Sonic Automotive Q4 earnings: Impairment charge hits bottom line

Sonic declared it has established a powersports section of the firm that requires 13 areas, made $53.5 million in profits in 2022 and is predicted to add about $200 million in earnings to the corporation for 2023.

“We keep on being focused on leveraging development chances across our diversified portfolio to optimize long term earnings likely and to placement Sonic Automotive for continued accomplishment in the long term,” Sonic CEO David Smith mentioned in a assertion.

The retailer obtained Sexy Toad Harley-Davidson in Temple, Texas, in January 2022 seven Team Mancuso Powersports stores in Houston, Texas, in August 2022 and the five-place Black Hills Harley-Davidson in Swift Town, S.D., this thirty day period.

Sonic’s final results were buoyed by a 14 percent attain in franchised dealership income, along with profits of $589.3 million for EchoPark, a fourth-quarter file and a 1.7 per cent attain for that unit. Nevertheless, EchoPark’s identical-industry revenue declined 16 {a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9} for the period.

Sonic shares fell 1.3 per cent to shut at $60.66 on Wednesday.

Q4 earnings: $3.59 billion, up 13 per cent from a calendar year before

Q4 net loss: $190.9 million, a swing from internet revenue of $96.3 million a yr earlier

Q4 altered net income: $97.8 million, down 14 p.c

Q4 vehicle income: Sonic’s franchised dealership phase retailed 26,239 new cars, up 12 p.c from a calendar year previously, and 26,631 utilized autos, up 14 percent. On a same-retail store basis, the franchised dealerships marketed 23,416 new autos, up 5.3 percent, and 23,624 applied autos, up 5.6 per cent. EchoPark retailed 26 new motor vehicles, down 56 p.c, and 17,435 employed motor vehicles, up 11 per cent. On a similar-marketplace basis, EchoPark sold 26 new cars, down 56 {a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9}, and 13,919 utilised automobiles, down 6.5 per cent.

Q4 records: All-time quarterly income fourth-quarter records in gross revenue, EchoPark revenue, EchoPark employed-car or truck product sales quantity, franchised dealership finance-and-coverage gross profit per auto

2022 earnings: $14 billion, up 13 p.c

2022 web income: $88.5 million, down 75 percent

2022 altered net income: $381.6 million, up 4.2 percent

2022 motor vehicle product sales: Sonic’s franchised dealership section retailed 99,424 new cars, down .4 {a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9}, and 108,512 made use of cars, up 2.9 percent. On a very same-shop foundation, the franchised dealerships retailed 84,663 new vehicles, down 14 percent, and 92,939 made use of automobiles, down 11 percent. EchoPark retailed 152 new autos, up 19 {a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9}, and 64,107 utilised automobiles, down 18 per cent. On a identical-sector basis, EchoPark bought 152 new motor vehicles, up 19 p.c, and 51,336 made use of automobiles, down 33 {a78e43caf781a4748142ac77894e52b42fd2247cba0219deedaee5032d61bfc9}.

2022 data: Income, gross financial gain, modified net income, EchoPark income, EchoPark gross profit, franchised dealership F&I gross income for each car or truck

Ranking: Sonic ranked No. 7 on Automotive News’ most modern record of the top 150 dealership teams based mostly in the U.S., with profits of 103,486 new automobiles in 2021.

Eleanore Beatty

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