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Sonic Automotive Inc (SAH) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Sonic Automotive Inc

CIK: 1043509 Ticker: SAH

Exhibit 99.1

Sonic Automotive, Inc. Reports Third Quarter Results
EchoPark Revenue Up 226% with Volume Up 221%

CHARLOTTE, N.C. – October 25, 2018Sonic Automotive, Inc. (NYSE: SAH), one of the nation’s largest automotive retailers, today reported financial results for the third quarter of 2018.

Third quarter revenue and gross profit of $2.5 billion and $360.5 million, respectively
Record third quarter pre-owned retail unit sales of 34,952 units
Record third quarter F&I gross profit per retail unit of $1,505
Record third quarter F&I gross of $98.1 million
EchoPark stores retailed 7,698 units during the quarter, up 221% from the third quarter of 2017
GAAP continuing operations earnings per diluted share of $0.36 per diluted share in the third quarter of 2018
Adjusted continuing operations earnings per diluted share of $0.43 per diluted share in the third quarter of 2018

Third Quarter 2018 Results

GAAP Basis

Net income from continuing operations for the third quarter of 2018 was $15.3 million, or $0.36 per diluted share. Comparatively, net income from continuing operations for the third quarter of 2017 was $19.7 million, or $0.45 per diluted share.

Adjusted Basis

Adjusted net income from continuing operations and related earnings per diluted share are non-GAAP financial measures. The schedules included in this press release reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures.

Adjusted net income from continuing operations for the third quarter of 2018 was $18.3 million, or $0.43 per diluted share. The adjustments in the third quarter of 2018 relate to storm damage, executive transition costs and charges related to the disposal of franchises. Adjusted net income from continuing operations for the third quarter of 2017 was $17.4 million, or $0.40 per diluted share. The adjustments in the third quarter of 2017 relate to a gain from the disposal of a franchise and charges related to fixed asset impairments, storm damage and legal matters.

Commentary

David Bruton Smith, the Company’s Chief Executive Officer, noted, “Our EchoPark strategy to grow our pre-owned business continued according to plan in the third quarter of 2018. Revenues grew by nearly $130 million, or 226%, compared to the prior year quarter and we anticipate this upward trajectory to continue into the fourth quarter of 2018 with the opening of two additional EchoPark locations. On October 8, 2018, we opened an EchoPark store in Charlotte, North Carolina, and we expect to open another EchoPark Store in Houston, Texas by the end of 2018. On the franchise side of the business, revenues declined 1.7% on a same store basis primarily due to the strong third quarter comparison in 2017 containing the rebound effects of Hurricane Harvey. Despite this headwind, the franchised dealerships increased total gross profit by 1.1% during the quarter with strong performances in used vehicles and fixed operations. We look forward to a robust selling environment in the fourth quarter.”

Jeff Dyke, the Company’s President, noted, “We continue to work with our manufacturer partners to improve our margins at the store level and to make facility investments that provide the appropriate return for all parties. I am pleased with the progress we are making but believe we have more opportunity for improvement with certain brands. As David mentioned, we are very excited about the performance of EchoPark and our expansion plans.”



The following information was filed by Sonic Automotive Inc (SAH) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statement Of Stockholders' Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Summary Of Changes In Accumulated Other Comprehensive Income (Loss) (Details)
Business Acquisitions And Dispositions
Business Acquisitions And Dispositions (Tables)
Business Acquisitions And Dispositions - Additional Information (Details)
Business Acquisitions And Dispositions - Revenues And Other Activities Associated With Disposed Dealerships Classified As Discontinued Operations (Details)
Business Acquisitions And Dispositions - Revenues And Other Activities Associated With Disposed Dealerships That Remain In Continuing Operations (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Summary Of Lease Exit Accruals (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Recorded At Fair Value (Details)
Fair Value Measurements - Fair Value And Carrying Value Of Significant Fixed Rate Long-Term Debt (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Additional Information (Details)
Inventories
Inventories (Tables)
Inventories - Components Of Inventories (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - 2016 Credit Facilities (Details)
Long-Term Debt - Covenants (Details)
Long-Term Debt - Derivative Instruments And Hedging Activities (Details)
Long-Term Debt - Long-Term Debt (Details)
Long-Term Debt - Notes Narrative (Details)
Long-Term Debt - Summary Of Interest Received And Paid Under Term Of Cash Flow Swap (Details)
Per Share Data And Stockholders' Equity
Per Share Data And Stockholders' Equity (Tables)
Per Share Data And Stockholders' Equity - Dilutive Effect On Earnings Per Share (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Components Of Property And Equipment, Net (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Summary Of Reportable Operating Segment (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Cumulative Effect Of Adjustments For Adoption Of Asc 606 (Details)

Material Contracts, Statements, Certifications & more

Sonic Automotive Inc provided additional information to their SEC Filing as exhibits

Ticker: SAH
CIK: 1043509
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-18-012923
Submitted to the SEC: Thu Oct 25 2018 4:13:15 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Retail Auto Dealers And Gasoline Stations

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