Lithia Motors Inc. said its first-quarter normalized net income amounted to $1.47 per share, compared with the S&P Capital IQ consensus estimate of $1.24 per share.
EPS increased 38.4% year over year from $1.06.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $38.9 million, an increase of 39.4% from $27.9 million in the prior-year period.
The normalized profit margin fell to 2.2% from 2.6% in the year-earlier period.
Total revenue rose 66.0% year over year to $1.79 billion from $1.08 billion, and total operating expenses increased 66.8% on an annual basis to $1.72 billion from $1.03 billion.
Reported net income rose 64.0% from the prior-year period to $40.6 million, or $1.53 per share, from $24.7 million, or 94 cents per share.
