Sonic Automotive, Inc. - SAH STOCK NEWS

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.

Sonic Automotive reported record financials for Q4 and full year 2022, with quarterly revenues of $3.6 billion, up 13%, and annual revenues reaching $14.0 billion, also up 13% year-over-year. Despite a net loss of $190.9 million in Q4, adjusted net income was $97.8 million. The company repurchased 5.6 million shares in 2022 for $261.9 million. Sonic now diversifies into the Powersports market, acquiring 13 locations and expanding offerings with brands like Harley-Davidson. The EchoPark segment saw revenues of $2.5 billion in 2022, but incurred a significant loss. A quarterly dividend of $0.28 per share was approved for April 2023.

Sonic Automotive, Inc. (NYSE:SAH) will release its fiscal 2022 fourth quarter and full year financial results on February 15, 2023 at 7:00 A.M. (Eastern). A conference call with senior management is scheduled for 11:00 A.M. the same day. Investors can access the earnings announcement and presentation via the Company’s website. The company aims to enhance its status as a leading automotive retailer through strategic investments and customer-focused experiences. Sonic is committed to significant growth, aiming to innovate and provide exceptional service to its clients.

EchoPark Automotive has announced a partnership with Matic, a digital insurtech platform, to provide auto insurance savings for its guests. EchoPark customers can save up to $579 annually on auto insurance, while also benefiting from savings of up to $3,000 on the purchase of quality used vehicles. The collaboration introduces Matic’s insurance marketplace into EchoPark’s online car buying process, enhancing customer experience. This partnership aligns with EchoPark’s mission to deliver superior value and guest satisfaction as it aims to become the leading retailer in the pre-owned vehicle market by 2025.

Marcus Lemonis continues his holiday tradition of giving, distributing nearly $2 million in gifts, including vehicles from EchoPark Automotive, a subsidiary of Sonic Automotive (SAH). This year, he awarded a car to Patrick Rhodes for his community service and will give away three more vehicles in December. Lemonis emphasizes partnering with reputable brands like EchoPark, while Sonic Automotive aims to enhance customer satisfaction through their unique offerings and guest-centric approach.