Sonic Automotive Stock Price, News & Analysis

Sonic Automotive reported first quarter 2023 revenues of $3.5 billion, a 1% increase year-over-year, while net income fell 51% to $47.7 million. Adjusted earnings per diluted share decreased 43% to $1.33. The company's gross profit dropped 3% to $553.5 million. Notably, Sonic repurchased 1.6 million shares of its Class A Common Stock for approximately $90.7 million. The Board approved a 3.6% dividend increase to $0.29 per share, payable on July 14, 2023. EchoPark's revenues reached $650.5 million, a 5% increase, but gross profit declined 9%. The company emphasized its commitment to long-term growth amid challenges in the automotive retail space.

Sonic Automotive, a prominent automotive retailer, is set to release its fiscal 2023 first-quarter financial results on April 27, 2023, at 7:00 A.M. Eastern. Following this, a conference call with senior management will occur at 11:00 A.M. Eastern. The company's financial results and investor presentation will be available on their website.

Sonic Automotive aims to enhance its market position by becoming the leading automotive retailer in America. The company is dedicated to providing top-tier guest experiences through strategic investments in technology and innovation.

Sonic Automotive announces the grand opening of Audi Downtown Nashville, a 35,000-square-foot guest experience center in Nashville's SoBro neighborhood. This state-of-the-art facility aims to enhance the Audi shopping and service experience. It is the second Audi location in Nashville operated by Sonic. The center features technology for VIP test drives, virtual sales consultations, and advanced electric vehicle services. The company previously conducted focus groups to gauge interest in the location, which received positive feedback. The new center marks a significant step in Sonic's strategy to innovate automotive retail.

Sonic Automotive, Inc. announces the promotion of Angela Broadway to the position of Chief Human Resources Officer (CHRO), effective February 8, 2023. Broadway has been with the company since 2006, serving in various HR roles, including Vice President and Senior Vice President of Human Resources. Under her leadership, the HR department has implemented new programs aimed at supporting over 10,000 teammates. The promotion recognizes her contributions to enhancing teammate experience and introduces her as the first CHRO in Sonic's history, a role expected to further strengthen the company's HR capabilities.

Sonic Automotive has acquired Black Hills Harley-Davidson, enhancing its powersports segment. This strategic acquisition aligns with Sonic's goal to expand its market presence and commitment to the Harley-Davidson brand. Black Hills Harley-Davidson is the only full-service dealership in western South Dakota and hosts the renowned Sturgis Motorcycle Rally. Sonic anticipates this acquisition will generate approximately $200 million in annual revenues in 2023, further solidifying its portfolio with 13 powersports locations and partnerships with leading brands.