Lithia Motors reported its highest third-quarter revenue results and earnings per share in the company’s history. Revenue increased 18% to $7.3 billion compared to $6.2 billion in Q3 2021. Net income also increased by 7% to $330 million compared to $309 million from this time a year ago. Adjusted net income decreased by 10% to $307 million compared to $342 million in the third quarter of 2021.
Net income attributable to LAD (Lithia & Driveway) per diluted share increased 18% to $11.92 compared to $10.11 per diluted share in Q3 2021. Adjusted net income attributable to LAD per diluted share decreased by 1% to $11.08 compared to $11.21 in Q3 2021. Revenues for LAD through the first nine months of 2022 increased 29% to $21.2 billion.
“We posted strong results across our business lines this quarter while navigating the current environment, integrating a steady stream of acquisitions, and continuing to grow Driveway and Driveway Finance. Our teams are focused on improving operating leverage as fundamentals normalize across our industry,” said Bryan DeBoer, Lithia Motors President, and Chief Executive Officer.
“With our size and scale, we are well positioned with financial flexibility and liquidity to continue delivering growth with strong returns as we progress toward achieving our 2025 plan,” he said.
In order to increase its footprint in the North Central region, Lithia bought six stores during the third quarter, including Elk Grove Ford in Elk Grove, California, and five Wilde Automotive Group locations in Wisconsin. In collaboration with Airstream Adventures, LAD acquired six locations in the Pacific Northwest in October. So far in 2022, LAD has acquired over $3 billion in annualized revenues.
We are delighted to welcome the Airstream Adventures stores and its founder, Ted Davis, to our growing Lithia & Driveway family,” said DeBoer in a statement. “Ted and his high performing team have done an exceptional job building the nation’s largest exclusive dealer group. We are committed to becoming a steward of the iconic Airstream brand, ensuring that consumers will continue to create memories and adventures that last for generations.”
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