What's Going On With Sonic Automotive Stock Today?
Sonic Automotive, Inc. (NYSE:SAH) reported first-quarter results on Thursday.
The company reported quarterly adjusted earnings per share of $1.48, beating the analyst consensus estimate of $1.45. Quarterly sales of $3.65 billion (up 8% year-over-year) outpaced the street view of $3.51 billion.
Sonic Automotive reported total gross profit of $566.4 million, up 6% year-over-year.
“Despite uncertainty around the impact of tariffs on pricing, vehicle and parts inventory levels, gross margin and consumer demand, our entire team remains focused on executing our strategy and continuing to grow our business, in order to create long-term value for our stakeholders,” said David Smith, chairman and CEO.
Same-store revenues in the franchised dealership segment rose 8%, while gross profit increased 3%.
New vehicle sales volume grew 10%, but gross profit per unit dropped 17% to $3,089. Used vehicle sales volume fell 2%, with gross profit per unit down 3% to $1,555.
EchoPark reported revenues of $559.7 million, flat year-over-year, with a record quarterly gross profit of $63.9 million, up 21%. On a same market basis, revenues increased 3% and gross profit rose 19%. Retail used vehicle sales reached 18,798 units, marking a 5% increase.
The Powersports segment posted record first-quarter revenues of $34.4 million, up 24%, while gross profit rose 9% to $8.5 million.
As of March 31, the firm had approximately $430 million in cash and floor plan deposits on hand, with total liquidity of approximately $947 million.
Dividend: The company approved a quarterly cash dividend of 35 cents per share, payable on July 15, to all stockholders of record on June 13.
SAH Price Action: Sonic Automotive shares are trading higher by 3.25% to $61.06 at publication on Thursday.
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