Lithia Motors sees record quarter earnings

Lithia Motors earnings blew past analysts expectations in the second quarter as the Medford auto retailer reported net income of $20.5 million, 78 cents per share, up from $14.7 million, or 55 cents per share a year ago.

The company also reported adjusted income from continuing operations of $19.9 million, or 76 cents per share, a gain from $14.4 million, or 54 cents per share, for the second quarter of 2011.

Thomson Reuters's poll of seven analysts anticipated Lithia to earn 63 cents per share for the quarter, excluding one-time items.

Lithia's revenue totaled $847.1 million, an increase from $672.5 million in the comparable period.

— Greg Stiles

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