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Lithia Reports Record Second Quarter 2017 Results

MEDFORD, Ore.--(BUSINESS WIRE)--

Lithia Motors, Inc. (LAD) today reported the highest second quarter revenue and earnings per share in company history, the 27th consecutive quarter of record results.

Second quarter 2017 net income per diluted share increased 5% to $2.12 from $2.01 for the second quarter of 2016. Adjusted net income per diluted share increased 16% to $2.28 from $1.96 for the same period in 2016. Second quarter 2017 net income increased 3% to $53.2 million from $51.4 million for the second quarter of 2016. Adjusted net income increased 14% to $57.2 million compared to second quarter 2016 adjusted net income of $50.2 million.

As shown in the attached non-GAAP reconciliation tables, the 2017 second quarter adjusted results exclude $0.16 per share in non-core charges related to acquisition expenses and a hail storm insurance reserve. The 2016 second quarter non-core adjustments exclude a $0.05 benefit associated with an equity investment.

Second quarter 2017 revenue increased 16% to $2.5 billion from $2.1 billion in the second quarter of 2016.

Second Quarter-over-Quarter Operating Highlights:

  • Total same store sales increased 3%
  • New vehicle same store sales increased 1%
  • Used vehicle retail same store sales increased 4%
  • Service, body and parts same store sales increased 7%
  • Same store F&I per unit increased $81 to $1,352
  • Adjusted SG&A expense as a percentage of gross profit was 67.0%

For the first six months of 2017, revenues increased 14% to $4.7 billion, compared to $4.1 billion in the first six months of 2016. Net income for the first...


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