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Sonic Automotive, Inc. Posts All-Time Record New Vehicle Retail and Fixed Operations Gross Profits - True Price® Strategy Gains Traction

March 8, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- Sonic Automotive, Inc. (NYSE: SAH), one of the nation's largest automotive retailers, reported fourth quarter of 2013 adjusted diluted earnings per share from continuing operations of $0.67, an increase of 28.8% compared to $0.52 in the prior year quarter. 2013 fourth quarter adjusted net income from continuing operations was $35.5 million, a 23.4% increase over prior year fourth quarter results of $28.8 million. On an unadjusted basis, fourth quarter 2013 diluted earnings per share from continuing operations were $0.55, compared to $0.52 in the prior year quarter.

For the full year 2013, Sonic Automotive grew adjusted diluted earnings per share from continuing operations by 18.0% to $2.03 per diluted share, compared to an adjusted amount of $1.72 per diluted share in the 2012. On an unadjusted basis, full year 2013 diluted earnings per share from continuing operations were $1.59, compared to $1.56 in the prior year. See the accompanying tables for reconciliation between all adjusted and unadjusted amounts.

Q4 2013 and 2013 Annual Highlights

-- All-time record new retail unit sales for Q4 and full year 2013 of

34,001 and 132,363, respectively.

-- All-time record Q4 new retail gross profit of $82.1 million.

-- All-time record fixed operations gross profit for Q4 and full year 2013

of $152.6 million and $597.1 million, respectively.

-- All-time record used retail unit and gross profit for full year 2013 of

107,054 units and $150.4 million, respectively.

-- Record Q4 used retail unit sales of 26,354.

-- Total revenues up 5.8% in Q4 over prior year quarter, and up 5.7% over

Keywords for this news article include: Finance, Automobiles, Transportation, Sonic Automotive Inc..

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Source: Investment Weekly News


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