A Billion $ in Revenue for Lithia
Lithia Motors, the Medford based auto retailer and the 9th largest auto retailer in the country, has topped $1 billion in revenue during a single quarter for the first time.
Yesterday Lithia reported a 22.6 percent revenue increase over the $822.3 million it earned in the second quarter of 2012. The company’s previous top quarterly revenue was $878.5 million in the third quarter of last year.
The company’s Chief Executive Officer Bryan DeBoer, said more than anything it was a number, and added it felt good to hit the billion dollar market and add a digit, but doesn’t believe there is anything magical about it.
The company posted net earnings of 97 cents per share for this year’s second quarter, up from 76 cents in the same quarter of last year.