Lithia & Driveway reports Q1 EPS $6.11, consensus $7.89

Reports Q1 revenue $8.56B, consensus $8.54B. New vehicle same store units grew by 3.6 %. Reports Q1 total vehicle gross profit per unit of $4,346, down $1,239. “In the first quarter, our teams responded as the industry continued to normalize inventories and profitability. We are committed to driving improvements across our business,” said Bryan DeBoer, President and CEO. “Our model is diversified with our adjacencies maturing and on a path to profitability, as we continue to deliver the best experience for our customers. Responding to market conditions, we are rebalancing our capital allocation from acquisitions toward returns to our shareholders, with the long-term target of delivering $2 in EPS per billion in revenues.”