SONIC AUTOMOTIVE INC reported first quarter ended March 31, 2026 results: revenue $3.7 billion, net income $60.8 million, EPS $1.79 earnings per share.
“automotive retailers, today reported financial results for the first quarter ended March 31, 2026. First Quarter 2026 Financial Summary • First quarter record total revenues of $3.7 billion, up 1% year-over-year; first quarter record total gross profit of $598.8 million, up 6% year-over-year • Reported net income in the first quarter was $60.8 million, down 14%”
Debt Financings
SONIC AUTOMOTIVE INC incurred term loan of $150 million with PNC Bank, National Association at Term SOFR plus 2.50% per annum maturing the earlier of (i) the date that is 364 days after the Closing Date and (ii) the occurrence of a refinancing of the PNC Mortgage Facility.
“On March 27, 2026 (the “Closing Date”), Sonic Automotive, Inc. (the “Company”) entered into a Bridge Facility Credit Agreement (the “Bridge Facility Credit Agreement”) with PNC Bank, National Association (“PNC”), as administrative agent and lender. The Bridge Facility Credit Agreement provides for a senior unsecured term loan facility in an aggregate principal amount of $150 million (the “Bridge Facility”). Also on the Closing Date, the Company borrowed $150 million under the Bridge Facility Credit Agreement, the full amount available under the Bridge Facility.”
Material Agreements
SONIC AUTOMOTIVE INC entered into Bridge Facility Credit Agreement with PNC Bank, National Association valued at $150 million (effective 2026-03-27).
“On March 27, 2026 (the “Closing Date”), Sonic Automotive, Inc. (the “Company”) entered into a Bridge Facility Credit Agreement (the “Bridge Facility Credit Agreement”) with PNC Bank, National Association (“PNC”), as administrative agent and lender.”
Earnings Releases
SONIC AUTOMOTIVE INC reported first quarter ended March 31, 2024 results: revenue $3.4 billion, net income $42.0 million, EPS $1.20 earnings per diluted share.
“the nation’s largest automotive retailers, today reported financial results for the first quarter ended March 31, 2024. First Quarter 2024 Financial Summary • Total revenues of $3.4 billion, down 3% year-over-year; total gross profit of $536.2 million, down 3% year-over-year • Reported net income of $42.0 million, down 12% year-over-year ($1.20 earnings per diluted”
Shareholder Votes
SONIC AUTOMOTIVE INC shareholders approved Advisory vote to approve the Company's named executive officer compensation in fiscal 2023 at the 2024-04-24 meeting.
“3. Advisory vote to approve the Company's named executive officer compensation in fiscal 2023: Votes For Votes Against Abstentions Broker Non-Votes 138,324,220 316,258 29,602 2,082,018”
Shareholder Votes
SONIC AUTOMOTIVE INC shareholders approved Ratification of the appointment of Grant Thornton LLP to serve as the Company's independent registered public accounting firm for fiscal 2024 at the 2024-04-24 meeting.
“2. Ratification of the appointment of Grant Thornton LLP to serve as the Company's independent registered public accounting firm for fiscal 2024: Votes For Votes Against Abstentions Broker Non-Votes 140,367,584 372,229 12,285 —”
Shareholder Votes
SONIC AUTOMOTIVE INC shareholders approved Election of directors at the 2024-04-24 meeting.
“Election of directors: Votes For Votes Against Abstentions Broker Non-Votes David Bruton Smith 129,228,979 9,417,303 23,798 2,082,018 Jeff Dyke 133,957,586 4,688,639 23,855 2,082,018 William I. Belk 128,680,312 9,965,924 23,844 2,082,018 William R. Brooks 128,845,654 9,800,108 24,318 2,082,018 Michael Hodge 128,848,999 9,796,752 24,329 2,082,018 Keri A. Kaiser 127,502,062 11,143,816 24,202 2,082,018 B. Scott Smith 128,072,413 10,571,865 25,802 2,082,018 Marcus G. Smith 128,074,161 10,571,591 24,328 2,082,018 R. Eugene Taylor 127,068,011 11,577,751 24,318 2,082,018”
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