Read How Lithia Motors Fared In Q2

Lithia Motors Inc LAD reported second-quarter FY22 sales growth of 20.5% year-on-year to $7.24 billion, missing the consensus of $7.27 billion.
New vehicle retail revenues increased 3.3% Y/Y, and used vehicle retail revenues rose 39.1%.
Driveway reached 2.3 million monthly visitors in June and a 740% increase in transactions versus June 2021.
Total vehicle gross profit per unit improved by 14.7%. Gross profit increased 21.6% Y/Y to $1.35 billion, and the gross margin expanded 20 basis points to 18.7%.
The operating margin was 7.3%, and operating income for the quarter rose 18.4% to $528.3 million.
Adjusted EPS of $12.18 beat the analyst consensus of $12.06.
Lithia Motors held $113.2 million in cash and equivalents as of June 30, 2021.
The Board of Directors approved a dividend of $0.42 per share payable on August 26, 2022, to shareholders of record on August 12, 2022.
Price Action: LAD shares are trading 1.88% lower at $290.00 in premarket on Wednesday.

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