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Lithia Motors Inc LAD reported a third-quarter FY23 gross sales progress of 13% year-on-year to $8.28 billion, beating the analyst consensus of $8.20 billion.
Adjusted EPS of $9.25 missed the analyst consensus of $10.08.
New automobile retail revenues elevated by 17.5% Y/Y, and used automobile retail revenues rose by 6.3%.
Driveway averaged greater than 3.25 million month-to-month distinctive guests, and Driveway Finance originated $502 million in loans in Q3.
Complete automobile gross revenue per unit was $5,218. Gross revenue elevated 4.3% Y/Y to $1.37 billion, and the gross margin contracted 140 foundation factors to 16.6%.
Adjusted working margin was 5.5%, down by 110 bps, and adjusted working revenue for the quarter fell to $455.8 million from $480.4 million a 12 months in the past.
Lithia Motors held $256.2 million in money and equivalents. As of September 30, 2023, inventories totaled $4.4 billion, versus $3.4 billion as of December 31, 2022.
The corporate’s Board of Administrators accredited a dividend of $0.50 per share, to be paid on November 17, 2023, to shareholders of document on November 10, 2023.
Value Motion: LAD shares traded larger by 1.21% at $252.50 premarket on the final examine Wednesday.
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