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Lithia's (LAD) third-quarter earnings miss estimates. Revenues increase by 13.5% year over year.
Lithia Motors, Inc. (NYSE:LAD ) Q3 2023 Results Conference Call October 25, 2023 10:00 AM ET Company Participants Amit Marwaha - Director of Investor Relations Bryan DeBoer - President and CEO Chris Holzshu - Executive Vice President and COO Tina Miller - Senior Vice President and CFO Chuck Lietz - Senior Vice President of Driveway Finance Conference Call Participants Daniel Imbro - Stephens John Murphy - Bank of America Rajat Gupta - JPMorgan Ryan Sigdahl - Craig-Hallum Ron Josey - Citi Colin Langan - Wells Fargo David Whiston - Morningstar Operator Good morning. And welcome to the Lithia & Driveway Third Quarter 2023 Conference Call [Operator Instructions].
Lithia Motors (LAD) came out with quarterly earnings of $9.25 per share, missing the Zacks Consensus Estimate of $9.97 per share. This compares to earnings of $11.08 per share a year ago.
Lithia Motors (LAD) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.
The battle for control of Pendragon PLC has taken another twist after it sweetened the terms of its deal with Lithia Motors. Lithia has agreed to pay £367 million for Pendragon's UK motor business and leasing business, a 42% increase from the original £250 million plan.
Lithia Motors (LAD) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy).
CELH, TTI, LAD, AMRK and STIX have been added to the Zacks Rank #1 (Strong Buy) List on September 29, 2023.
ING, LAD and NFG made it to the Zacks Rank #1 (Strong Buy) value stocks list on September 29, 2023.
Lithia (LAD) joins forces with Pinewood Technologies and purchases the U.K. motor and fleet management divisions of Pendragon plc.
Lithia Motors' revenue has grown at a CAGR of 23% during the last decade, as commercial development and US expansion have driven value. The automotive industry is highly fragmented, providing opportunities for LAD to acquire further market share as part of its highly successful M&A strategy. Margins look to be declining slightly following industry disruption post-pandemic. We still believe the outlook in the long term is positive, with growth poised to continue.