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Sonic Automotive Q4 increase kick expectations

Charlotte-based Sonic Automotive reported fourth-quarter earnings Tuesday that kick expectations though were reduce than a same entertain in 2013 interjection in partial to costs to open a sequence of used automobile dealerships.

Sonic Automotive reported fourth-quarter 2014 gain of $32.5 million, or $0.63 per diluted share, violence analysts’ forecasts by 1 cent. For a fourth entertain of 2013, a association reported gain of $35.6 million, or $0.67 per share.

Included in a company’s fourth-quarter gain were a pre-tax losses of $7.1 million on a new sequence of stand-alone used-car dealerships called EchoPark, that rolled out in Denver in November.

Also enclosed was $3.8 million of losses associated to a One Sonic-One Experience initiative, a guest-service record that aims to streamline a car-buying process. It was launched in Charlotte final year.

For a full 2014 year, Sonic reported gain of $100 million, or $1.90 per share, compared with $108.4 million, or $2.03 per share, in 2013.

“I could not be some-more gratified with a team’s opening in a fourth entertain and for a year,” pronounced Jeff Dyke, Sonic’s executive clamp boss of operations, in a statement. “We started 2014 with a outrageous calendar including rising both EchoPark and One Sonic-One Experience all in a fourth entertain of 2014.”

The Fortune 500 automobile dealer, one of a largest in a U.S., also reported fourth-quarter income of $2.35 billion, blank a foresee of Bloomberg-surveyed analysts, who called for $2.45 billion.

In a fourth quarter, Sonic Automotive reported a record series of new and pre-owned vehicles sole – 34,755 and 26,406, respectively. The company’s full-year 2014 new and pre-owned automobile sales also reached record highs of 135,932 and 110,113, respectively.

The association also announced a quarterly money division of $0.025 per share payable for stockholders of record on Mar 13, 2015. The division will be payable on Apr 15.

Article source: http://www.charlotteobserver.com/2015/02/24/5535287/sonic-automotive-q4-profits-beat.html

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