BUZZ-Lithia Motors tracking biggest daily gain in 4 years after EPS beat

Reuters10-24

** Lithia Motors shares up 10.7% to $337.17, and among top S&P 1500 index performers on Weds, after auto retailer's earnings top consensus

** LAD hits highest level since Mar 2022 and on track for biggest one-day pct gain since Jul 2020 ** Medford, Oregon-based co early Weds posted Q3 adj EPS of $8.21 vs LSEG estimate of $7.60

** Q3 rev increased 11% y/y to $9.2 bln, which was below avg analysts' expectation of $9.5 bln

** Co said continued to expand its network in Southeast in the qtr with acquisition of three stores from Duval Motor Co in Florida, saying additions will strengthen its import and luxury footprint in the state and expand its geographic reach

** Of 15 analysts covering LAD recommendation breakdown is 11 "strong buy" or "buy" and 4 "hold"; median PT is $345 - LSEG

** With move on the session, stock up 2% YTD and up ~35% over the past 12 months

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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