MEDFORD, OR—David Stork, the Chief Administrative Officer of Lithia Motors Inc . (NYSE:LAD), has sold 267 shares of the company’s common stock, according to a recent SEC filing. The shares were sold at a price of $379.50 each, totaling approximately $101,326. Following this transaction, Stork retains ownership of 3,197 shares in the company. Lithia Motors, headquartered in Medford, Oregon, operates as a leading automotive retailer in the United States. The $10 billion market cap company maintains a FAIR financial health rating and has raised its dividend for 11 consecutive years. InvestingPro subscribers have access to 12 additional insights about LAD's performance and outlook.
In other recent news, Lithia Motors has been making significant strides in the automotive industry. The company reported an adjusted earnings per share (EPS) of $8.21 for the third quarter, exceeding both the estimated $8.17 and the consensus of $7.59. This positive performance led Jefferies analyst Bret Jordan and financial services firm Stephens to increase their price targets for Lithia Motors to $400 and $405 respectively, both maintaining positive ratings on the company's shares.
In addition to its strong earnings, Lithia Motors reported a third-quarter revenue of $9.2 billion, marking an 11% increase year-over-year. The company also achieved substantial cost savings, reaching $200 million in annualized savings and reducing its adjusted SG&A to 66% of gross profit.
Lithia Motors has also recently expanded its portfolio with the acquisition of three stores from Duval Motor Company, a move expected to contribute nearly $6 billion in annual revenues. Despite challenges in the subprime segment, the company's prime portfolio demonstrated resilience with slight increases in delinquencies but well-managed provisions.
These recent developments highlight Lithia Motors' commitment to strategic growth and profitability, with analysts from Jefferies and Stephens expressing confidence in the company's ability to navigate the evolving automotive market conditions.
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