Sonic Automotive Q3 revenue hits record but slightly misses estimates
SAH•Sonic Automotive reported record third-quarter revenue of $3.99 billion, slightly below the $4.03 billion consensus estimate. Adjusted EPS fell 8% year over year to $1.30, and the company raised its quarterly dividend to $0.41 per share.
1. Record revenue, slight miss
Sonic Automotive reported record third-quarter revenue of $3.99 billion, slightly below analysts’ $4.03 billion estimate. Q3 EPS was $1.28, while adjusted EPS fell 8% year over year to $1.30; net income was $41.10 million.
2. Segments and dividend
EchoPark retail used vehicle unit sales rose 22%, driving record segment gross profit. Powersports recorded all-time-high segment revenue and income, while the Franchised Dealerships segment faced lower new vehicle sales and a challenging consumer affordability environment. Sonic raised its quarterly dividend to $0.41 per share and gave no specific current-quarter or full-year financial guidance.
