Lithia Motors, Inc. (NYSE:LAD) Q4 2023 Earnings Conference Call February 14, 2024 10:00 AM ET
Company Participants
Amit Marwaha - Director of IR
Bryan DeBoer - President and CEO
Chris Holzshu - EVP and COO
Tina Miller - SVP and CFO
Chuck Lietz - SVP of Driveway Finance
Conference Call Participants
John Murphy - Bank of America
Joe Enderlin - Stephens Inc.
Rajat Gupta - JPMorgan
Ryan Sigdahl - Craig-Hallum Capital Group
Colin Langan - Wells Fargo
Mark Jordan - Goldman Sachs
Chris Bottiglieri - BNP Paribas
Bret Jordan - Jefferies
Michael Ward - Freedom Capital
David Whiston - Morningstar
Operator
Greetings, and welcome to the Lithia Motors Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Amit Marwaha, Director, Investor Relations. Thank you, Amit. You may begin.
Amit Marwaha
Thank you for joining us for our fourth quarter and full year 2023 earnings call. With me today are Bryan DeBoer, President and CEO; Chris Holzshu, Executive Vice President and COO; Tina Miller, Senior Vice President and CFO; Chuck Lietz, Senior Vice President of Driveway Finance; and finally, Adam Chamberlain, Chief Customer Officer.
Today's discussion may include statements about future events, financial projections and expectations about the company's products, markets and growth. Such statements are forward-looking and subject to risks and uncertainties that could cause actual results to materially differ from the statements made. We disclose those risks and uncertainties we deem to be material in our filings with the Securities and Exchange Commission. We urge you to carefully consider these disclosures and not to place undue reliance on forward-looking statements. We undertake no duty to update any forward-looking statements, which are made as of the date of this release.
Our results discussed today include references to non-GAAP financial measures. Please refer to the text of today's press release for the reconciliation of comparable GAAP measures. We have also posted an updated investor presentation on our website investors.lithiadriveway.com, highlighting our fourth quarter results.
With that, I would like to turn the call over to Bryan DeBoer, President and CEO.
Bryan DeBoer
Thank you, Amit. Good morning, and welcome to our fourth quarter and full year earnings call.
In Q4, Lithia & Driveway grew revenues to $7.7 billion, up 11% from Q4 of last year and generated adjusted diluted earnings per share of $8.24. 2023 was a record year for us as we reached just over $31 billion in total full year revenues. Results in the quarter were driven by continued strength in new vehicle sales with same-store units up 10% and aftersales revenues up 3%.