Sonic Automotive Q1 Income Drops

(RTTNews) - Sonic Automotive, Inc. (SAH), an automotive retailer, on Thursday reported vastly lower income for the first quarter ended March 31, 2023, while there has been a marginal increase in revenue. Earnings missed the consensus estimates.

Net income for the quarter stood at $47.7 million or $1.29 per share as compared with $97.3 million or $2.33 per share in the first quarter of 2022.

Adjusted net income for the quarter stood at $49.2 million or $1.33 per share as compared with $97.3 million or $2.33 per share in the first quarter of 2022.

7 analysts polled by Thomson Reuters were expecting the company to report earnings of $1.86 per share. Analysts typically exclude one-time items.

Total revenues increased 1 percent to $3.49 billion, from $3.46 billion in the first quarter of 2022.

6 analysts polled by Thomson Reuters were expecting the company to report revenues of $3.56 billion.

Shares of Sonic Automotive are currently trading in pre-market at $51.13, down $1.04 or 1.99 percent from the previous close.