Lithia Motors (NYSE: LAD) reported Q3 EPS of $6.89, $1.03 better than the analyst estimate of $5.86. Revenue for the quarter came in at $3.6 billion versus the consensus estimate of $3.57 billion.

Third Quarter-over-Quarter Operating Highlights:

• Total company revenues increased 8.6%
• Same store used vehicle retail sales increased 11.2%
• Same store F&I per unit increased 9.8% to $1,617
• Same store total vehicle gross profit per unit increased 28.0% to $4,690
• Adjusted SG&A as a percentage of gross profit improved by 920 basis points to 59.6%

"Our strong used vehicle performance and sequential improvements in service, body and parts throughout the quarter, coupled with our strategic cost saving measures taken earlier in the year, led us to the highest quarterly earnings per share in our company's history, more than doubling our adjusted earnings per share compared to the third quarter of last year," said Bryan DeBoer, President and CEO. "This record performance and profitability demonstrate the high performance being achieved at our existing stores and only the very beginning of the benefits to be realized through the activation of Driveway, our ecommerce digital home solution."

"With the significant amount of capital raised in October, we continue to accelerate the build out of our coast-to-coast network, expanding our ability to provide consumers with convenient, affordable solutions throughout their vehicle ownership lifecycle," said DeBoer. "Together, with our Driveway digital home channel, we are providing the most transparent and comprehensive offerings wherever, whenever and however consumers desire."

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