Lithia, Driveway Report Record Earnings

By Staff Writer October 20, 2021

Lithia & Driveway reported the highest third quarter revenue and earnings per share in company history.

Third quarter 2021 revenue increased 70% to $6.2 billion from $3.6 billion in the third quarter of 2020.

Third quarter 2021 net income attributable to LAD per diluted share was $10.11, a 47% increase from $6.86 per diluted share reported in the third quarter of 2020. Adjusted third quarter 2021 net income attributable to LAD per diluted share was $11.21, a 63% increase compared to $6.89 per diluted share in the same period of 2020.

Third quarter 2021 net income was $309 million, a 95% increase compared to net income of $159 million in the same period of 2020. Adjusted third quarter 2021 net income was $342 million, a 115% increase compared to adjusted net income of $160 million for the same period of 2020.

As shown in the attached non-GAAP reconciliation tables, the 2021 third quarter adjusted results exclude a $1.10 per diluted share net non-core charges related to a non-cash unrealized investment loss, the redemption of senior notes, acquisition expenses, an asset impairment, and insurance reserves. The 2020 third quarter adjusted results exclude a $0.03 per diluted share net non-core charge related to insurance reserves and acquisition expenses.

Third Quarter-over-Quarter Comparisons and Operating Highlights:

  • Revenues increased 70.4%
  • New vehicle retail revenues increased 53.9%
  • Used vehicle retail revenues increased 90.2%
  • 36,600-unit sales generated from Lithia e-commerce platforms, 25% of total retail unit sales (excluding Driveway)
  • Achieved milestone of 1,000 Driveway Shop units
  • F&I per unit increased 25.8% to $2,074
  • Service, body, and parts revenues increased 60.9%
  • Total vehicle gross profit per unit increased 32.7% to $6,175
  • Adjusted SG&A as a percentage of gross profit improved by 380 basis points from 59.6% to 55.8%

 

For the first nine months of 2021 revenues increased 80% to $16.5 billion, compared to $9.2 billion in 2020.

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Last modified on Wednesday, 27 October 2021 19:16