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Jun 30, 2024
Lithia Motors Q2 2024 Earnings Report
Lithia Motors reported record second quarter revenue and the first profitable quarter for Financing Operations.
Key Takeaways
Lithia & Driveway (LAD) reported a record second quarter revenue of $9.2 billion, a 14% increase year-over-year. The Financing Operations achieved its first profitable quarter. Net income attributable to LAD per diluted share was $7.87, a 27% decrease from the previous year.
Total revenues increased 14% compared to second quarter 2023.
Diluted net income per share improved from $6.11 to $7.87, a 29% increase, from first quarter 2024.
Financing operations first profitable quarter with income of $7 million.
Driveway Finance Corporation (DFC) originated $562 million in loans, total portfolio of $3.6 billion.
Revenue by Segment
Forward Guidance
The company did not provide specific forward guidance in the provided document. The document contains forward-looking statements regarding future market conditions, business strategy, network growth, Driveway e-commerce performance, capital allocations, and financial condition, but these are not presented as concrete guidance.
Positive Outlook
- Future market conditions, including anticipated car and other sales levels and the supply of inventory
- Our business strategy and plans, including our achieving our long-term EPS and other financial targets
- The growth, expansion, make-up and success of our network, including our finding accretive acquisitions and acquiring additional stores
- Annualized revenues from acquired stores
- The growth and performance of our Driveway e-commerce home solution and Driveway Finance Corporation (DFC), their synergies and other impacts on our business and our ability to meet Driveway and DFC-related targets
Challenges Ahead
- Future national and local economic and financial conditions, including as a result of regional or global public health issues, inflation and governmental programs, and spending
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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