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Mar 31, 2024
Lithia Motors Q1 2024 Earnings Report
Lithia Motors reported record revenue and decreased net income for Q1 2024.
Key Takeaways
Lithia & Driveway (LAD) reported a record first quarter revenue of $8.6 billion, a 23% increase compared to the first quarter of 2023. However, net income decreased by 28% to $165 million, with diluted earnings per share at $5.89, a 29% decrease year-over-year.
Total revenues increased by 23%.
New vehicle same store units grew by 3.6%.
Service, body, and parts revenues increased 24%.
Driveway Finance Corporation (DFC) originated approximately $493 million in loans.
Lithia Motors
Lithia Motors
Lithia Motors Revenue by Segment
Revenue by Segment
New Vehicle Retail Revenue
CapyFin.comUsed Vehicle Retail Revenue
CapyFin.comUsed Vehicle Wholesale Revenue
CapyFin.comFinance and Insurance Revenue
CapyFin.comAftersales Revenue
CapyFin.comFleet and Other Revenue
CapyFin.com Forward Guidance
The company is focused on improving business operations and rebalancing capital allocation towards shareholder returns.
Positive Outlook
- Committing to driving improvements across the business.
- Model is diversified with adjacencies maturing and on a path to profitability.
- Continuing to deliver the best experience for customers.
- Rebalancing capital allocation from acquisitions toward returns to shareholders.
- Long-term target of delivering $2 in EPS per billion in revenues.
Challenges Ahead
- Industry continued to normalize inventories and profitability.
- Total vehicle gross profit per unit decreased by $1,239.
- Unrealized foreign currency losses negatively impacted earnings per share by $0.15.
- Adjusted first quarter 2024 net income was $171 million, a 27% decrease compared to adjusted net income of $233 million for the same period of 2023.
- Responding to market conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income