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Jun 30, 2023
Sonic Automotive Q2 2023 Earnings Report
Sonic Automotive reported all-time record quarterly revenues and announced strategic adjustments to EchoPark business expected to enhance near-term performance while maintaining long-term strategic plan.
Key Takeaways
Sonic Automotive reported all-time record quarterly revenues of $3.7 billion, a 4% increase year-over-year. However, net income decreased by 75% year-over-year to $23.4 million, with earnings per diluted share also down 72% to $0.65.
All-time record quarterly revenues of $3.7 billion, up 4% year-over-year.
Net income was $23.4 million, down 75% year-over-year, with EPS at $0.65, down 72% year-over-year.
Adjusted net income was $66.0 million, down 33% year-over-year, with adjusted EPS at $1.83, down 25% year-over-year.
EchoPark segment revenues were $600.6 million, down 9% year-over-year, and gross profit was $26.8 million, down 44% year-over-year.
Sonic Automotive
Sonic Automotive
Sonic Automotive Revenue by Segment
Revenue by Segment
Franchised Dealerships Revenue
CapyFin.comPowersports Revenue
CapyFin.com Forward Guidance
Sonic Automotive expects an return to breakeven EchoPark Segment adjusted EBITDA in the first quarter of 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income