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Sonic Automotive Inc Class A SAH

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Morningstar’s Analysis

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Sonic Has Record Third Quarter Despite Inventory Woes

Analyst Note

| David Whiston, CFA, CPA, CFE |

Sonic Automotive had its best ever third quarter with adjusted diluted EPS from continuing operations up 105% year over year to $1.35. The figure was $1.29 excluding a gain from selling some franchises but even this adjusted figure beat the $1.17 Refinitiv consensus.

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Company Profile

Business Description

Sonic Automotive is the fourth- largest public auto dealership group in the United States by new-vehicle sales. The company has 84 franchised stores in 12 states, primarily in metropolitan areas in California, Texas, and the Southeast, plus 12 EchoPark used-vehicle stores. In addition to new- and used-vehicle sales, the company derives revenue from parts and collision repair, finance, insurance, and wholesale auctions. Luxury and import dealerships make up about 90% of new-vehicle revenue, while Honda, BMW, Mercedes, and Toyota constitute over 60% of new-vehicle revenue. 2019's revenue was $10.5 billion, with EchoPark's portion totaling $1.2 billion.

4401 Colwick Road
Charlotte, NC, 28211
T +1 704 566-2400
Sector Consumer Cyclical
Industry Auto & Truck Dealerships
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 9,300