MEDFORD, Ore. -
Thanks largely to stronger vehicle sales, Lithia Motors said it saw a double-digit improvement during the third quarter in revenue from continuing operations.
Specifically, the company posted $582.7 million quarterly revenue from continuing operations, a 15-percent upswing from the third quarter of 2009.
Adjusted net income came from continuing operations $0.37 per diluted share, versus $0.40 per diluted share a year ago.
“The results include 23-percent more shares outstanding in 2010 compared to 2009 primarily due to the equity offering at the end of 2009,” officials noted.
Overall, net income for the most recent period was $9.8 million, compared to $5.7 million a year ago.
Looking at some of the operating highlights in more detail, Lithia said it saw a 12-percent gain in same-store sales. There was a 20-percent hike in same-store used retail sales, while vew-vehicle same-store sales climbed 8 percent. Service, body and parts same-store sales improved 2.5 percent.
“Our continued focus on operations and improving our performance in all business lines is evident in our third quarter results. Despite a difficult comparison due to the Cash for Clunkers program last year, we grew same store sales in all categories,” stated Sid DeBoer, chairman and chief executive officer of Lithia.
“Lithia’s store leaders are responding to our customers’ needs and local competition quickly and decisively. Our information systems and centralized administrative processes allow our team more time to do what they do best — service our customers,” he added.