Sonic Automotive Q1 Profit Tops Estimates

(RTTNews) - Sonic Automotive Inc. (SAH) reported first quarter adjusted earnings per share from continuing operations of $0.40, compared to $0.39, prior year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.22, for the quarter. Analysts' estimates typically exclude special items.

First quarter total Sonic consolidated revenues were $2.3 billion, down 3% compared to last year. Analysts expected revenue of $2.27 billion for the quarter.

Sonic Automotive noted that, since mid-March, the company has experienced a significant decrease in overall vehicle sales volumes and service department revenue compared to the prior year, mainly due to lower consumer demand related to the COVID-19 pandemic.