Lithia & Driveway (LAD), parent company of Airstream Adventures, reported the highest fourth quarter revenue in company history and the first profitable year for Financing Operations, which includes Driveway Finance Corporation.
Fourth quarter 2024 revenue increased 20% to $9.2 billion from $7.7 billion in the fourth quarter of 2023.
Fourth quarter 2024 diluted earnings per share attributable to LAD was $8.12, a 5% increase from $7.74 per share reported in the fourth quarter of 2023. Fourth quarter 2024 adjusted diluted earnings per share attributable to LAD was $7.79, a 6% decrease compared to $8.32 per share in the same period of 2023. Insurance proceeds related to a business interruption claim, partially offset by foreign currency exchange losses, increased diluted earnings per share by $0.17.
Fourth quarter 2024 net income was $217 million, remained flat compared to net income of $216 million in the same period of 2023. Adjusted fourth quarter 2024 net income was $209 million, a 10% decrease compared to adjusted net income of $232 million for the same period of 2023.
The 2024 fourth quarter adjusted results exclude a $0.33 per diluted share impact resulting from non-core items, including a net gain on the disposal of stores and tax attributes, partially offset by acquisition expenses. The 2023 fourth quarter adjusted results exclude a $0.58 per diluted share impact resulting from non-core items, including acquisitions expenses and a net loss on the disposal of stores, partially offset by insurance reserves.
Fourth Quarter 2024 Highlights:
- Total revenues increased 20% compared to fourth quarter 2023
- New retail units increased 7.4 % on a same-store basis
- Aftersales gross profit increased 4.5% on a same-store basis
- Driveway Finance Corporation (DFC) originated $501 million in loans, for a portfolio of $3.9 billion in average managed receivables, with net interest margin increasing to 4.7%
- Repurchased 0.9% of outstanding shares
“2024 marks another milestone year for Lithia & Driveway, with record-breaking fourth-quarter revenues, the first profitable year for Driveway Finance, and the continued maturity of foundational elements to our strategy,” said Bryan DeBoer, president and CEO. “Our focus on providing experiences that enhance customer loyalty, unlocking the full potential of our platform, and accelerating the growth of our unique ecosystem, positions us to deliver sustainable performance and best-in-class returns. We believe our omnichannel strategy, supported by a strong financial foundation, will allow us to drive continued growth in 2025 and beyond.”
Full year 2024 revenue increased 17% to a record $36.2 billion from $31.0 billion in 2023.
Full year 2024 diluted earnings per share attributable to LAD was $29.65, an 18% decrease from $36.29 per share reported in 2023. Full year 2024 adjusted diluted earnings per share attributable to LAD was $29.96, a 19% decrease from $36.94 per share reported in 2023. Equity method investment gains and foreign currency exchange losses had a positive net impact to our diluted earnings per share by $0.44. Full year 2024 net income attributable to LAD decreased 20% to $0.8 billion from $1.0 billion for 2023. Adjusted net income attributable to LAD decreased 20% to $0.8 billion for 2024 from $1.0 billion for 2023.
Click here to read the full release and view LAD’s non-GAAP reconciliation tables.
