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Lithia Motors Q1 profit climbs YOY

Lithia Motors Inc. said its first-quarter normalized net income was $1.53 per share, compared with the S&P Capital IQ consensus estimate of $1.54 per share.

EPS rose year over year from $1.47.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $39.7 million, an increase from $38.9 million in the prior-year period.

The normalized profit margin declined to 2.0% from 2.2% in the year-earlier period.

Total revenue grew 10.8% on an annual basis to $1.98 billion from $1.79 billion, and total operating expenses increased 11.0% from the prior-year period to $1.91 billion from $1.72 billion.

Reported net income totaled $40.3 million, or $1.55 per share, compared to $40.6 million, or $1.53 per share, in the year-earlier period.