More on Lithia Motors' Q1

|About: Lithia Motors, Inc. (LAD)|By:, SA News Editor

Lithia Motors (NYSE:LAD) reports total same-store sales rose 8% in Q1.

New vehicle same store sales increased 6%.

Used vehicle retail same store sales grew 12%.

Service, body and parts same store sales +10%.

Revenue breakdown: New vehicle retail: $1.1B (+8.8%); Used vehicle retail: $532.73M (+15.1%); Used vehicle wholesale: $65.15M (+4.7%); Finance and insurance: $77.64M (+20.2%); Service, body and parts: $196.68M (+13.4%); Fleet and other: $14.62M (-19.4%).

Same store F&I per unit +$111 Y/Y to $1,292.

Gross margin rate improved 20 bps to 15.5%.

Adjusted SG&A expense rate +10 bps to 11%.

Adjusted operating margin rate expanded 10 bps to 3.9%.

Total retail units sold +9.8% Y/Y to 60,180 units.

Q2 Guidance: Diluted EPS: $1.86 to $1.90.

FY2016 Guidance: Total revenues: $8.5B to $8.6B; Same-store revenues: $5.7B to $5.9B; New vehicle sales: +4.5%; Used vehicle sales: +9.5%; Service body and parts sales: +7.5%; New vehicle gross margin: 5.8% to 6%; Used vehicle gross margin: 11.8% to 12%; Service body and parts gross margin: 48.8% to 49%; Tax rate: 39.5%; Diluted EPS: $7.30 to $7.50; Average diluted shares outstanding: 25.9M.

Subscribe for full text news in your inbox