- Lithia Motors Inc (NYSE:LAD) reported first-quarter FY22 sales growth of 54.4% year-on-year, to $6.71 billion, beating the consensus of $6.26 billion.
- New vehicle retail revenues increased 39.6% Y/Y, and used vehicle retail revenues rose 65.2%.
- Total vehicle gross profit per unit improved 55.4% to $6,825. Gross profit increased 78.6% Y/Y to $1.3 billion, and the gross margin expanded 260 basis points to 19.1%.
- Operating margin expanded 210 basis points to 7.6%, and operating income for the quarter rose 115.2% to $512.8 million.
- Adjusted EPS of $11.96 beat the analyst consensus of $10.08.
- Lithia Motors held $161.4 million in cash and equivalents as of March 31, 2022. Net cash provided by operating activities for the quarter totaled $26.3 million.
- The company's board approved a dividend of $0.42 per share payable on May 27, 2022, to shareholders of record on May 13, 2022.
- Price Action: LAD shares closed higher by 4.66% at $309.50 on Tuesday.
