http://www.morningstar.com/earnings/37961096-sonic-automotive-inc-sah-q1-2012.aspx

Sonic Automotive Inc SAH
Q1 2012 Earnings Call Transcript

Transcript Call Date 04/23/2012

Operator: Good morning, and welcome to the Sonic Automotive First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. As a reminder, ladies and gentlemen, this call is being recorded today, Monday, April 23, 2012.

Presentation materials, which management will be reviewing on the conference call, can be accessed on the Company's website at www.sonicautomotive.com by clicking on the 'Investor Relations' tab under 'Our Company' and choosing 'Webcast & Presentations' on the left side of the monitor.

At this time, I would like to refer to the Safe Harbor statement under the Private Securities Litigation Reform Act of 1995.

During this conference call, management may discuss financial projections, information, or expectations about the Company's products or markets, or otherwise make statements about the future. Such statements are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission. Thank you.

I would now like to introduce Mr. Scott Smith, Co-Founder and President of Sonic Automotive. Mr. Smith, you may now begin your conference.

B. Scott Smith - President, CSO and Director: Thank you, Jodie. Good morning, and welcome ladies and gentlemen to Sonic Automotive's first quarter 2012 earnings call. I am Scott Smith, the Company's President and Co-founder. Joining me on the call today are Dave Cosper, our CFO; and Jeff Dyke, our Executive Vice President of Operations.

I'll start the call today with an overview of the quarter, and then I'll turn the call over to Dave for his review of our financial results, followed by Jeff with an outlook at our operating results. We'll then have closing comments and open the call for your questions.

If you please turn to the first slide; overall results. We've been on a path for (indiscernible) at Sonic Automotive that I believe will ultimately differentiate us greatly from the peer group. At its core, our strategy is built on our people and our culture. Relative to our priorities, we continue to focus on investing in our base business, acquiring our real estate, and opportunistically reducing our debt.

Our commitment to being predictable, repeatable and sustainable through the execution of our playbooks, and the development and deployment of our proprietary technologies to support our process will yield higher returns than acquisitions at this time. The overall results for the first quarter met our expectations and has us on track for the high end of our annual guidance for the year. Allow me to repeat, our overall results for the first quarter met our expectations and has us on track for the high end of our annual guidance for the year. We posted record revenues with sales of $2 billion, and our income from continuing operations rose just over 24% to $19.5 million. Growth was experienced in all revenue categories. This translated into diluted EPS from continuing operations of $0.33 a share or 22% improvement over the prior year period.

Read our Earnings Call Transcript disclaimer.
Add a Comment
E-mail me new replies.