Sonic Automotive Q1 Profit Declines

(RTTNews) - Sonic Automotive, Inc. (SAH) Thursday reported a 12 percent decline in first quarter profit, as total revenues were down 3 percent.

The U.S. automotive retailer's quarterly profit was $42, down from $47.7 million in the prior year. On a per share basis, earnings declined 7 percent to $1.20 from $1.29 in the previous year. On an adjusted basis, earnings were $47.5 million or $1.36 per share.

On average, 6 analysts polled by Thomson Reuters expected the company to earn $1.3 per share. Analysts estimates usually exclude special items.

Total revenue for the first quarter were $3.384 billion, down from $3.491 billion last year.

Further, the company said its Board approved a quarterly cash dividend of $0.30 per share, payable on July 15 to stockholders on record on June 14, 2024.