Lithia & Driveway announced record third-quarter 2024 revenue of $9.2 billion, an 11% increase compared to $8.3 billion in the third quarter of 2023. The company reported diluted earnings per share (EPS) of $7.80, an 18% decrease from the prior year, while adjusted diluted EPS was $8.21, an 11% decrease from $9.22 in the same period of 2023. This adjusted EPS figure surpassed the analyst consensus estimate of $7.60.
The Financing Operations segment, which includes Driveway Finance Corporation, achieved its second profitable quarter, contributing to the company's diversified revenue streams. Corporate development efforts continued with the acquisition of three stores from Duval Motor Company in Jacksonville and Gainesville, Florida, enhancing LAD's import and luxury footprint in the Southeast. Year-to-date, Lithia had acquired over $5.9 billion in annualized revenues.
In terms of capital allocation, Lithia's Board of Directors approved a dividend of $0.53 per share for the third quarter. The company also repurchased approximately 986,000 shares during 2024 at a weighted average price of $260, with $560.9 million remaining under the current share repurchase authorization.
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