Sonic Reports Record 1Q Results

By Staff Writer May 03, 2021

Sonic Automotive reported record revenues of $2.8 billion in its first quarter ended March 31.

Those numbers are up 20.7%. Sonic also reported record first quarter income from continuing operations before taxes of $72.6 million, compared to a loss before taxes of $243.2 million in the first quarter of 2020, which included a $268.0 million non-cash goodwill impairment charge (excluding the effect of this prior year goodwill impairment charge, pre-tax earnings increased 193.1%).

The results showed record first quarter reported earnings from continuing operations of $53.7 million ($1.23 per diluted share), compared to a loss of $199.1 million (loss of $4.67 per diluted share) and adjusted earnings from continuing operations of $17.6 million ($0.40 per diluted share) in the first quarter of 2020.

Dave Smith CEO Sonic and EchoPark

Sonic also reported all-time record quarterly total Finance & Insurance gross profit per retail unit of $2,045, up 8.5%.  It reported EchoPark results include also include all-time record quarterly EchoPark revenues of $507.1 million, up 52.9% and all-time record quarterly EchoPark retail sales volume of 19,670, up 40.6%.

Retail used vehicle unit sales volume were up 6.2% (up 8.6% compared to the first quarter of 2019); retail used vehicle gross profit per unit was down 11.3%, to $1,111 (down 13.0% compared to the first quarter of 2019). Parts, service and collision repair gross profits were down 1.8% (up 0.1% compared to the first quarter of 2019); customer pay gross profit were up 1.6% (up 6.8% compared to the first quarter of 2019); gross margin was up 150 basis points, to 50.2% (up 180 basis points compared to the first quarter of 2019).

“Fiscal 2020 was a record-setting year from an adjusted earnings perspective,” said David Smith, Sonic’s and EchoPark’s CEO. “This momentum has continued into 2021, where we generated record first quarter revenues and earnings driven by strong performance in both our franchised dealerships and EchoPark segments.”

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Last modified on Monday, 03 May 2021 13:06