Pretax and net profit margins declined from the year-ago levels. ![]() Adjusted SG&A as a percentage of gross profit was 62.7%. SG&A expenses were $850.8 million, up 12.8% from $754.2 million in the year-ago quarter. Financial TidbitsĬost of sales jumped 15.5% year over year in third-quarter 2023. The same-store revenues from finance and insurance dipped by 3.3%, while that of the service, body and parts unit grew by 4.3%. Same-store new-vehicle revenues increased 5.5% year over year and same-store used-vehicle retail sales declined 8.1%. Revenues from fleet and others were $267.5 million, up 134% year over year, outpacing our expectation of $95.7 million. The company’s finance and insurance revenues rose 4.8% to $349.4 million but missed our estimate of $351.1 million. The gross margin in the segment increased 120 bps to 55.2%. Revenues from service, body and parts were up 17.7% from the prior-year period’s levels to $838 million, outpacing our estimate of $782.5 million. Revenues from used-vehicle wholesale fell 13% to $316.1 million and missed our estimate of $391.8 million. The gross margin in the segment came down 100 bps to 7.2%. The average selling price of used-vehicle retail was $29,565, dropping 2.7% year over year and missing our projection of $29,886.7. The used-vehicle retail units sold rose 9.2% from the year-ago quarter to 88,625 units, outpacing our expectation of 83,368 units. A higher-than-expected number of units sold resulted in sales outperformance. Used-vehicle retail revenues rose 6.3% year over year to $2,620.2 million and outpaced our estimate of $2,491.6 million. However, the gross margin in this segment contracted 300 basis points (bps) to 9.2% amid high cost of sales, which flared up 21.5% year over year to $3,526.9 million and crossed our projection of $3,388 million. The average selling price of new-vehicle retail decreased to $47,279 from $47,531 reported in the prior-year quarter, missing our estimate of $48,528. New vehicle units sold rose 18.1% from the prior-year quarter’s levels to 82,188 units, beating our estimate of 76,965 units. New vehicle retail revenues increased 17.5% year over year to $3,885.8 million, surpassing our estimate of $3,735 million due to an increase in the number of units sold. Total revenues jumped 13.5% year over year to $8,277 million, outpacing the Zacks Consensus Estimate of $8,151 million. Lithia reported adjusted earnings of $9.25 per share in third-quarter 2023, which declined from the prior-year quarter’s $11.08 and missed the Zacks Consensus Estimate of $9.97 per share. Lithia Q3 Earnings Miss Estimates, Revenues Beat
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |