- Lithia Motors (NYSE:LAD) reports total same-store sales rose 5.1% in Q4.
- Same-store sales breakdown: New vehicle retail: +4.2%; Used vehicle retail: +11.3%; Used vehicle wholesale: -3.2%; Finance and insurance: +14.7%; Service, body and parts: +6.9%; Fleet and other: -69.2%.
- Revenue breakdown: New vehicle retail: $1.34B (+14.4%); Used vehicle retail: $559.69M (+19.2%); Used vehicle wholesale: $69.49M (+10.2%); Finance and insurance: $84.53M (+21.9%); Service, body and parts: $228.42M (+18.3%); Fleet and other: $14.03M (-54.1%).
- Same store F&I per unit +$108 Y/Y to $1,295.
- Gross margin rate slipped 10 bps to 14.6%.
- Adjusted SG&A expense rate up 20 bps to 10.2%.
- Adjusted operating margin rate fell 30 bps to 3.8%.
- Total retail units sold +15.3% Y/Y to 67,262 units.
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FY2017 Guidance: Total revenues: $9.2B to $9.4B; New vehicle same-store sales: +1.5%; Used vehicle same-store sales: +5.5%; Service body and parts same-store sales: +5%; New vehicle gross margin: 5.5% to 5.7%; Used vehicle gross margin: 11.5% to 11.7%; Service body and parts gross margin: 48.2% to 48.4%; Tax rate: 39.5%; Diluted EPS: $8 to $8.3; Average diluted shares outstanding: 25.3M.
- LAD -0.79% premarket.