, body, and parts revenues by 17%. The company also acquired 37 locations expected to generate over $2 billion in annual revenues while maintaining a strong balance sheet with $1.4 billion in cash. The Board has approved a dividend increase to $0.50 per share, payable on May 26, 2023.
Lithia & Driveway (NYSE: LAD) has announced that its first quarter 2023 earnings will be released on April 19, 2023, prior to market opening. The company will host a conference call at 10:00 a.m. Eastern Time on the same day to discuss the earnings results. Lithia & Driveway is recognized as a premier automotive retailer in North America, providing a wide array of vehicles and complementary services such as financing, leasing, and repair.