Lithia Motors Inc. released preliminary second-quarter results Wednesday projecting increases in revenue and net income because of gains in all major departments.
Lithia, of Medford, Ore., said its estimated net income for the quarter will be $51.5 million to $53 million, vs. $51.4 million in the year-earlier period. Estimated adjusted net income will be $55.1 million to $56.6 million, vs. $50.2 million a year earlier.
Revenue is estimated at $2.43 billion to $2.48 billion, vs. $2.13 billion a year ago.
The results exclude noncore charges of about $6 million related to acquisition costs and a hailstorm insurance reserve. They also exclude a noncore benefit related to an equity investment.
"We grew revenue and adjusted earnings per diluted share by double digits as our results exceeded our internal projections in the second quarter," said Lithia CEO Bryan DeBoer in a statement. "Our store leaders continue to modify their tactics in this dynamic market and produced strong results in retail used vehicle sales, service and parts and F&I."