Last week Lithia & Driveway reported the highest fourth quarter revenue in company history. According to a company release, the fourth quarter 2022 revenue increased 11 per cent to $7.0 billion from $6.3 billion in the fourth quarter of 2021.
“The Lithia & Driveway team had another great year with a solid finish in the final quarter of 2022 across all our businesses,” said Bryan DeBoer, Lithia & Driveway, President and CEO.
Fourth quarter 2022 net income attributable to LAD per diluted share was $9.00, a six per cent decrease from $9.57 per diluted share reported in the fourth quarter of 2021. Fourth quarter 2022 net income was $250 million, a 15 per cent decrease compared to net income of $293 million in the same period of 2021. Adjusted fourth quarter 2022 net income was $251 million, a 28 per cent decrease compared to adjusted net income of $348 million for the same period of 2021.
“Operational excellence is critical across our core in-store operations, growing omnichannel offerings and captive finance arm,” said DeBoer. “ We are nimbly adjusting to the environment and focused on achieving our 2025 Plan. Our balance sheet is well capitalized and we’re executing on the growth initiatives across our segments. With the significant capital engine we have built, we are well positioned for further consolidation in our sector.”
Full year 2022 revenue increased 24 per cent to a record $28.2 billion from $22.8 billion in 2021.
