Sonic Automotive (SAH) shares jumped 9% intraday after the company reported early Thursday Q1 adjusted earnings of $0.39 per diluted share, up from $0.26 per share a year ago and also above the $0.23 average estimate from analysts polled by Capital IQ.
Total revenue fell to $2.39 billion from $2.40 billion a year ago, and lagging the $2.42-billion consensus.
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Sonic’s board set out a sequentially unchanged quarterly dividend of $0.10 per share for stockholders of record as of June 14, payable in cash on July 15.
“We believe EchoPark revenues will eclipse the $1.0 billion mark in 2019 as our stores are still maturing,” CEO David Smith said. “As we expand our footprint into other areas across the country, we believe EchoPark will exceed the overall volumes and profitability of our franchised dealerships.”
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