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Mar 31, 2021
Sonic Automotive Q1 2021 Earnings Report
Sonic Automotive reported record first quarter revenues and earnings per share, driven by strong performance in both franchised dealerships and EchoPark segments.
Key Takeaways
Sonic Automotive reported record first quarter revenues of $2.8 billion, up 20.7%, and record first quarter earnings from continuing operations of $53.7 million ($1.23 per diluted share). The company's EchoPark segment achieved all-time record quarterly revenues and retail sales volume, while franchised dealerships also showed strong performance.
Record first quarter revenues of $2.8 billion, up 20.7% year-over-year.
Record first quarter earnings from continuing operations of $53.7 million ($1.23 per diluted share).
All-time record quarterly EchoPark revenues of $507.1 million, up 52.9%.
Franchised Dealerships Segment revenues up 16.4% and gross profit up 11.1%.
Sonic Automotive
Sonic Automotive
Forward Guidance
Sonic Automotive aims to more than double total revenues to $25.0 billion by 2025, while also substantially improving expected profitability as they continue to apply the efficiencies realized over the past year. They also expect to retail over half a million pre-owned vehicles annually by that time and believe they are well on track to reach $14.0 billion in EchoPark revenues by 2025.
Positive Outlook
- Anticipated future revenue levels
- Future profitability
- Projected SG&A expense levels
- Pre-owned vehicle sales projections
- The opening of additional EchoPark points.
Challenges Ahead
- Economic conditions in the markets in which we operate
- New and used vehicle industry sales volume
- Anticipated future growth in our EchoPark Segment
- The success of our operational strategies
- The rate and timing of overall economic expansion or contraction