By RTT News,
July 23, 2014, 07:54:00 AM EDT
(RTTNews.com) - Lithia Motors Inc. ( LAD ) reported that its second-quarter net income rose to $38.31 million from $25.56 million in the prior year. Net income per share was $1.45 up from $0.98 last year.
Net income from continuing operations for the second quarter of 2014 was $35.2 million, or $1.34 per share, compared to $25.3 million or $0.97 per share for the second quarter of 2013.
2014 second quarter adjusted net income from continuing operations was $35.2 million or $1.34 per share. This compared to 2013 second quarter adjusted net income from continuing operations of $27.4 million, or $1.05 per share.
Second quarter 2014 revenue from continuing operations increased $213 million, or 21%, to $1.2 billion from $1.0 billion for the second quarter of 2013. Total same store sales increased 11%.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.24 per share and revenues of $1.19 billion for the second-quarter. Analysts' estimates typically exclude special items.
Lithia announced that the Board has approved a dividend of $0.16 per share related to second quarter 2014 financial results. Lithia will pay the dividend August 22, 2014 to shareholders of record on August 8, 2014.
The company expects 2014 third quarter earnings of $1.36 to $1.38 per share on projected total revenues of $1.2 billion to $1.3 billion. It expects new vehicle same store sales growth of 13.0%. Analysts expect the company to report earnings of $1.32 per share and revenues of $1.25 billion for the third-quarter.
The projects 2014 fourth quarter earnings for the combined Lithia / DCH organization of $1.23 to $1.26 per share and full-year 2014 earnings of $4.95 to $5.00 per share. Analysts project annual earnings per share of $4.84. These projections include $1.10 to 1.12 per share in earnings related to Lithia and $0.13 to $0.14 per share in earnings related to the DCH organization assuming an October 1 closing date. Additionally, these projections exclude $0.04 to $0.06 per share in acquisition expenses and are based on the following assumptions around fourth quarter 2014 performance.
On combined basis, total revenues is anticipated to be in the range of $1.6 billion - $1.7 billion for the fourth-quarter.
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