Lithia Motors Inc. said Wednesday it posted its highest-ever adjusted second-quarter net income, a gain in a period expected to showcase the brunt of the coronavirus pandemic’s impact on U.S. automotive retailers.
Net income for the Medford, Ore., retailer increased 25.5 percent to $77.7 million from a year earlier. Adjusted net income was up 23 percent to $85.5 million. The adjusted figure excludes an impairment charge, insurance reserves and acquisition expenses, partially offset by a net gain on sale of stores and a tax benefit.
