LAD, +0.26% shares of Lithia Motors Inc. fell 3.5% during premarket trading on Wednesday after the auto retailer announced first-quarter results which missed expectations due to a decline in profit per vehicle. However, its quarterly dividend was increased by 19%. The net income dropped to $228.7 millions, or $8.30 per share, down from $342.2million, or $11.55 per share, during the same period last year. Earnings per share adjusted to $8.44, excluding nonrecurring items fell short of the FactSet consensus estimate of $8.68. The FactSet consensus was $7.27 billion. Retail revenue for new vehicles increased 7.1%, while retail revenue for used vehicles fell 0.3%. Gross profit per vehicle also decreased 18.2% to $5.585. Separately the company increased its quarterly dividend from 42 cents to 50 cents per share. The new dividend is payable on May 26 to shareholders who have registered by May 12. Stocks have risen 10.6% in the past year, up to Tuesday. The S&P 500 , SPX, +0.09% is up 8.2%.