Lithia Motors misses 4Q profit forecasts

Lithia Motors posts 4Q profit of $51.3 million, result misses forecasts

MEDFORD, Ore. (AP) _ Lithia Motors Inc. (LAD) on Wednesday reported fourth-quarter net income of $51.3 million.

On a per-share basis, the Medford, Oregon-based company said it had net income of $2.03. Earnings, adjusted for non-recurring gains, were $1.86 per share.

The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.87 per share.

The auto dealership chain posted revenue of $2.29 billion in the period.

For the year, the company reported profit of $197.1 million, or $7.72 per share. Revenue was reported as $8.68 billion.

Lithia Motors expects full-year earnings to be $8 to $8.30 per share, with revenue in the range of $9.2 billion to $9.4 billion.

Lithia Motors shares have climbed 5 percent since the beginning of the year. The stock has increased 23 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LAD at https://www.zacks.com/ap/LAD

_____

Keywords: Lithia Motors, Earnings Report

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...