Lithia Reports Record Earnings

By Staff Writer October 22, 2020

Lithia Motors Inc. reported the highest third quarter revenue and earnings per share in company history.

Third quarter 2020 revenue increased 9 percent to $3.6 billion from $3.3 billion in the third quarter of 2019.

Third quarter 2020 net income per diluted share was $6.86, an 88 percent increase from $3.64 per diluted share reported in the third quarter of 2019. Adjusted third quarter 2020 net income per diluted share was $6.89, a 103 percent increase compared to adjusted net income of $3.39 per diluted share in the same period of 2019.

Third quarter 2020 net income was $159 million, an 86 percent increase compared to net income of $85 million in the same period of 2019. Adjusted third quarter 2020 net income was $160 million, a 101 percent increase compared to adjusted net income of $79 million for the same period of 2019.

The 2020 third quarter adjusted results exclude a $0.03 net non-core charge related to insurance reserves and acquisition expenses. The 2019 third quarter adjusted results exclude a $0.25 net non-core benefit due to a net gain on sale of stores, partially offset by insurance reserves and acquisition expenses.

“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,” said Bryan DeBoer, president and CEO.

The Board of Directors approved a dividend of $0.31 per share related to third quarter 2020 financial results. The board expects to pay the dividend on Nov. 27 to shareholders of record on Nov. 13.

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Last modified on Thursday, 22 October 2020 00:36