MEDFORD, Ore. (AP) _ Lithia Motors Inc. (LAD) on Wednesday reported first-quarter net income of $342.2 million.
The Medford, Oregon-based company said it had profit of $11.55 per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to $11.96 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $9.63 per share.
The auto dealership chain posted revenue of $6.71 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $6.03 billion.
