Lithia Motors Inc LAD reported a fourth-quarter FY23 sales growth of 10.5% year-on-year to $7.67 billion, missing the analyst consensus of $7.95 billion.
Adjusted EPS of $8.24 was in line with the analyst consensus.
New vehicle retail revenues increased by 21.4% Y/Y and used vehicle retail revenues improved by 1.8% Y/Y.
Driveway averaged nearly 2.8 million monthly unique visitors, and Driveway Finance originated over $428 million in loans in the quarter.
Total vehicle gross profit per unit was $4,973. Gross profit increased 4.3% Y/Y to $1.26 billion, and the gross margin contracted 100 basis points to 16.4%.
Adjusted operating margin was 5.1%, down by 60 bps, and adjusted operating income for the quarter fell to $387.6 million from $393.4 million a year ago.
Lithia Motors held $941.4 million in cash and equivalents. As of December 31, 2023, inventories totaled $4.75 billion, versus $3.41 billion as of December 31, 2022.
The company’s Board of Directors approved a dividend of $0.50 per share. The dividend is expected to be paid on March 22, 2024, to shareholders of record on March 9, 2024.
Price Action: LAD shares traded lower by 1.00% at $295.35 premarket Wednesday.
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