Sonic Automotive Q4 Profit Down

(RTTNews) - Sonic Automotive Inc. (SAH) reported that its fourth-quarter net income declined to $26.13 million or $0.50 per share, from $28.08 million or $0.53 per share in the same quarter last year.

Adjusted net income from continuing operations for the fourth quarter of 2014 was $32.5 million or $0.63 per share, compared to adjusted net income from continuing operations of $35.6 million, or $0.67 per share in the fourth quarter of 2013.

Included in these adjusted amounts are pre-tax expenses of $7.1 million, or $0.08 per diluted share, related to the Company's EchoPark® initiative and $3.8 million, or $0.05 per diluted share, related to its One Sonic-One Experience initiative.

On a GAAP basis, net income from continuing operations and related diluted earnings per share for the fourth quarter 2014 were $27.0 million and $0.52 per share, respectively, compared to $29.6 million and $0.55 per diluted share for the fourth quarter of 2013.

Total revenues for the quarter grew to $2.35 billion from $2.32 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share and revenues of $2.45 billion. Analysts' estimates typically exclude special items.

The company project earnings per share from continuing operations for 2015 to be between $1.85 and $1.95 per share. Excluding the effects of EchoPark on this range, adjusted earnings per share from continuing operations from its historical franchised group of stores is expected to be between $2.01 and $2.11 per share. Analysts expect annual earnings of $2.14 per share.

Sonic Automotive also announced that its Board of Directors approved a quarterly dividend of $0.025 per share payable in cash for stockholders of record on March 13, 2015. The dividend will be payable on April 15, 2015.