- Lithia Motors Inc (NYSE:LAD) reported fourth-quarter FY21 sales growth of 60.1% year-on-year, to $6.31 billion, beating the analyst consensus of $6.15 billion.
- New vehicle retail revenues increased 37.7% Y/Y, and used vehicle retail revenues rose 82.1%.
- Total vehicle gross profit per unit improved 57.4% to $6,882. Gross profit increased 91.7% Y/Y to $1.2 billion, and the gross margin expanded 320 basis points to 19.7%.
- The operating margin was 7.9%, and operating income for the quarter rose 114.4% to $503.7 million.
- Adjusted EPS of $11.39 beat the analyst consensus of $10.14.
- Lithia Motors held $174.8 million in cash and equivalents as of December 31, 2021. Net cash provided by operating activities for the twelve months totaled $1.8 billion.
- The Board of Directors approved a dividend of $0.35 per share payable on March 25, 2022, to shareholders of record on March 11, 2022.
- Price Action: LAD shares closed 3.83% higher at $298.76 on Tuesday.
