Lithia & Driveway Shares Surge on Earnings Beat

The company reported net income of $260 million, or $11.54 per share, improving on the $256.1 million, or $9.87 per share, recorded during the same period last year. Revenue reached $9.79 billion, comfortably beating the $9.64 billion consensus forecast from analysts polled by FactSet.

Beyond the quarterly results, management announced a 23% increase in the quarterly dividend to 70 cents per share. This payout is scheduled for August 21 to shareholders of record as of August 7.