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Lithia reports $1 billion in revenue for second quarter

 Posted: 7:40 AM July 24, 2013

Lithia Motors today reported unadjusted net income from continuing operations of $25.3 million, or 97 cents per share, for the second quarter, up from $20 million, or 76 cents per share, a year earlier.

The Medford auto retailer reported second-quarter revenue of $1 billion, up 23 percent from the $822.3 million during the second quarter of 2012.

The nation's ninth-largest auto retailer said same store new and used vehicle sales increased 19 percent.

"Based on our results through the first six months of the year, we are well on our way towards the first milestone for growth we established late in 2012, where total revenue increases by 25 percent from full year 2012 results," said Lithia president and chief executive officer Bryan DeBoer. "We continue to seek exclusive franchises in the markets we serve and view acquisitions as one of the long term drivers of growth for Lithia."

The company has $301 million of debt, of which $168 million is real estate financing.

— Greg Stiles

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