Sonic Automotive Q3 EPS Rises On Revenue Growth, Misses Estimate; Ups Dividend

(RTTNews) - Sonic Automotive, Inc. (SAH), an automotive retailer on Thursday reported higher revenues and earnings for the third quarter ended September 30, 2022. The results however missed the Street's expectations.

The board also recommended a 12% increase in quarterly dividend. Net income from continuing operations increased to $87.3 million or $2.23 per share as compared to $84.7 million or $1.96 per share in the previous period.

6 analysts polled by Thomson Reuters were expecting the company to report earnings of $2.47 per share. Analysts typically exclude one-time items.

Revenue for the period increased 12 percent to $3.45 billion versus $3.07 billion in the year-ago period.

5 analysts polled by Thomson Reuters were expecting the company to report revenues of $3.77 billion.

Sonic's Board of Directors approved a 12 percent increase to the company's quarterly cash dividend, to $0.28 per share, payable on January 13, 2023, to all stockholders of record on December 15, 2022

Shares of Sonic Automotive are currently trading in pre-market at $43.01, down $1.70 or 3.80 percent from the previous close.