Sonic Reports Profit, Dividend

By Staff Writer July 31, 2020

Sonic Automotive reported an “all-time record monthly profit in June” as part of its financial results for the second quarter ended June 30, 2020.

Earnings per diluted share from continuing operations of $0.71 for the second quarter of 2020, compared to $0.62 for the second quarter of 2019 (included in the results for the second quarter of 2020 is a non-recurring tax benefit of $3.2 million, or $0.07 per share).

While new vehicle unit sales volume was down 25 percent, new vehicle gross profit per unit was up 9 percent, to $2,218.

Total Sonic had consolidated second quarter 2020 revenues of $2.1 billion and gross profit of $307.4 million. EchoPark second quarter 2020 revenues of $315.3 million were up 8 percent from the second quarter of 2019.

“Our second quarter results reflect not only a dramatic operating improvement since the onset of COVID-19, but also an all-time record monthly profit in June,” said David Smith, Sonic’s and EchoPark’s chief executive officer. “The record-setting momentum we saw during the month of June has continued throughout July to date.”

As of June 30, 2020, Sonic’s total available liquidity increased to $455.1 million, up from $311.5 million as of March 31, 2020. Sonic’s liquidity as of June 30, 2020 consists of $115.7 million of cash on hand, $83.9 million of floor plan deposit balances and $255.5 million of availability under our credit facilities. From a debt perspective, Sonic has no significant near-term debt maturities.

Sonic’s Board of Directors approved a quarterly cash dividend of $0.10 per share payable on Oct. 15, 2020 to all stockholders of record on September 15, 2020.

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Last modified on Friday, 31 July 2020 13:54

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