Lithia & Driveway Raises Quarterly Dividend 7% to $0.75 a Share

Lithia & Driveway raised its quarterly dividend 7% to $0.75 a share after the auto retailer posted higher third-quarter revenue and earnings than a year earlier.

Revenue increased 3% year over year to $9.9 billion. Adjusted diluted earnings per share rose 9% to $10.34 from $9.50 in the year-earlier quarter.

Diluted earnings per share climbed 54% to $13.22. The adjusted figure excludes an unrealized gain on Lithia & Driveway’s investment in Pinewood Technologies Group PLC and other noncore items.

The dividend increase follows a $0.70-per-share payment in the previous quarter. Shareholders of record Nov. 6 are expected to receive the new $0.75-per-share dividend Nov. 20.