Benzinga | Jun 30, 2021 08:41AM EDT

LMP Automotive Shares On Q1 Earnings, Strong Q2 Guidance

* LMP Automotive Holdings Inc (NASDAQ:LMPX) reported first-quarter FY21 sales of $33 million, up 516.8% year-on-year, beating the consensus estimate of $13.37 million.

* The increase in revenue is primarily driven by approximately three weeks of sales from acquisitions closed in March of 2021.

* Retail sales in new vehicles were $15.9 million, and used vehicles sales amounted to $7.7 million.

* Gross profit was $26.7 million, with a profit margin of 18.1%.

* Operating expenses rose 276% Y/Y to $7.9 million due to acquisition costs.

* Adjusted EBITDA was $1.9 million, compared to a loss of $1.2 million Y/Y.

* Adjusted EPS of $0.13 was up from a loss of $(0.17) last year.

* Cash and equivalents were $19.4 million at the end of the quarter.

* The company sees Q2 sales of $147.6 million, ahead of the $116 million consensuses, and Adjusted EBITDA of about $10.3 million or $1.03 per share.

* "We are pleased with our unique partnership acquisition strategy and are witnessing the enthusiasm, efforts, and degree of care from our partners which translated into the impressive financial performance over the past several months," said Richard Aldahan, Chief Operating Officer, LMP.

* Price action: LMPX shares are trading higher by 14.7% at $20.27 premarket on the last check Wednesday.