Sonic Automotive Q2 Profit Surges

(RTTNews) - Sonic Automotive Inc. (SAH) Tuesday announced second quarter net income of $22.822 million, up from $14.78 million in the prior year. On a per share basis earnings increased to $0.50 from $0.29 per share last year.

On average, 11 analysts polled by Thomson Reuters expected the company to record $0.50 per share. Analysts estimates usually exclude special items.

Revenues for the second quarter declined to $2.382 billion from $2.423 billion year ago. Wall Street was looking for $2.47 billion.

Looking ahead, the company expects earnings per share from continuing operations for the third and fourth quarters to be in a range between $0.52 - $0.54 and $0.66 - $0.69, respectively. Analysts estimates $0.59 per share for the third quarter.

The company declared dividend of $0.05 for the quarter, payable on October 14, to shareholders on record September 15, 2016.