Benzinga - by Nabaparna Bhattacharya, Benzinga Editor.
Sonic Automotive, Inc. (NYSE:SAH) shares are trading higher on Thursday.
The company reported first-quarter adjusted earnings per share of $1.36, beating the street view of $1.30.
Total revenues of $3.384 billion, down 3% year-over-year, missed the analyst consensus of $3.449 billion.
Same-store revenues rose 1% year over year, while same-store gross profit decreased 5%.
Quarterly gross profit fell 3% year over year to $536.2 million.
Sonic Automotive reported net income of $42.0 million, down 12% year over year.
The company’s EchoPark segment revenues of $559.4 million fell 14% year over year.
During the first quarter, Sonic Automotive repurchased approximately 0.5 million shares of its Class A common stock for an aggregate purchase price of approximately $27.0 million.
Heath Byrd, chief financial officer of Sonic Automotive, added, “As of March 31, 2024, we had $847 million of total liquidity, including $335 million in cash and floor plan deposits on hand.”
The company’s board of directors approved a quarterly cash dividend of 30 cents per share, payable on July 15, to all stockholders of record on June 14.
“We believe we remain well-positioned to adapt to evolving market conditions and position the Company for success in 2024 and beyond,” Byrd added.
Price Action: SAH shares were up 10.74% to $56.61 at the last check Thursday.
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