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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.
Sonic Automotive
Sonic Automotive
Sonic Automotive Revenue by Segment
Revenue by Segment
Franchised Dealerships Revenue
CapyFin.comPowersports Revenue
CapyFin.com 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