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Mar 31, 2023
Sonic Automotive Q1 2023 Earnings Report
Sonic Automotive reported record first quarter revenues and repurchased 1.6 million shares of Class A Common Stock.
Key Takeaways
Sonic Automotive reported record first quarter revenues of $3.5 billion, a 1% increase year-over-year. Net income was $47.7 million, down 51% year-over-year, with earnings per diluted share at $1.29, a 45% decrease year-over-year. The company repurchased 1.6 million shares of its Class A Common Stock for $90.7 million and increased the quarterly cash dividend by 3.6% to $0.29 per share.
Record first quarter revenues of $3.5 billion, up 1% year-over-year.
Net income of $47.7 million, down 51% year-over-year ($1.29 earnings per diluted share, down 45% year-over-year).
Record first quarter EchoPark Segment revenues of $650.5 million, up 5% year-over-year.
Repurchased approximately 1.6 million shares of Class A Common Stock for approximately $90.7 million.
Revenue by Segment
Forward Guidance
Sonic Automotive is focused on delivering an exceptional guest experience and executing its long-term strategic plan, with optimism for its core franchised dealerships, EchoPark, and powersports business.
Positive Outlook
- Exceptional guest experience
- Long-term strategic plan execution
- Growth opportunities at EchoPark
- Prospects for core franchised dealerships business
- Growing powersports business
Challenges Ahead
- Ongoing challenges in the automotive retail industry
- Rising interest rates
- Vehicle affordability concerns
- Uncertain macroeconomic outlook
- EchoPark Segment loss of $46.8 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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