Lithia Motors, Inc. (NYSE:LAD) posted its second quarter earnings results on Wednesday 22nd July 2020 before market open.
The automotive retailer reported $ 3.38 income per share for the quarter
On adjusted basis, Lithia Motors, Inc. reported income for the quarter of $ 3.72 per share, beat the consensus estimate of $ 1.54 income per share by $ 2.18 or 141.56 percent.
The quarterly earnings boosted 28.52 percent compared with the same quarter last year.
The firm had revenue of $ 2,758.60 million for the quarter, compared to the consensus estimate of $ 2415.81 million. The revenues outshined analysts estimates by $ 342.79 million or 14.19 percent.
The financial report showed revenues contracted 14.37 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Bryan DeBoer, President and CEO, said, The strong sequential improvements throughout the quarter, coupled with our stores responsiveness to the current environment, led us to the highest quarterly adjusted earnings per share in our company history. This record performance illustrates the massive opportunity that exists within our $2 trillion industry that we are unlocking through continued growth and the activation of our ecommerce digital home solutions
The Board of Directors approved increasing dividend to $0.31 per share, payable on August 28, 2020 to shareholders of record on August 14, 2020.
