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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.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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