Lithia & Driveway Q2 Earnings Fall, But Revenues Up

(RTTNews) - Lithia & Driveway (LAD), an auto & truck dealership company, on Tuesday reported lower earnings for the second quarter of fiscal 2023. However, revenue was up by 12 percent, backed by strong performance across all its business lines.

Quarterly net earnings dropped 10.3 percent to $297.2 million from $331.3 million for the same period of the previous year. Earnings per share slid to $10.78 from $11.60 last year.

Adjusted earnings decreased 14 percent to $301.2 million compared to $348.2 million in the same period of last year. Adjusted earnings per share decreased 10 percent to $10.91 from $12.18 last year.

12 analysts polled by Thomson-Reuters expected the company to report earnings of $9.26 per share for the quarter. Consensus estimates typically exclude one-time items.

Revenues, however, grew 12 percent to $8.11 billion from $7.24 billion of last year. The Street estimate for revenue was $7.92 billion for the quarter.

In addition, the company declared a dividend of $0.50 per share, payable on August 25 to shareholders of record on August 11.

On Tuesday, shares of Lithia closed at $ 292.37, down 0.96% or $2.84 on the New York Stock Exchange.