Lithia Motors Surges Past Q2 Earnings Despite Revenue Shortfall
Portfolio Pulse from Nabaparna Bhattacharya
Lithia Motors (NYSE:LAD) exceeded Q2 earnings expectations with an EPS of $7.87, beating the consensus of $7.03. However, revenues fell short at $9.23 billion, missing the $9.33 billion projection. Net income dropped 29% year-over-year. The company rebalanced capital allocation towards shareholder returns and expanded its network. Lithia Motors approved a dividend of 53 cents per share and repurchased 793,000 shares. Adam Chamberlain was promoted to COO.
August 01, 2024 | 12:55 pm
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Lithia Motors exceeded Q2 earnings expectations but missed revenue projections. Net income dropped 29% YoY. The company rebalanced capital allocation towards shareholder returns, expanded its network, approved a dividend, and repurchased shares.
Despite missing revenue projections and a significant drop in net income, Lithia Motors' strong EPS performance, dividend approval, and share repurchase indicate positive shareholder returns, likely boosting short-term stock price.
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