Sonic Reports Record Earnings

By Staff Writer July 30, 2021 310

 

Sonic Automotive announced all-time high quarterly revenues and earnings per share in its financial results for the second quarter and six months ended June 30.

Key highlights include all-time record quarterly revenues of $3.4 billion, up 58.7% year-over-year, all-time record quarterly income from continuing operations before taxes of $151.0 million, up 303.4% year-over-year and all-time record quarterly earnings from continuing operations of $114.0 million ($2.63 per diluted share).

The results also included record quarterly selling, general and administrative expenses as a percentage of gross profit of 62.8% and a quarterly adjusted EBITDA margin of 5.7%, up 220 basis points year-over-year.

Record results were also reported for quarterly total Finance & Insurance gross profit per retail unit of $2,214, up 13.8% year-over-year, along with record quarterly EchoPark revenues of $595.6 million, up 88.9% year-over-year.

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Last modified on Friday, 30 July 2021 00:21