Sonic Automotive, Inc. SAH posted third-quarter 2024 adjusted earnings per share of $1.26, which lagged the Zacks Consensus Estimate of $1.42 and contracted 37.6% from the year-ago quarter’s figure. Total revenues amounted to $3.49 billion, missing the Zacks Consensus Estimate of $3.54 billion and declining from the year-ago quarter’s figure of $3.64 billion.
Sonic Automotive, Inc. Price, Consensus and EPS Surprise
Sonic Automotive, Inc. price-consensus-eps-surprise-chart | Sonic Automotive, Inc. Quote
SAH stock currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stay up-to-date with the quarterly releases: See Zacks Earnings Calendar.
Quarter in Detail
On a consolidated basis, revenues from the sales of new vehicles, used vehicles and wholesale vehicles totaled $1.59 billion (almost flat year over year), $1.18 billion (down 12% year over year) and $67.2 million (down 15% year over year), respectively. Revenues from Parts, Service and Collison Repair were up 6% to $479 million. Finance, Insurance and other revenues inched up 1% year over year to $175.6 million. Total gross profit declined 7% to $543.6 million.
In the Franchised Dealerships segment, revenues from the sales of new vehicles, used vehicles and wholesale vehicles totaled $1.56 billion (flat year over year), $701.4 million (down 10% year over year) and $42.4 million (down 18% year over year), respectively. Revenues from Parts, Service and Collison Repair increased 6% to $459 million. Finance, Insurance and other revenues fell 3% to $122.4 million. Same-store revenues from the Franchised Dealership segment fell 2% to roughly $2.88 billion. Same-store retail units of new and used vehicles came in at 52,321, almost unchanged from the corresponding quarter of 2023.
The EchoPark segment reported quarterly revenues of $545 million, marking a 13% decrease from the year-ago figure. Revenues comprised $470 million (down 15%) from used vehicle sales, $23.8 million from wholesale vehicle sales (down 11%) and $50.8 million (up 12%) from Finance, Insurance and Other. Its stores sold 17,757 and 2,720 used and wholesale vehicle units, down 7% and 1%, respectively, on a year-over-year basis. Same-store revenues from the EchoPark segment declined 3% to roughly $545 million. Same-store retail units of used and wholesale vehicles came in at 17,757 and 2,270, up 2% and 9%, respectively, on a year-over-year basis.
In the Powersports segment, revenues from the sale of new vehicles, used vehicles and wholesale vehicles totaled $27 million (flat year over year), $9 million (up 84% year over year) and $1.1 million (down 15% year over year), respectively. Revenues from Parts, Service and Collison Repair dropped 7% to $20.1 million. Finance, Insurance and other revenues came in at $2.3 million. Same-store revenues from the Powersports segment were up 4% to $59.4 million. Same-store retail units of new and used vehicles came in at 2,043 units, down 8% on a year-over-year basis.
Financials
In the third quarter, selling, general and administrative expenses increased 4% year over year to $393 million. As of Sept. 30, Sonic’s cash and cash equivalents amounted to $17.6 million. Long-term debt at the end of the quarter was $1.58 billion.
Sonic hiked its quarterly cash dividend by 17% to 35 cents, which will be paid out on Jan. 15, 2025, to stockholders of record as of Dec. 13, 2024.
Peer Releases
Lithia Motors LAD reported third-quarter 2024 adjusted earnings per share of $8.21, which declined from the prior-year quarter’s $9.25 but surpassed the Zacks Consensus Estimate of $7.59. The auto retailer clocked revenues of $9.2 billion, which increased 11.4% year over year but missed the Zacks Consensus Estimate of $9.4 billion. Lithia had cash/cash equivalents/restricted cash of $359.5 million as of Sept. 30, 2024, down from $941.4 million as of Dec. 31, 2023. Long-term debt was $6.4 billion as of Sept. 30, 2024, up from $5.5 billion as of Dec. 31, 2023.
AutoNation AN came out with third-quarter 2024 adjusted earnings of $4.02 per share, missing the Zacks Consensus Estimate of $4.48 per share. This compares to earnings of $5.54 per share a year ago. The auto retailer posted revenues of $6.59 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.18%. This compares to year-ago revenues of $6.89 billion. As of Sept. 30, AN had $1.6 billion in liquidity, including $60 million in cash/cash equivalents. Non-vehicle debt was $3.93 billion.
Only $1 to See All Zacks' Buys and Sells
We're not kidding.
Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.
Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.
See Stocks Now >>AutoNation, Inc. (AN) : Free Stock Analysis Report
Sonic Automotive, Inc. (SAH) : Free Stock Analysis Report
Lithia Motors, Inc. (LAD) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
