Lithia Motors races higher after strong Q2 results, positive outlook

Lithia Motors (LAD +4.7%) rises near 52-week highs after the auto dealership chain reported positive Q2 results and a sunny view of the rest of the year.

Retail sales of new vehicles at locations open one year or more rose 12% in Q2 while retail same-store sales of used cars increased 11% over the same quarter last year.

LAD projects Q3 EPS of $1.36-$1.38, with sales of $1.2B-$1.3B, and raises is FY 2014 EPS outlook to $4.95-$5, up from $4.57-$4.65 and $4.84 analyst consensus.

LAD purchased the three new stores in Texas, Oregon and Alaska during Q2, which it says will bring in another $165M in estimated annual revenue.

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