Leading automotive retailer Lithia Motors reported its second-quarter earnings late last week, just missing the estimates from Zack’s Investment Research. New vehicle revenue reached just over $3.25 million, a 3.3% increase year-over-year. However, new car units sold dropped 8.5% from Q1.
Used vehicle revenues soared to over $2.5 million, a 39% jump from last year. Used car units retailed also increased 15.3% from 2021.
Total revenues jumped 20.5% year-over-year, and the group reported revenue of $7.24 billion for the quarter. Q2 adjusted earnings per share reached $12.18.
Service, body, and parts revenues increased by 31% from the prior-year period to $682.6 million, exceeding the $637 million Zacks Consensus Estimate. Revenues from the company’s F&I division increased 22.6% to $330.4 million. Fleet and other revenues totaled $97.3 million, up 93.4% year-over-year.
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