Lithia Motors reported all-time highs for the fourth quarter, 2014 adjusted net income.
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
Lithia Motors reported Wednesday all-time highs for the fourth quarter, 2014 adjusted net income.
The auto retailer from Medford reported net earnings of $37.5 million on $1.8 billion of revenue, the Mail Tribune reports:
The fourth-quarter surge reflected consumer confidence, continued low interest rates and fuel costs that plunged during the final three months of 2014. Lithia reported full-year revenue of $5.4 billion and net earnings of $138.7 million—both all-time highs. Lithia’s fourth-quarter per share earnings were $1.42 per share, up from 98 cents a year earlier when it netted $25.7 million. Fourth-quarter revenue grew 75 percent to $768 million from $1 billion during fourth quarter 2013.
“We had a strong finish to 2014,” said Bryan DeBoer, President and CEO. “Our store leaders responded to shifting market dynamics to deliver solid results. We grew overall revenue 35 percent for the year and the DCH integration is progressing well. We achieved our second earnings per share milestone by exceeding $5 per share in 2014 and see a clear path to achieving $6 per share. We also have established a fourth milestone objective of $7 per share.”
READ ON: A Lithia vice president, Mark DeBoer, is teaming with a real estate developer to revitalize Medford’s forlorn downtown. But in light of their efforts, it begs the question, “Will Medford Ever Be Cool?”
