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Lithia Motors quarterly profit rises, raises full year forecast
July 25, 2012 / 11:55 AM / 5 years ago

Lithia Motors quarterly profit rises, raises full year forecast

July 25 (Reuters) - Auto dealer Lithia Motors Inc posted a higher quarterly profit and raised its full-year earnings forecast, helped by a rise in sales of new cars.

The company said it now expects to earn between $2.69 and $2.75 per share for the full year 2012, from an earlier forecast of $2.45 to $2.53 per share.

Net income from continuing operations rose to $20.5 million, or 78 cents per share, for the second quarter, from $14.7 million, or 55 cents per share, a year earlier.

Excluding items, Lithia earned 76 cents per share.

Total revenue rose 26 percent to $847.1 million. Revenue from its new vehicle retail segment rose 35 percent to $470.4 million. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Akshay Lodaya)

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