Lithia, Sonic Earnings Beat On Rebounding Auto Sales
A pair of auto dealerships reported stronger-than-expected fourth-quarter earnings, as America's car-buying spree continues. Lithia Motors (LAD), the chain of 87 new- and used-car dealerships, reported earnings of 74 cents, up 51% from a year ago and 8 cents over analysts' forecasts. Revenue climbed 22% to $877.4 million, topping analysts' views. But shares fell 3% intraday on the stock market today. Its larger rival Sonic Automotive (SAH)
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