Lithia & Driveway Shares Rise After 2Q Earnings Beat Estimates
Dow Jones
Jul 29
Shares of Lithia & Driveway rose after the automotive retailer's second-quarter results beat estimates.
The stock was up over 13% to $406.11 in recent trading, and rose more than 22% since the start of the year.
Lithia posted net income of $260 million, or $11.54 a share, up from $256.1 million, or $9.87 a share, a year earlier.
Revenue rose 2.2% to $9.79 billion. Analysts polled by FactSet expected $9.64 billion.
Lithia also said it raised its quarterly dividend by 23% to 70 cents a share. The dividend is expected to be paid on Aug. 21 to shareholders of record on Aug. 7.
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