Sonic Automotive Posts 32% Jump in Profit

Features Reuters

Sonic Automotive Inc, one of the largest U.S. auto dealer groups, reported a 32-percent increase in quarterly net income on a recovering new car market and record used car volume, the company said on Monday.

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Total revenue rose 12.3 percent to $2.19 billion.

Net income was $28.2 million, or 47 cents per share, up from $21.4 million, or 35 cents per share, a year earlier.

Earnings from continuing operations increased 21 percent to 46 cents per share compared with 38 cents per share a year before.

Earnings per share reflected a 3-cent loss related to the repurchase of $20.2 million in convertible senior notes and a 6-cent gain from a tax settlement.