Sonic reports Q2 2019 net income from continuing operations was $26.8 million

Sonic Automotive Inc. reported financial results for the second quarter of 2019 last July 25.

On a GAAP basis, net income from continuing operations for this year’s second quarter was $26.8 million, or $0.62 per diluted share.

Additionally, Sonic’s Board of Directors approved a quarterly dividend of $0.10 per share payable in cash for stockholders of record on Sept. 13. The dividend will be payable on Oct. 15.

David Smith, Sonic’s and EchoPark’s CEO, mentioned how pleased they were with the results and have acknowledged that their franchised stores posted very good results across all revenue lines. Smith also noted that Echo operations continued on the growth and profitability path experienced in the prior quarter.

“During the second quarter, EchoPark continued to grow consistent with our expectations," Jeff Dyke, Sonic’s and EchoPark’s president, said. "The combination of a 68.7% increase in unit volume and an increase of combined front-end and F&I gross per unit of 22.3% significantly contributed to the $13.4 million increase in total gross profit in the second quarter of 2019. This represents an increase of 92.5% over the prior-year quarter."

The senior management hosted a live conference call to discuss the quarter’s results and is available for replay for seven days by calling -855-859-2056 for domestic callers and 404-537-3406 for international callers, using the conference ID 758914.

For a more detailed report, view the webcast presentation materials in this link.