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Lithia posts record Q2 revenue and profit, lifts dividend and buybacks

Second-quarter revenue reached a record $9.79 billion, and adjusted diluted EPS rose 9% to $10.03 year over year.

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Lithia Motors, the largest auto retailer by revenue and new vehicle sales, reported record second-quarter results on July 29, with revenue of $9.79 billion that topped analyst estimates of $9.64 billion.

Adjusted diluted earnings per share rose 9% to $10.03 versus roughly $8.73 expected, as management pointed to steady new-vehicle margins, improved used-car profitability, and a leaner cost structure.

The company also posted net income of $261.6 million and adjusted net income of $227.6 million, with a 2.3% margin, while its adjusted EBITDA margin was 4.5%.

Alongside the earnings, Lithia raised its dividend by 23% and expanded its share buybacks, with Driveway Finance Corporation originating a record $884 million of loans during the quarter, lifting financing income to $37 million.

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