MEDFORD, Ore. (AP) – MEDFORD, Ore. (AP) – Lithia Motors Inc. (LAD) on Wednesday reported first-quarter earnings of $228.7 million.
The Medford, Oregon-based company said it had net income of $8.30 per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to $8.44 per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $8.64 per share.
The auto dealership chain posted revenue of $6.97 billion in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $7. 06 billion.
