01/12/2021

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Dealership group Lithia Motors posts record revenue, earnings per share in first quarter

2 min read

Net revenue surged at Lithia Motors Inc. in the initial quarter as the dealership team documented document initial-quarter revenue and earnings for every share.

Lithia said Wednesday that it posted net revenue of $156 million, compared with $46 million in initial-quarter 2020. Income for the quarter jumped 54 per cent to $4.3 billion, a initial-quarter document substantial, up from $2.eight billion in the 12 months-previously time period.

Earnings for every share virtually tripled to $5.81 from $1.ninety seven in initial-quarter 2020.

The Medford, Ore., retailer improved throughout all of its organization lines, with same-keep new, utilized and finance-and-insurance policies revenue up virtually thirty per cent. Provider, body and components organization also rose somewhat, Lithia CEO Bryan DeBoer said in a statement.

“The pandemic impacted our initial-quarter 2020 success only for the final two months in March, and our team’s efficiency this quarter demonstrates our ability to be the leader in consolidating this hugely fragmented business,” DeBoer said. “As we construct on the broadest nationwide network, we proceed to increase the arrive at of our persons, stock and places by our national e-commerce home alternative Driveway.”

Driveway, Lithia’s omnichannel car profits, acquisition and company scheduling platform, introduced final 12 months. Omnichannel retailing refers to technology and processes aimed at delivering a seamless purchasing working experience to customers whether or not they shop on the net, in-keep or both.

The platform is a crucial part of Lithia’s five-12 months plan unveiled final July to develop revenue to $50 billion and earnings for every share to $50 by 2025.

Altered earnings of $158 million exclude a $.08 for every diluted share net non-main charge similar to acquisition costs, net reduction on sale of retailers, insurance policies reserves and a non-hard cash unrealized expense reduction, the statement also said.

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