Sonic Hits Record Quarterly Revenues

By Staff Writer February 19, 2021

Sonic Automotive reported financial results for the fourth quarter and full year ended Dec.31, 2020. The financial measures discussed below are results for the fourth quarter of 2020 compared to the fourth quarter of 2019, or full year 2020 compared to full year 2019, as applicable, unless otherwise

Sonic reported all-time record quarterly revenues of $2.8 billion, up 1.8 percent, and all-time record quarterly income from continuing operations before taxes of $90.4 million, up 48.3 percent.

Sonicalso reported earnings from continuing operations of $57.5 million ($1.31 per diluted share), compared to $46.3 million ($1.04 per diluted share) for the fourth quarter of 2019.

Other highlights include:

  • All-time record quarterly adjusted earnings from continuing operations* of $65.8 million ($1.50 per diluted share), an increase of 52.7 percent compared to $43.1 million ($0.97 per diluted share) for the fourth quarter of 2019
  • Reported selling, general and administrative expenses as a percentage of gross profit were 66.6 percent, compared to 66.2 percent for the fourth quarter of 2019
  • All-time record quarterly adjusted SG&A expenses as a percentage of gross profit* of 68.1 percent, compared to 73.7 percent for the fourth quarter of 2019, a 560-basis point improvement
  • All-time record quarterly total Finance & Insurance gross profit per retail unit of $2,031, up 12.3 percent.
  • Reported EchoPark results include:  all-time record quarterly EchoPark revenues of $386.9 million, up 25.4 percent and retail sales volume of 14,841, up 17.1 percent.
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Last modified on Friday, 19 February 2021 14:37