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Dec 31, 2022
Sonic Automotive Q4 2022 Earnings Report
Reported all-time record fourth quarter and full year revenues, and announced the acquisition of 13 powersports locations.
Key Takeaways
Sonic Automotive reported record quarterly revenues of $3.6 billion, up 13% year-over-year. The company reported a net loss of $190.9 million, but adjusted net income was $97.8 million, or $2.61 adjusted earnings per diluted share, excluding non-recurring items. They also announced acquisition of 13 Powersports Locations, Further Diversifying Retail Portfolio
All-time record quarterly revenues of $3.6 billion, up 13% year-over-year; record fourth quarter gross profit of $576.1 million, up 9% year-over-year
Reported fourth quarter net loss of $190.9 million ($5.22 loss per diluted share)
Record fourth quarter EchoPark revenues of $589.3 million, up 2% year-over-year; fourth quarter EchoPark gross profit of $40.8 million, flat year-over-year
Since October 1, 2022, Sonic has repurchased approximately 0.7 million shares of its Class A Common Stock for an aggregate purchase price of approximately $35.8 million, or an average of $48.25 per share
Sonic Automotive
Sonic Automotive
Sonic Automotive Revenue by Segment
Revenue by Segment
Franchised Dealerships Revenue
CapyFin.comEchoPark Revenue
CapyFin.comPowersports Revenue
CapyFin.com Forward Guidance
The company did not provide specific forward guidance but expressed confidence in their long-term strategic plan and diversified portfolio.
Positive Outlook
- Commitment to delivering an exceptional guest experience
- Dedication to the growth and development of teammates
- Leveraging growth opportunities across a diversified portfolio
- Maximizing future earnings potential
- Positioning Sonic Automotive for continued success in the future
Challenges Ahead
- Challenging used vehicle industry backdrop
- Uncertain macroeconomic environment
- Prudent cash management required
- Potential economic conditions in the markets
- Supply chain disruptions and manufacturing delays
Revenue & Expenses
Visualization of income flow from segment revenue to net income