MEDFORD, Ore. (AP) _ Lithia Motors Inc. (LAD) on Wednesday reported second-quarter profit of $304.9 million.
On a per-share basis, the Medford, Oregon-based company said it had net income of $10.75. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were $11.12 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $6.56 per share.
The auto dealership chain posted revenue of $6.01 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $5.01 billion.
Lithia Motors shares have climbed 21% since the beginning of the year. The stock has more than doubled in the last 12 months.
