Lithia Motors, Inc. reported its financial results for the three months ended September 30, 2024, showing a mixed performance compared to the same period in 2023. The company recorded a net income attributable to Lithia Motors of $209.1 million, a decrease from $261.5 million in the prior year. Basic earnings per share (EPS) also fell to $7.82, down from $9.49 in 2023.
Total revenues for the quarter reached $9,221.0 million, reflecting an 11.4% increase from $8,277.0 million in the previous year. This growth was driven by vehicle operations revenue, which matched total revenues at $9,221.0 million, up from $8,277.0 million in 2023. Gross profit increased to $1,430.4 million, compared to $1,371.3 million in the same quarter last year. However, operating profit declined to $424.2 million from $465.3 million in 2023, indicating challenges in maintaining profitability despite higher revenues.
Selling, general, and administrative (SG&A) expenses rose significantly, totaling $943.6 million, an increase of 10.9% from $850.8 million in the prior year. This rise in expenses contributed to the decline in operating profit.
For the nine months ended September 30, 2024, net cash provided by operating activities was $363.3 million, a substantial increase from $177.2 million in 2023. This improvement in cash flow reflects stronger operational performance over the longer term.
As of September 30, 2024, Lithia Motors reported total finance receivables of $3,886.0 million, up from $3,348.7 million at the end of 2023. Total inventories also increased significantly to $6,100.2 million, compared to $4,753.9 million at the end of the previous year. This rise in inventory levels may indicate a strategic decision to bolster stock in anticipation of future sales.
Additionally, floor plan notes payable surged to $2,602.9 million, up from $1,347.0 million as of December 31, 2023, reflecting increased financing activities. Cash and cash equivalents decreased to $209.8 million, down from $825.0 million at the end of 2023, indicating a tighter liquidity position.
About LITHIA MOTORS INC
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