Lithia Motors tracking biggest daily gain in 4 years after EPS beat

Lithia Motors

23/10/2024 19:02

** Lithia Motors  LAD.N  shares up 10.7% to $337.17, and among
top S&P 1500 index  .SPSUP  performers on Weds, after auto
retailer's earnings top consensus
    ** LAD hits highest level since Mar 2022 and on track for
biggest one-day pct gain since Jul 2020
** Medford, Oregon-based co early Weds posted Q3 adj EPS of
$8.21 vs LSEG estimate of $7.60
    ** Q3 rev increased 11% y/y to $9.2 bln, which was below avg
analysts' expectation of $9.5 bln
    ** Co said continued to expand its network in Southeast in
the qtr with acquisition of three stores from Duval Motor Co in
Florida, saying additions will strengthen its import and luxury
footprint in the state and expand its geographic reach
    ** Of 15 analysts covering LAD recommendation breakdown is
11 "strong buy" or "buy" and 4 "hold"; median PT is $345 - LSEG
    ** With move on the session, stock up 2% YTD and up ~35%
over the past 12 months

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))