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Sonic Automotive Q1 Adj. Profit Beats View; But Revenues Miss

Automotive retailer Sonic Automotive Inc. (SAH) on Thursday reported a turnaround to profit in the first quarter despite lower revenues. Adjusted earnings per share for the quarter beat analysts' expectations, while revenues missed their estimates.

The company's net income for the first quarter was $42.22 million or $0.98 per share, compared to net loss of $2.19 million or $0.05 per share in the year-ago period.

Excluding items, adjusted earnings from continuing operations for the quarter were $0.39 per share, compared to $0.26 per share for the first quarter of 2018.

Total revenues for the quarter declined to $2.39 billion from $2.40 billion a year ago.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.23 per share for the quarter on revenues of $2.43 billion. Analysts' estimates typically exclude special items.

EchoPark revenues surged 89.8 percent from the year-ago period to $249.6 million and is on track to exceed $1.0 billion in full year 2019 revenues, the company noted.

Sonic's board of directors approved a quarterly dividend of $0.10 per share payable in cash for its stockholders of record on June 14, 2019. The dividend will be payable on July 15, 2019.

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