RPT-UPDATE 1-Lithia quarterly earnings drop on inventory costs

Newswire

(Repeats without change to headline or text) (Updates with details, background) DETROIT, Oct 31 (Reuters) - Car dealership group Lithia Motors Inc. on Tuesday posted lower quarterly earnings because of the cost of financing higher inventory levels and slower sales by Chrysler Group. Lithia posted third-quarter net earnings of $12.7 million, or 63 cents per share, down from $17.6 million, or 85 cents per share, a year earlier. Overall sales increased 3 percent to $880 million, with new ...

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