Lithia Motors, Inc. (LAD) Monday said it expects third-quarter adjusted earnings to be below its outlook, and slashed its earnings outlook for the fourth quarter as well as the year 2014.
For the third quarter, the company expects adjusted earnings from continuing operations to be $34 million to $34.8 million, or $1.30 to $1.32 per share, below the company's guidance of $1.36 to $1.38 per share.
On average, ten analysts polled by Thomson-Reuters expect the company to report third-quarter earnings of $1.38. Analysts' estimates typically exclude one-time items.
Lithia Motors sees un-adjusted earnings from continuing operations to be $33.7 million to $34.5 million, or $1.29 to $1.31 per share.
Lithia Motors said third-quarter revenues increased 21 percent to $1.3 billion, from $1.1 billion last year, while Wall Street expects $1.28 billion.
For the fourth quarter, the company slashed its earnings outlook to $1.17 to $1.19 per share from the previously projected range of $1.23 to $1.26 per share. Lithia lowered its annual earnings outlook to $4.86 to $4.88 per share from the prior guidance of $4.95 to $5.00 per share.
Analysts expect fourth-quarter earnings of $1.29 per share and annual earnings of $5.06 per share.
For 2015, Lithia expects first-quarter earnings of $1.18 to $1.21 per share and annual earnings of $5.60 to $5.80 per share. The company expects revenues of $7.4 billion to $7.6 billion in 2015.
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