- Lithia Motors (NYSE:LAD -4.4%) reports total same-store sales rose 2.6% in Q4.
- Same-store sales breakdown: New vehicle retail: +3.2%; Used vehicle retail: +2.3%; Finance and insurance: +8.4%; Service, body and parts: +3.5%.
- Revenue breakdown: New vehicle retail: $1.62B (+21%); Used vehicle retail: $629.34M (+12.4%); Used vehicle wholesale: $71.09M (+2.3%); Finance and insurance: $103.19M (+12.1%); Service, body and parts: $271.59M (+18.9%); Fleet and other: $12.18M (-13.2%).
- Same store F&I per unit +6.7% Y/Y to $1,342.
- Gross margin rate improved 10 bps to 14.7%.
- Adjusted SG&A expense rate -10 bps to 10.1%.
- Adjusted operating margin rate up 20 bps 4%.
- Total retail units sold +15.1% Y/Y to 77,444 units.
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FY2018 Guidance: Total revenues: $11B to $11.5B; Adjusted EPS: $10; Tax rate: ~27%.