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Investing.com – We may be trapped by coronavirus fears, but we’re still buying cars.
Auto retailer Lithia Motors (NYSE:LAD) reported results that beat expectations, boosting the stock 15% and taking the company to an all-time high.
Peers AutoNation (NYSE:AN) and Penske also rose 6% and 3%, respectively.
Lithia reported second quarter revenue of $2.8 billion, which compares to the estimated $2.5 billion. Adjusted net income per diluted share was $3.72, a 26% increase from the second quarter in 2019, and in comparison to the $1.32 estimated by analysts surveyed by Investing.com.
Lithia reported a 24% drop in same store new vehicle sales, and an increase in used sales, as well as gross profit.
