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Lithia Motors finishes first quarter strong By Greg Stiles Posted Apr 25, 2018 at 8:02 AM Updated Apr 25, 2018 at 8:03 AM Lithia Motors fended off flat same store sales and a 2 percent decrease in new vehicle deals to produce its best first quarter on record. Spurred by 5 percent growth in used vehicle sales and a 3 percent pick-up in service revenue, the Medford auto retailer reported net income of $52 million on revenue of $2.7 billion. "Vehicle sales improved sequentially each month of the quarter," said Bryan DeBoer, president and CEO. "January and February were softer than expected and we experienced more severe weather than typical in the northeast throughout the quarter. Despite the slower start, we finished strong with a record March, generating over 70 percent of our earnings. We expect this momentum to continue throughout 2018 and beyond. While fixed operations remains strong, sales shortfalls in January and February created an urgent call to action for our leaders to more aggressively pursue the over $200 million in unrealized earnings potential available to us." The company also boosted its per share dividend to 29 cents, payable May 25 to shareholders of record on May 11. "We continue to expand and optimize our network of local customer service and delivery centers," said DeBoer. "With two-thirds of the year remaining, we have nearly eclipsed the amount of revenue acquired in 2017. We see significant opportunities in the market that are more attractively priced than in the recent past." Most Popular Medford gun supporters prepare for ballot showdown Apr 21 at 5:04 PM Police: Cat killed during fight between couple Apr 19 at 6:36 PM A long view of home Apr 19 at 6:56 PM Letters to the Editor, April 21 Apr 23 at 7:31 AM Nathan "Nate" Allen Joling Apr 24 at 2:00 AM Woman charged in $7,000 Victoria's Secret underwear theft Apr 20 at 4:58 PM Man sentenced for raping, assaulting wife Apr 20 at 7:14 AM Roller Derby benefits kids battling cancer Apr 20 at 5:32 PM Driver who struck bulls must pay $23,268 Apr 24 at 7:16 AM Data breach or 'bogeyman'? Apr 23 at 7:32 AM Community Builder: A cheerleader for Southern Oregon Apr 22 at 2:01 AM Barry sisters continue rich North Medford softball tradition Apr 21 at 5:31 PM © Copyright 2006-2018 Rosebud Media LLC. All rights reserved. Original content available for non-commercial use under a Creative Commons license, except where noted. MailTribune.com ~ P.O. Box 1108, Medford, OR 97501