Lithia Motors, Inc. ( LAD ) reported fourth-quarter adjusted earnings per share of $7.79 on Wednesday, beating the street view of $7.24. Quarterly sales of $9.22 billion (up 20% year over year) outpaced the analyst consensus estimate of $9.10 billion.

“2024 marks another milestone year for Lithia & Driveway, with record-breaking fourth-quarter revenues, the first profitable year for Driveway Finance, and the continued maturity of foundational elements to our strategy,” said Bryan DeBoer, President and CEO.

Lithia Motors ( LAD ) said that the fourth quarter adjusted results exclude a 33 cents per diluted share impact resulting from non-core items, including a net gain on the disposal of stores and tax attributes.

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The new retail units in the quarter under review increased 7.4 % on a same-store basis, while aftersales gross profit increased 4.5% on a same-store basis.

Last month, Lithia Motors ( LAD ) expanded its network in the Mid-Atlantic region by acquiring the Stohlman Subaru store in Sterling, Virginia, which will add an expected annual revenue of $80 million.

The company ended the quarter with approximately $402.2 million in cash and equivalents, with net inventories worth $5.911 billion. In addition, unfinanced real estate could provide additional liquidity of approximately $0.3 billion.

Lithia Motors’ long-term debt, less current maturities, totaled $6.119 billion.

Dividend: The company approved a dividend of $0.53 per share related to fourth-quarter results. The dividend is expected to be paid on March 21 to shareholders of record on March 7.

Price Action: LAD shares are trading higher by 6.59% to $393.00 premarket at last check Wednesday.

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