SONIC AUTOMOTIVE Reports Earnings Results for 2nd Quarter of FY2023
July 29, 2023
🌥️Earnings Overview
On June 30, 2023, SONIC AUTOMOTIVE ($NYSE:SAH) released its financial results for the second quarter of FY2023, revealing total revenue of USD 3652.9 million, representing a 4.2% rise from the same quarter of the prior year. Unfortunately, the company’s net income declined 75.3% year over year to USD 23.4 million.
Price History
On Thursday, SONIC AUTOMOTIVE reported earnings results for the second quarter of the financial year 2023. The stock opened at $51.2 and closed at $50.8, a decrease of 0.5% from its last closing price of $51.1. The company attributed the increased earnings to higher sales of vehicles and parts and services, as well as an increase in customer loyalty program memberships. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Sonic Automotive. More…
| Total Revenues | Net Income | Net Margin |
| 14.18k | -32.5 | 1.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Sonic Automotive. More…
| Operations | Investing | Financing |
| 119.6 | -299.7 | -176.6 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Sonic Automotive. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.15k | 4.29k | 24.13 |
Key Ratios Snapshot
Some of the financial key ratios for Sonic Automotive are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 12.8% | 27.4% | 1.3% |
| FCF Margin | ROE | ROA |
| -0.6% | 13.7% | 2.3% |
Analysis
At GoodWhale, we conducted an analysis of SONIC AUTOMOTIVE‘s wellbeing to determine their risk rating. According to our findings, SONIC AUTOMOTIVE has a medium risk rating when considering both their financial and business aspects. We’ve also detected two risk warnings in their income sheet that may be of concern. If you’re interested in learning more about these warnings, be sure to check out our website at goodwhale.com. More…
Peers
The company operates in a highly competitive industry with several large competitors, including Asbury Automotive Group Inc, Lithia Motors Inc, Penske Automotive Group Inc. Sonic Automotive Inc has a strong market position and is well-positioned to compete effectively against its rivals.
– Asbury Automotive Group Inc ($NYSE:ABG)
Asbury Automotive Group Inc is a large publicly traded company that operates in the automotive retailing industry. The company has a market capitalization of 3.9 billion as of 2022 and a return on equity of 31.39%. Asbury Automotive Group Inc is one of the largest automotive retailers in the United States and operates over 100 dealerships across the country. The company sells and services a variety of new and used vehicles, and also provides financing and insurance products to its customers.
– Lithia Motors Inc ($NYSE:LAD)
Lithia Motors Inc is an American automotive retailer. It is the ninth largest automotive retailer in the United States and is publicly traded on the New York Stock Exchange. The company operates through three segments: Domestic, Import, and Luxury. Lithia also has a minority investment in an electric vehicle (EV) company.
Lithia’s market cap is 6.48B as of 2022. The company has a Return on Equity of 26.55%. Lithia Motors Inc is an American automotive retailer. It is the ninth largest automotive retailer in the United States and is publicly traded on the New York Stock Exchange. The company operates through three segments: Domestic, Import, and Luxury. Lithia also has a minority investment in an electric vehicle (EV) company.
– Penske Automotive Group Inc ($NYSE:PAG)
Penske Automotive Group is an American multinational automotive retailing company headquartered in Bloomfield Hills, Michigan. As of early 2021, it operated over 3,300 automotive dealerships and 250 collision repair centers in the United States and United Kingdom. Penske Automotive Group is a Fortune 500 company with revenue of $19.6 billion as of 2020. The company was founded in 1927 by Roger Penske and is currently led by CEO Jose Munoz.
Summary
SONIC AUTOMOTIVE, a leading automotive retailer, reported total revenue growth of 4.2% for the second quarter of FY2023, reaching USD 3652.9 million. However, their net income decreased by 75.3% year over year, down to USD 23.4 million. This could signal a potential decrease in investor confidence in the company’s ability to generate returns. Investors should closely monitor the company’s financial performance for the rest of FY2023 in order to make an informed decision about whether to invest in SONIC AUTOMOTIVE.
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