Lithia Motors (LAD) Tops Q1 EPS by 17c; Guides In-Line
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Revenue Growth %: +22.9%
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Sales revenue: 580.89M
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Lithia Motors (NYSE: LAD) reported Q1 EPS of $1.39, $0.17 better than the analyst estimate of $1.22. Revenue for the quarter came in at $1.79 billion versus the consensus estimate of $1.77 billion.
Lithia Motors sees FY2015 EPS of $6.20-$6.30, versus the consensus of $6.13. Lithia Motors sees FY2015 revenue of $7.5-7.7 billion, versus the consensus of $7.69 billion.
Lithia Motors sees Q2 2015 EPS of $1.55-$1.59, versus the consensus of $1.59.
We delivered the best first quarter earnings in our Company's history, and the second best quarterly earnings ever," said Bryan DeBoer, President and CEO. "For the fourth consecutive quarter, we achieved double digit growth in same store sales in all business lines. On a continuing operations basis, we grew revenue 66% and adjusted net income 36% over the first quarter of 2014. We remain focused on capturing additional market share, improving existing store results, the continued success, integration and growth of DCH and actively seeking accretive acquisitions."
Chris Holzshu, SVP and CFO, said, "SG&A as a percentage of gross profit was 71.3% in the first quarter of 2015, slightly higher than the prior year due to the effect of the DCH acquisition, but better than our projection. We target improving SG&A as a percentage of gross profit as we integrate the 36 stores added in 2014. In the first quarter, incremental throughput, or the percentage of additional same store gross profit dollars that we retain after deducting incremental selling costs, was 45.1%. Our stores remain focused on maintaining incremental throughput of 45% to 50%, which will continue to lever our SG&A expense going forward."
For earnings history and earnings-related data on Lithia Motors (LAD) click here.
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