DETROIT, Oct 29 (Reuters) - U.S. auto dealer Lithia Motors Inc posted a quarterly profit on Thursday supported by used car sales and the U.S. government 'cash for clunkers' incentive program on new vehicle sales.
Lithia posted net income of $5.7 million, or 26 cents per share, in the third quarter, compared with a net loss of $2.4 million, or a 12 cents per share net loss, a year earlier.
The dealership group earned 33 cents a share from continuing operations excluding one-time items.
Revenue fell 9.6 percent to $458.2 million mainly due to lower sales of new vehicles, Lithia said.
Sales of new vehicles fell 11.5 percent in the quarter from a year earlier and the average selling price fell by 3.4 percent. But, retail sales of used vehicles rose 1.4 percent and the average selling price rose 1.7 percent.
(Reporting by David Bailey, editing by Leslie Gevirtz) Keywords: LITHIA/ (david.bailey@thomsonreuters.com; +1 313 967 1910; Reuters Messaging: david.bailey.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Lithia posted net income of $5.7 million, or 26 cents per share, in the third quarter, compared with a net loss of $2.4 million, or a 12 cents per share net loss, a year earlier.
The dealership group earned 33 cents a share from continuing operations excluding one-time items.
Revenue fell 9.6 percent to $458.2 million mainly due to lower sales of new vehicles, Lithia said.
Sales of new vehicles fell 11.5 percent in the quarter from a year earlier and the average selling price fell by 3.4 percent. But, retail sales of used vehicles rose 1.4 percent and the average selling price rose 1.7 percent.
(Reporting by David Bailey, editing by Leslie Gevirtz) Keywords: LITHIA/ (david.bailey@thomsonreuters.com; +1 313 967 1910; Reuters Messaging: david.bailey.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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