Dealership group Lithia Motors posts record revenue, earnings per share in first quarter

Web income surged at Lithia Motors Inc. in the first quarter as the dealership team reported report first-quarter revenue and earnings per share.

Lithia explained Wednesday that it posted web income of $156 million, in contrast with $forty six million in first-quarter 2020. Revenue for the quarter jumped fifty four p.c to $four.3 billion, a first-quarter report higher, up from $2.eight billion in the calendar year-previously time period.

Earnings per share nearly tripled to $5.eighty one from $one.ninety seven in first-quarter 2020.

The Medford, Ore., retailer improved throughout all of its business enterprise traces, with exact-shop new, applied and finance-and-insurance plan revenue up nearly 30 p.c. Provider, entire body and parts business enterprise also rose a little bit, Lithia CEO Bryan DeBoer explained in a statement.

“The pandemic impacted our first-quarter 2020 effects only for the past two months in March, and our team’s effectiveness this quarter demonstrates our means to be the leader in consolidating this very fragmented marketplace,” DeBoer explained. “As we construct on the broadest nationwide network, we keep on to expand the achieve of our men and women, inventory and spots through our nationwide e-commerce house option Driveway.”

Driveway, Lithia’s omnichannel motor vehicle product sales, acquisition and services scheduling system, released past calendar year. Omnichannel retailing refers to know-how and processes aimed at providing a seamless purchasing practical experience to individuals no matter if they shop online, in-shop or both.

The system is a key part of Lithia’s 5-calendar year strategy unveiled past July to grow revenue to $fifty billion and earnings per share to $fifty by 2025.

Altered earnings of $158 million exclude a $.08 per diluted share web non-core demand linked to acquisition fees, web reduction on sale of merchants, insurance plan reserves and a non-dollars unrealized investment decision reduction, the statement also explained.