Lithia's 3Q Hit by Accounting Changes, but No Major Concerns to Long-Term Growth Story
Lithia Motors reported record third-quarter results, a record quarter for the 28th straight quarter, but we see no reason to change our fair value estimate. Adjusted EPS grew 6% year over year to $2.18 but missed consensus of $2.37, while revenue rose 19% (same store up 1%) to $2.7 billion, meeting consensus. The earnings miss came from items such as higher reserves for health insurance, a depreciation charge related to a change in useful asset life assumptions, and higher floorplan interest rat...Lithia Motors is a providers of personal transportation solutions. The company's segments are Domestic, Import and Luxury. The company's Domestic segment is comprised of retail automotive franchises that sell new vehicles manufactured by Chrysler, General Motors and Ford. The company's Import segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by Honda, Toyota, Subaru, Nissan and Volkswagen. The company's Luxury segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by BMW, Mercedes-Benz and Lexus. The franchises in each segment also sell used vehicles, parts and automotive services, and automotive finance and insurance products.
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