Sonic Automotive In-Line on Top Line, Short on the Bottom
New and used car dealer Sonic Automotive reported third-quarter results today before the markets opened, showing that it posted net revenues of $2.24 billion, a 5.4% increase from the same period in the previous year, and just about in-line with the $2.29 billion Capital IQ consensus estimate.
While earnings from continuing operations came in at $38.8 million, or $0.46 per share, essentially unchanged from $38.6 million, or $0.40 per share, in the same period in 2012, it was $0.04-per-share short of the CapIQ estimates of $0.50 per share.
Sonic reported its results last month on Oct. 21, but had recorded a tax gain in the quarter due to the expiry of its 5% convertible senior notes in 2011 and 2012 and was evaluating the effects it might have over prior periods. As a result, the adjusted results for the third quarter of 2012 exclude a pre-tax charge of approximately $18.5 million, or $0.19 per diluted share.
The car dealer previously narrowed its full year guidance by raising the low end of its earnings range to $1.96 to $2.03, with analysts anticipating Sonic Automotive posting earnings of $1.98 per share on revenues of $8.91 billion.
The article Sonic Automotive In-Line on Top Line, Short on the Bottom originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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