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Lithia Motors (LAD) Q3 FY2023 earnings: revenue $8.3 billion, up 13.5% on the year

Lithia Motors Inc. (LAD) reported revenue of $8.3 billion for Q3 FY2023, the quarter ended 30 September 2023, up 13.5% on the same quarter a year earlier. Net income was $262 million, down 20.7% on the year, and diluted earnings per share $9.46. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$8.3 billionup 13.5%
Net income$262 milliondown 20.7%
Diluted EPS$9.46
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue8,277n/an/an/a
Cost of revenue6,906n/an/an/a
Gross profit1,371n/an/an/a
Gross margin16.6%n/an/a
Selling, general and administrative851n/an/an/a
Operating income465n/an/an/a
Operating margin5.6%n/an/a
Interest expense58.5n/an/an/a
Pre-tax income361n/an/an/a
Income tax96.4n/an/an/a
Effective tax rate26.7%n/an/a
Net income262n/an/an/a
Net margin3.2%n/an/a
Diluted EPS$9.46n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow122n/an/an/a
Capital expenditure66.6n/an/an/a
Free cash flow54.9n/an/an/a
Free cash flow margin0.7%n/an/a
Cash from investing-240n/an/an/a
Cash from financing178n/an/an/a
Depreciation and amortisation50.8n/an/an/a
Share-based compensation11.1n/an/an/a
Buybacks0.0n/an/an/a
Dividends paid13.7n/an/an/a
Dividend per share$0.50n/an/an/a
Diluted shares, weighted28mn/an/an/a
Shares outstanding at period end28mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity5,996n/an/an/a
Non-controlling interest26.1n/an/an/a
Redeemable equity44.3n/an/an/a
Operating lease liabilities424n/an/an/a
Other liabilities11,779n/an/an/a
Total liabilities and equity18,270n/an/an/a
Goodwill1,726n/an/an/a
Cash and equivalents147n/an/an/a
Receivables999n/an/an/a
Inventory4,404n/an/an/a
Other assets10,994n/an/an/a
Total assets18,270n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024 †Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue8,2777,6808,5629,2329,2219,1749,1789,5839,6769,1989,2719,791
Cost of revenue6,9066,4197,2277,8087,7917,8027,7688,0988,2107,8267,8508,294
Gross profit1,3711,2611,3351,4241,4301,3721,4101,4851,4661,3721,4221,497
Gross margin17%16%16%15%16%15%15%15%15%15%15%15%
SG&A8518379349759449029531,0159989791,0371,015
Operating income465372341394422416406425422342336448
Operating margin6%5%4%4%5%5%4%4%4%4%4%5%
Interest expense58.559.863.661.264.568.565.566.768.375.070.362.7
Pre-tax income361280221283286287284352282190142352
Tax rate27%23%25%23%23%24%26%27%23%27%28%26%
Net income262213163214207216210256217137100260
Net margin3%3%2%2%2%2%2%3%2%1%1%3%
Diluted EPS$9.46$7.74$5.89$7.87$7.80$8.12$7.94$9.87$8.61$5.72$4.28$11.54
Operating cash flow122-295292-14821961.83229.3-98.4124-108-65.7
Capital expenditure66.666.579.613062.279.568.780.110993.297.156.3
Free cash flow54.9-362213-278157-17.7253-70.8-20730.5-206-122
Buybacks0.034.415.020256.092.7143120399299297237
Dividends paid13.713.713.814.414.214.113.914.313.913.212.812.9
Shares outstanding28m27m28m27m27m26m26m26m24m24m23m22m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0001023128-23-000148: the filing on EDGAR. All of Lithia Motors Inc.'s filings: EDGAR company page.

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