Shares of Lithia Motors Inc. LAD were indicated down about 4% in premarket trading Wednesday, after the automotive retailer reported fourth-quarter profit and revenue that missed expectations, as gross margin contracted and vehicle profit per unit fell sharply. Net income declined to $247.7 million, or $9.00 a share, from $291.0 million, or $9.57 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $9.05 was well below the FactSet consensus of $10.10.
LAD were indicated down about 4% in premarket trading Wednesday, after the automotive retailer reported fourth-quarter profit and revenue that missed expectations, as gross margin contracted and vehicle profit per unit fell sharply. Net income declined to $247.7 million, or $9.00 a share, from $291.0 million, or $9.57 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $9.05 was well below the FactSet consensus of $10.10. Revenue grew 10.8% to $6.