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Lithia Motors Inc (LAD) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

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Lithia Motors Inc

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CIK: 1023128 Ticker: LAD


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LITHIA REPORTS RECORD THIRD QUARTER 2019 RESULTS AND SOLID SAME STORE GROWTH IN ALL BUSINESS LINES
________________________________________________

DECLARES DIVIDEND OF $0.30 PER SHARE FOR THIRD QUARTER

Medford, Oregon, October 23, 2019 - Lithia Motors, Inc. (NYSE: LAD) today reported the highest third quarter revenue in company history.

Third quarter 2019 revenue increased 8% to a record $3.3 billion from $3.1 billion in the third quarter of 2018.

Third quarter 2019 net income per diluted share was $3.64, a 5% decrease over $3.84 per diluted share reported in the third quarter of 2018. Adjusted third quarter 2019 net income per diluted share was $3.39, a 20% increase compared to net income of $2.83 per diluted share in the same period of 2018. Third quarter 2019 net income was $85 million, a 8% decrease compared to net income of $93 million in the same period of 2018. Adjusted third quarter 2019 net income was $79 million, a 16% increase compared to net income of $69 million for the same period of 2018.

As shown in the attached non-GAAP reconciliation tables, the 2019 third quarter adjusted results exclude a $0.25 net non-core benefit related to gain on sale of stores, offset by weather related events and acquisition expenses. The 2018 third quarter adjusted results exclude a $1.01 net non-core benefit due to gain on sale of stores and a tax attribute.

Third Quarter-over-Quarter Operating Highlights:
•
Total adjusted net income per diluted share increased 19.8%
•
Total same store sales increased 7.6%
•
Same store new vehicle retail sales increased 4.6%
•
Same store used vehicle retail sales increased 14.0%
•
Same store F&I per unit increased 7.3% to $1,471
•
Same store service, body and parts sales increased 9.5%
•
Same store total gross profit per unit increased 3.1% to $3,631

"We achieved record results during the third quarter driven by strong growth in all business lines," said Bryan DeBoer, President and CEO. "Our stores' successful commitment to serve customers wherever, whenever, however they choose is evident in our results."

For the first nine months of 2019 revenues increased 6% to $9.4 billion, compared to $8.8 billion in 2018.

Net income for the first nine months of 2019 was $8.72 per diluted share, compared to $8.31 per diluted share in 2018, an increase of 5%. Adjusted net income per diluted share for the first nine months of 2019 increased 19% to $8.81 from $7.41 in 2018.

Corporate Development
Earlier this month, we acquired John Howard Subaru, Waterfront Jeep, and Urse Chrysler Dodge Ram Fiat in Morgantown, West Virginia. For the year, we have acquired seven stores and anticipated revenues of over $475 million.
"The acquisition market remains robust and we are well positioned to accelerate our growth strategy in the coming quarters," said DeBoer. "In addition to our expanding physical network, our phenomenal teams, and owned inventory of over 70,000 vehicles, our digital solutions broaden the foundation that allow us to be the leading provider of personal transportation solutions for consumers."
As announced last week, we activated proprietary technology in our Pittsburgh market allowing consumers to sell us vehicles within minutes from the comfort of their own home. These scalable, digital solutions will drive improvements and efficiencies across our entire network.



The following information was filed by Lithia Motors Inc (LAD) on Wednesday, October 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lithia Motors Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Consolidated Statements Of Operations (Unaudited)
Accounts Receivable And Contract Assets
Accounts Receivable And Contract Assets (Summary Of Accounts Receivable) (Details)
Accounts Receivable And Contract Assets (Tables)
Acquisitions
Acquisitions (Assets Acquired And Liabilities Assumed) (Details)
Acquisitions (Narrative) (Details)
Acquisitions (Pro Forma Summary Of All Acquisitions) (Details)
Acquisitions (Revenue And Operating Income From Acquisitions) (Details)
Acquisitions (Summary Of Acquisitions) (Details)
Acquisitions (Tables)
Contract Liabilities And Assets
Contract Liabilities And Assets (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Fair Value Measurements
Fair Value Measurements (Assets Measured At Fair Value On A Non-Recurring Basis) (Details)
Fair Value Measurements (Assets Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Long-Term Fixed Interest Rate Debt) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Goodwill And Franchise Value
Goodwill And Franchise Value (Schedule Of Franchise Value) (Details)
Goodwill And Franchise Value (Schedule Of Goodwill) (Details)
Goodwill And Franchise Value (Tables)
Interim Financial Statements
Interim Financial Statements (Details)
Interim Financial Statements (Policies)
Interim Financial Statements (Tables)
Inventories
Inventories (Components Of Inventories, Net) (Details)
Inventories (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Lease Costs) (Details)
Leases (Schedule Of Lease-Related Liabilities Recorded On The Balance Sheet) (Details)
Leases (Schedule Of Maturities Of Operating Lease Liability) (Details)
Leases (Tables)
Net Income Per Share Of Class A And Class B Common Stock
Net Income Per Share Of Class A And Class B Common Stock (Earnings Per Share Reconciliation) (Details)
Net Income Per Share Of Class A And Class B Common Stock (Tables)
Recent Accounting Pronouncements
Segments
Segments (Narrative) (Details)
Segments (Reconciliation Of Assets From Segment To Consolidated) (Details)
Segments (Schedule Of Certain Financial Information On A Segment Basis) (Details)
Segments (Tables)
Stockholders' Equity
Stockholders' Equity (Details)

Material Contracts, Statements, Certifications & more

Lithia Motors Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: LAD
CIK: 1023128
Form Type: 10-Q Quarterly Report
Accession Number: 0001023128-19-000133
Submitted to the SEC: Fri Oct 25 2019 10:28:20 AM EST
Accepted by the SEC: Fri Oct 25 2019
Period: Monday, September 30, 2019
Industry: Retail Auto Dealers And Gasoline Stations

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