By Eric Pitt via lithiainvestorrelations.com
VP, Investor Relations and Treasurer
EPitt@lithia.com<\/p>\n\n\n\n
Declares Dividend of $0.31 Per Share for Fourth Quarter<\/strong><\/p>\n\n\n\n 2\/3\/2021 MEDFORD, Ore. – Lithia Motors & Driveway (NYSE: LAD) today reported the highest fourth quarter revenue and earnings per share in company history.<\/p>\n\n\n\n Fourth quarter 2020 revenue increased 21% to $3.9 billion from $3.3 billion in the fourth quarter of 2019.<\/p>\n\n\n\n Fourth quarter 2020 net income per diluted share was $7.02, a 143% increase from $2.89 per diluted share reported in the fourth quarter of 2019. Adjusted fourth quarter 2020 net income per diluted share was $5.46, an 85% increase compared to adjusted net income of $2.95 per diluted share in the same period of 2019.<\/p>\n\n\n\n Fourth quarter 2020 net income was $188 million, a 176% increase compared to net income of $68 million in the same period of 2019. Adjusted fourth quarter 2020 net income was $146 million, a 110% increase compared to adjusted net income of $70 million for the same period of 2019.<\/p>\n\n\n\n As shown in the attached non-GAAP reconciliation tables, the 2020 fourth quarter adjusted results exclude a $1.56 per diluted share net non-core benefit related to non-cash unrealized investment gains and a net gain on sale of stores, partially offset by acquisition expenses. The 2019 fourth quarter adjusted results exclude a $0.06 per diluted share net non-core charge due to asset impairments and acquisition expenses, partially offset by a net gain on sale of stores.<\/p>\n\n\n\n Fourth Quarter-over-Quarter Operating Highlights:<\/p>\n\n\n\n “This was a historic year for Lithia & Driveway and the results for the fourth quarter demonstrate the ability of our team to deliver unparalleled performance and profitability through any economic cycle,”<\/strong> said Bryan DeBoer, President and CEO. “The high performance being achieved at our existing stores, coupled with the acquisitions in 2020 anticipated to generate over $3.5 billion in annualized steady state revenue and the successful launch of our national e-commerce home solution Driveway, gives us increased confidence in our five-year plan to reach $50 billion in revenue and $50 in earnings per share.”<\/p>\n\n\n\n Full year 2020 revenue increased 4% to a record $13.1 billion from $12.7 billion in 2019.<\/p>\n\n\n\n Full year 2020 net income per diluted share increased 68% to $19.53 from $11.60 for 2019. Adjusted net income per diluted share increased 55% to $18.19 from $11.76 for 2019. Full year 2020 net income increased 73% to $470 million from $271 million for 2019. Adjusted net income increased 59% to $438 million for 2020 from $275 million for 2019.<\/p>\n\n\n\n As shown in the attached non-GAAP reconciliation tables, the 2020 adjusted results exclude a cumulative net non-core benefit of $1.34 per diluted share related to non-cash unrealized investment gains, a net gain on sale of stores, and tax attribute, offset by asset impairments, insurance reserves and acquisition expenses. The 2019 adjusted results exclude a cumulative net non-core charge of $0.16 per diluted share from insurance reserves, asset impairments, and acquisition expenses, offset by a net gain on sale of stores.<\/p>\n\n\n\n Full Year-over-Year Operating Highlights:<\/p>\n\n\n\n Corporate Development<\/p>\n\n\n\n During the quarter, we completed the acquisitions of Latham Ford in the Albany, New York area; Keyes Automotive Group in Southern California and Phoenix, Arizona; Sterling Luxury Group in the Washington D.C. area; and Ramsey Subaru\/Mazda in Des Moines, Iowa. These strategic acquisitions in key geographic locations are anticipated to generate $1.8 billion in annualized steady state revenues. For the year, this brings our total anticipated annualized revenue from acquired locations to $3.5 billion, $3.3 billion since the beginning of our five-year plan on July 1, 2020.<\/p>\n\n\n\n “We expanded our network at a record pace during 2020 and are just getting started,” said DeBoer. “With our strong balance sheet and over $350 million of adjusted operating cash flows, we are well positioned for accelerated growth with the ability to add over $7 billion of additional revenue to our network this year.”<\/p>\n\n\n\n Balance Sheet Update<\/p>\n\n\n\n We ended the fourth quarter with approximately $1.4 billion in cash, unfloored inventory and availability on our revolving lines of credit. In addition, our unfinanced real estate could provide additional liquidity of approximately $471 million.<\/p>\n\n\n\n Dividend Payment<\/p>\n\n\n\n Our Board of Directors approved a dividend of $0.31 per share related to fourth quarter 2020 financial results. We expect to pay the dividend on March 26, 2021 to shareholders of record on March 12, 2021.<\/p>\n\n\n\n Download the full financial release at https:\/\/s3.amazonaws.com\/b2icontent.irpass.cc\/2051\/rl96832.pdf<\/p>\n","protected":false},"excerpt":{"rendered":" By Eric Pitt via lithiainvestorrelations.comVP, Investor Relations and TreasurerEPitt@lithia.com Declares Dividend of $0.31 Per Share for Fourth Quarter 2\/3\/2021 MEDFORD, Ore. – Lithia Motors & Driveway (NYSE: LAD) today reported the highest fourth quarter revenue and earnings per share in company history. Fourth quarter 2020 revenue increased 21% to $3.9 billion from $3.3 billion in the…<\/p>\n","protected":false},"author":26,"featured_media":3728,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","_wp_rev_ctl_limit":""},"categories":[127,121],"tags":[],"yoast_head":"\n