Lithia Motors (NYSE: LAD) reported Q1 EPS of $5.89, $1.13 better than the analyst estimate of $4.76. Revenue for the quarter came in at $4.3 billion versus the consensus estimate of $3.91 billion.

• First quarter 2021 revenue increased 55% to $4.3 billion from $2.8 billion in the first quarter of 2020.
• First quarter 2021 net income per diluted share was $5.81, a 195% increase from $1.97 per diluted share reported in the first quarter of 2020.
  • Adjusted first quarter 2021 net income per diluted share was $5.89, an 193% increase compared to adjusted net income of $2.01 per diluted share in the same period of 2020.

First Quarter-over-Quarter Operating Highlights:

• Total company revenues increased 54.9%
• New vehicle retail sales increased 59.7%
• Used vehicle retail sales increased 54.6%
• F&I per unit increased 13.2% to $1,757
• Service, body, and parts sales increased 22.5%
• Total vehicle gross profit per unit increased 18.7% to $4,392
• Adjusted SG&A as a percentage of gross profit improved by 1220 basis points from 74.8% to 62.6%

"Entering our 75th year in operation, Lithia & Driveway continued to deliver historic operational results driven by our omni-channel strategy and strength in all four business lines. Same store new, used, and F&I revenues were up nearly 30% and service, body, and parts increased slightly when adjusted for one less service day in 2021," said Bryan DeBoer, President and CEO. "The pandemic impacted our first quarter 2020 results only for the last two weeks in March and our team's performance this quarter demonstrates our ability to be the leader in consolidating this highly fragmented industry. As we build on the broadest nationwide network, we continue to expand the reach of our people, inventory, and locations through our national e-commerce home solution Driveway."

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