Lithia Motors Reports Adjusted Second Quarter 2011 Earnings of $0.54 per Share; Increases 2011 Outlook
Lithia Motors Declares $0.07 per Share Dividend for Second Quarter 2011
(firmenpresse) - MEDFORD, OR -- (Marketwire) -- 07/27/11 -- Lithia Motors, Inc. (NYSE: LAD) today reported 2011 adjusted second quarter net income from continuing operations of $14.6 million, or $0.54 per diluted share. This compares to a 2010 adjusted second quarter net income from continuing operations of $7.0 million, or $0.27 per diluted share. Second quarter 2011 revenue from continuing operations increased $158.9 million, or 30% to $689.1 million, compared to $530.2 million in the year-ago period.
New vehicle same store sales increased 24%
Used vehicle retail same store sales increased 16%
Service, body and parts same store sales increased 5%
Adjusted SG&A expense as a percentage of gross profit declined 560 basis points, to 71.4%
As shown in the attached non-GAAP reconciliation table, the 2011 second quarter adjusted results from continuing operations exclude a non-core benefit of $0.01 per share due to a tax item, and the 2010 second quarter adjusted results from continuing operations exclude a non-core charge of $0.33 per share on asset impairments and reserve adjustments. Unadjusted, net income (loss) from continuing operations for the second quarter of 2011 and 2010 was $14.8 million or $0.55 per diluted share and $(1.6) million or $(0.06) per diluted share, respectively.
"We had a better than expected quarter, with revenue up 30% year over year, and the highest second quarter earnings per share since 2006," said Sid DeBoer, Chairman and CEO of Lithia. "We continue to build on the momentum we have created over the past 24 months through our philosophy of continuous improvement."
For the first six months of 2011, revenue from continuing operations increased 31% to $1.3 billion as compared to $1.0 billion in 2010. Same store new vehicle sales increased 32%, used vehicle retail same store sales increased 17% and service, body and parts same store sales increased 7%. For the first six months of 2011 adjusted net income from continuing operations was $0.88 per share as compared to $0.36 per share in 2010. Unadjusted, for the first six months of 2011, net income from continuing operations was $0.87 per diluted share, compared to net loss from continuing operations of $(0.01) per diluted share for 2010.
Mr. DeBoer continued, "The outlook for the remainder of 2011 remains volatile. Gas prices have fluctuated over the past three months, unemployment remains high and the supply disruption that affected Japanese manufacturers will reduce vehicle availability through the third quarter. We anticipate new vehicle inventory will recover to normal levels by the first quarter of 2012."
Lithia ended the period with $61 million in immediately available funds, including $12 million in cash, $8 million in availability on its revolving credit facility, and $41 million in unfinanced new vehicle inventory.
Lithia announced that the Board of Directors has approved a dividend of $0.07 per share for the second quarter 2011. Lithia will pay the dividend August 25, 2011 to shareholders of record on August 11, 2011.
Lithia projects its 2011 third quarter earnings guidance within a range of $0.45 to $0.47 per diluted share. Full-year 2011 earnings guidance is projected within a range of $1.67 to $1.73 per diluted share. Both projections are based on the following annual assumptions:
Total revenues in range of $2.6 to $2.7 billion
New vehicle same store sales increasing 23%
New vehicle gross margin ranging from 7.5% to 7.7%
Used vehicle same store sales increasing 17%
Used vehicle gross margin ranging from 14.6% to 14.8%
Service body and parts same store sales increasing 2%
Service body and parts gross margin ranging from 48.5% to 48.8%
Finance and insurance gross profit of $980 per unit
Tax rate of 40%
Estimated average diluted shares outstanding of 26.9 million
Capital expenditures of approximately $28 million
Guidance excludes the impact of future acquisitions, dispositions, and any potential non-core items
The second quarter conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting the second quarter results has been added to Investor Relations on .
To listen live on our website or for replay, visit Investor Relations on and click on webcasts. A playback of the conference call will be available after 1:00 p.m. ET on July 27, 2011 through August 4, 2011 by calling 877-660-6853 (Conference ID: 374114 Account: 305).
Lithia Motors, Inc. is the ninth largest automotive retailer in the United States. Lithia sells 27 brands of new and all brands of used vehicles at 86 stores, which are located in 12 states. Lithia also sells used vehicles; arranges finance, warranty, and credit insurance contracts; and provides vehicle parts, maintenance, and repair services at all of its locations.
This press release includes "forward-looking statements" within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. Forward-looking statements in this press release include our guidance regarding third quarter and full year 2011 results, the effect of acquisitions on our full year 2011 EPS, the impact of the Japanese disaster on new vehicle inventory and sales levels and the sustainability of the economic recovery. Forward looking statements include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to certain risk factors, including without limitation, future economic conditions and others set forth from time to time in the company's filings with the SEC. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook.
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income and diluted earnings per share from continuing operations, adjusted SG&A as a percentage of revenues and gross profit, adjusted operating margin, adjusted operating profit as a percentage of gross profit, and adjusted pre-tax margin. These measures exclude certain items disclosed in the attached financial tables. Cash flows from operations were adjusted to include the change in non-trade floorplan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, the Company has provided reconciliations of these measures to the most directly comparable GAAP measures, which are set forth in the attachments to this release. The Company believes that each of the foregoing non-GAAP financial measures improves the transparency of the Company's disclosure, provides a meaningful presentation of the Company's results from its core business operations excluding adjustments for items not related to the Company's ongoing core business operations or other non-cash adjustments, and improves the period-to-period comparability of the Company's results from its core business operations. These presentations are not intended to provide net income, cash flows from operations, operating income or selling, general and administrative costs in accordance with GAAP and should not be considered an alternative to GAAP measures.
For additional information on Lithia Motors, contact:
John North
VP Finance / Controller
(541) 618-5748
or visit and click on "Investor Relations"
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 27.07.2011 - 11:30 Uhr
Sprache: Deutsch
News-ID 38137
Anzahl Zeichen: 0
contact information:
Town:
MEDFORD, OR
Kategorie:
Motorcycles
Diese Pressemitteilung wurde bisher 252 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Lithia Motors Reports Adjusted Second Quarter 2011 Earnings of $0.54 per Share; Increases 2011 Outlook"
steht unter der journalistisch-redaktionellen Verantwortung von
Lithia Motors (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
