Sonic Holds the Course in Its 3Q Results
Sonic Automotive's third-quarter numbers gave us no reason to change our long-term outlook for the company, so we are leaving our fair value estimate unchanged. Adjusted diluted EPS of $0.43 matched consensus and grew 7.5% year over year. Revenue declined 1.4% to $2.47 billion to slightly miss consensus due to declines in new vehicles and service of 9.3% and 1.3% respectively. Neither category's weakness concerns us though. New vehicle unit volume fell 12.6% while new vehicle gross profit per un...Sonic Automotive is an automotive retailer in the United States. The company has two reportable segments: the Franchised Dealerships Segment and the EchoPark Segment. The Franchised Dealerships segment is comprised of retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle maintenance, warranty and repair services, and arrange finance and insurance products. The EchoPark segment is comprised of pre-owned vehicle retail locations that provide customers an opportunity to search the company's nationwide inventory, purchase a pre-owned vehicle, select finance and insurance products and sell their vehicle to the company
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