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Dec 31, 2023
Sonic Automotive Q4 2023 Earnings Report
Reported flat revenues year-over-year, realized benefits from EchoPark adjustments, and managed margin normalization in franchised dealerships.
Key Takeaways
Sonic Automotive reported flat total revenues of $3.6 billion compared to the previous year, with a net income of $38.7 million, or $1.11 earnings per diluted share. Adjusted net income was $56.9 million, or $1.63 adjusted earnings per diluted share, excluding certain charges and tax items. The company anticipates achieving breakeven adjusted EBITDA for the EchoPark segment in Q1 2024.
Total revenues were $3.6 billion, flat year-over-year.
Net income was $38.7 million ($1.11 earnings per diluted share), including certain charges and tax items.
Adjusted net income* was $56.9 million ($1.63 adjusted earnings per diluted share*), excluding specific items.
EchoPark Segment adjusted EBITDA* loss improved 64% year-over-year.
Revenue by Segment
Forward Guidance
Sonic Automotive expects to achieve breakeven EchoPark Segment adjusted EBITDA* in the first quarter of 2024 and expects to resume disciplined long-term growth plans for EchoPark once used vehicle market conditions improve.
Positive Outlook
- Expect to achieve breakeven EchoPark Segment adjusted EBITDA* in the first quarter of 2024
Challenges Ahead
- Consumer affordability challenges persist
- Used vehicle sourcing challenges persist
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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