Sonic Automotive Q2 revenue record $3.7B (+4% YoY), net income plunges 75% to $23.4M; EchoPark restructures

SONIC AUTOMOTIVE INC

2023-Q2 EPS reported $1.95 revenue$7,144,100,000

All-time record quarterly revenue of $3.7B, up 4% YoY; gross profit of $568.9M, down 3%.
Reported net income $23.4M ($0.65 diluted EPS), down 75% and 72% YoY; adjusted net income $66.0M ($1.83 adjusted EPS), down 33% and 25%.
EchoPark segment revenues $600.6M (-9% YoY); gross profit $26.8M (-44%); unit sales up 4% to 17,084.
Closed 8 EchoPark hubs and 14 delivery/buy centers plus 3 Northwest Motorsport locations; $13.2M segment loss in Q2.
Recorded $75.2M charge for closed stores including $62.6M non-cash impairment; expects $2.5-3.0M quarterly ongoing expenses.

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 second quarter ended June 30, 2023 results: revenue $3.7 billion, net income $23.4 million, EPS $0.65 earnings per diluted share. Guidance reaffirmed.

Period: second quarter ended June 30, 2023
Revenue: $3.7 billion
Net income: $23.4 million
EPS: $0.65 earnings per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

All-time record quarterly revenues of $3.7 billion, up 4% year-over-year; quarterly gross profit of $568.9 million, down 3% year-over-year • Reported second quarter net income of $23.4 million, down 75% year-over-year ($0.65 earnings per diluted share, down 72% year-over-year)

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Source: SEC EDGAR

accession 0001043509-23-000013

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