Sonic Gets Through 3Q Hurricanes in Good Shape
Despite challenges from hurricanes Harvey and Irma, Sonic Automotive had a good third quarter that gave us no reason to change our moat rating or fair value estimate. The company’s 8-K (Oct. 11) indicated adjusted EPS would be between $0.39 and $0.41, and the actual number was $0.40, which excludes $0.04 for storm damage. Houston had major flooding, so the region is seeing a big rebound in demand, which management expects to last through November, though each month will be less of a rebound than...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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