Lithia Motors reports record third-quarter earnings
(Reuters) - Lithia Motors Inc (LAD.N) said Wednesday that third-quarter earnings per share rose 48 percent to 90 cents, its highest quarterly EPS ever, on rising car sales and lower costs.
Lithia, the ninth-largest auto dealership chain in the United States, said quarterly revenue climbed 24 percent to $888.4 million.
Same-store new-vehicle sales rose 30 percent during the quarter, while used-vehicle sales rose 24 percent, the company said.
Lithia said it expects full-year earnings per share of $2.88 to $2.90 on revenue of $3.2 billion to $3.3 billion. The company projected 2013 EPS at $3.11 to $3.21 on revenue of $3.5 billion to $3.6 billion.
Lithia said its board approved a regular quarterly dividend of 10 cents per share.
(Reporting By Paul Lienert in Detroit; Editing by Gerald E. McCormick)