Sonic Automotive Q1 revenue record $3.5B, net income down 51% YoY; dividend raised 3.6%

SONIC AUTOMOTIVE INC

2023-Q1 EPS reported $1.29 revenue$3,491,200,000

Record Q1 revenue of $3.5B, up 1% YoY; gross profit $553.5M, down 3%.
Net income $47.7M, down 51% YoY; diluted EPS $1.29, down 45%.
EchoPark segment record revenues $650.5M (+5% YoY); retail used units 19,980 (+34% YoY).
Repurchased 1.6M shares (~5% of shares outstanding) for $90.7M at avg $55.16/share.
Quarterly dividend increased 3.6% to $0.29/share; payable July 14, record June 15.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SONIC AUTOMOTIVE INC reported first quarter ended March 31, 2023 results: revenue $3.5 billion, net income $47.7 million, EPS $1.29 earnings per diluted share.

Period: first quarter ended March 31, 2023
Revenue: $3.5 billion
Net income: $47.7 million
EPS: $1.29 earnings per diluted share
Result: reported results

Exact text from the filing

automotive retailers, today reported financial results for the first quarter ended March 31, 2023. First Quarter 2023 Financial Summary • Record first quarter revenues of $3.5 billion, up 1% year-over-year; quarterly gross profit of $553.5 million, down 3% year-over-year • Reported first quarter net income of $47.7 million, down 51% year-over-year ($1.29

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Source: SEC EDGAR

accession 0001043509-23-000009

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