Lithia Motors (NYSE: LAD) reported Q1 EPS of $1.55, $0.01 better than the analyst estimate of $1.54. Revenue for the quarter came in at $2 billion versus the consensus estimate of $1.96 billion.

First Quarter-over-Quarter Operating Highlights:

• Total same store sales increased 8%
• New vehicle same store sales increased 6%
• Used vehicle retail same store sales increased 12%
• Service, body and parts same store sales increased 10%
• Same store F&I per unit increased $111 to $1,292
• Adjusted SG&A expense as a percentage of gross profit was 71.1%

2016 Outlook We project 2016 second quarter earnings of $1.86 to $1.90 per diluted share and 2016 full year earnings of $7.30 to $7.50 per diluted share. Both projections are based on the following annual assumptions:

• Total revenues of $8.5 to $8.6 billion
• New vehicle sales increasing 4.5%
• New vehicle gross margin of 5.8% to 6.0%
• Used vehicle sales increasing 9.5%
• Used vehicle gross margin of 11.8% to 12.0%
• Service body and parts sales increasing 7.5%
• Service body and parts gross margin of 48.8% to 49.0%
• Finance and insurance gross profit of $1,270 to $1,290 per unit
• Tax rate of 39.5%
• Average diluted shares outstanding of 25.9 million

For earnings history and earnings-related data on Lithia Motors (LAD) click here.