Sonic Automotive Inc. (SAH) reported that its first-quarter net income increased to $21.29 million or $0.40 per share, from $20.50 million or $0.35 per share, last year. Profit per share from continuing operations was $0.41 compared to $0.36 prior year. Total revenues rose to $2.08 billion from $1.93 billion last year.
Total first-quarter revenues increased 8.1% over prior year quarter. New vehicle retail revenue was up 11.7% over prior year quarter. Total gross profit was up 3.1%. The company said its operating performance continues to improve year-over-year, as it has focused on executing playbooks and being Predictable, Repeatable and Sustainable.
On average, nine analysts polled by Thomson Reuters expected the company to report profit of $0.41 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $2.07 billion for the quarter.
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