Sonic Offsets Some of a Poor January and February With a Strong March
After incorporating Sonic Automotive’s first-quarter results into our model, we are raising our fair value estimate to $20 from $17 due to Morningstar’s expectation of the U.S. statutory corporate tax rate falling to 25% as of January 2018. The company met adjusted EPS consensus of $0.23, down from $0.39 in first-quarter 2016, while revenue rose 2.3% to meet consensus of $2.28 billion. Same-store new vehicle revenue fell by 0.6% while same-store used grew 2.8%. Adjusted SG&A as a percentage ...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
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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