Vehicle dealership group Lithia Motors has reported that first-quarter earnings rose in line with higher revenues.
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According to Reuters, Lithia said it earned $US7.5 million, or 39 cents a share, compared with $4.2 million, or 23 cents a share, a year before.
Income from continuing operations increased to $7.6 million, or 40 cents a share, compared with $4.3 million or 24 cents a year ago and the increase exceeded the company’s first-quarter forecast and came as revenues rose to $637.8 million from $559.6 million, the report said.
For the full year, Lithia said it was raising its forecast of earnings from continuing operations to a range of $2.06 a share to $2.14 a share and set a second-quarter forecast at 51 cents a share to 53 cents a share, Reuters added.
The report noted Lithia had previously said it saw 2004 earnings between $1.95 a share and $2.05 a share.
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