Lithia & Driveway Q3 shows record topline and beats estimates, raises dividend by 7%

• Lithia & Driveway press release (LAD): Q3 Non-GAAP EPS of $10.34 beats by $0.66.
• Record revenue of $9.9B (+2.3% Y/Y) beats by $190M.
• Used retail GPUs increased $197, or 11%, year over year
• Aftersales gross profit increased by 2.4% and gross margin was 59.5%, a 100-basis point increase, on a same-store basis

• Adjusted net income declined 5% to $229.3M. Reported net income rose 34% to $292.9M.

• Used retail gross profit per unit rose 11% to $1,970, while new-vehicle gross profit per unit declined 6% to $2,624.

• Financing Operations income increased 69% to $32.3M, with record originations of $937M and an 18.3% penetration rate.

• Announced a 7% increase to quarterly dividend

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