Sonic Automotive Q2 Profit Falls, Sees Adj. Loss To EchoPark In FY17

(RTTNews) - Sonic Automotive Inc. (SAH) Friday said revealed a sharp fall in second quarter net income to $12.13 million from $23.04 million last year. On a per share basis earnings nearly halved to $0.27 from $0.50 last year. Adjusted net income from continuing operations was $17.9 million, or $0.40 per share.

On average, eight analysts polled by Thomson Reuters expected the company to earn $0.46 per share. Analysts estimates usually exclude special items.

The automotive retailer's revenue for the quarter increased to $2.405 billion from $2.382 billion in the prior year. Wall Street expected the company to record revenue of $2.42 billion.

The company said its board has approved a quarterly dividend of $0.05 in cash for stockholders of record on September 15, payable October 13, 2017.

Looking ahead to 2017, the company expects earnings of $1.49 and $1.59 per share. On an adjusted basis, earnings per share from continuing operations is projected to be between $1.85 and $1.95 per share. The company expects adjusted loss related to EchoPark of between $0.29 and $0.33 per share or $0.32 and $0.36 per share, on an unadjusted basis. Analysts are looking for $2 per share on revenue of $9.94 billion.