According to Reuters, auto dealer group Sonic Automotive Inc. on July 29 reported weaker quarterly earnings as new dealerships failed to offset an industrywide drop in used vehicle sales.

The Charlotte, N.C.-based company also cut the top end of its earnings outlook for the full year, says Reuters.

Reuters reported that Sonic said second-quarter net earnings fell to $28.5 million, or 68 cents per share, from $31.5 million, or 71 cents, in the year-ago quarter.

Total revenues rose to $1.94 billion from $1.84 billion in the previous second quarter, according to Reuters.

According to Reuters, Sonic said it now expects earnings per share this year of between $2.45 and $2.60, excluding the impact of accounting changes. In late April, the company had said it expected earnings per share of $2.45 to $2.70, excluding the accounting changes.

Sonic shares closed on Monday at $26.95 on the New York Stock Exchange. Since the beginning of the year, Sonic shares have gained about 81 percent, outperforming a gain of 13 percent for the S&P 500 index, says Reuters.

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