Sonic Automotive, Inc. (SAH - Free Report) registered second-quarter 2021 adjusted earnings per share of $2.63 per share, which beat the Zacks Consensus Estimate of $1.64. Higher-than-expected sales from all segments led to the outperformance. The bottom line was also higher than 64 cents per share reported in the year-ago quarter. Total revenues amounted to $3,352.2 million, increasing 58% from the prior-year figure and beating the Zacks Consensus Estimate of $2,994 million.
Key Takeaways
For the reported quarter, revenues from the sale of new vehicles rose 62.5% year over year to $1,462.8 million and surpassed the consensus mark of $1,252 million. Unit sales volume increased 53.3% year on year to 30,488 and gross profit per unit surged 70.1% to $3,881. Gross profit totaled $118.3 million, outpacing the consensus mark of $71 million.
Revenues from the sale of used vehicles rose 56.6% from the prior-year level to $1,266.7 million and topped the consensus mark of $1,190 million. Unit sales increased from 23,973 in the prior-year period to 28,550 for the quarter under review. Gross profit per unit grew 52.4% year over year to $1,934. Gross profit totaled $55.2 million, outpacing the consensus mark of $30.83 million.
For the quarter under review, the EchoPark segment recorded revenues of $595.6 million, reflecting an 88.9% uptick from the year-ago figure. Its stores sold 21,261 units, up 61% on a year-over-year basis. The segment’s gross profit climbed 33.7% from the prior-year quarter to $36.2 million.
Wholesale vehicle revenues skyrocketed 155.6% on a year-over-year basis to $84.8 million and topped the consensus mark of $54 million. Revenues from parts, services and collision repair soared 39.2% year over year to $360.6 million and beat the Zacks Consensus Estimate of $329 million. Finance, insurance and other revenues came in at $177.2 million, up from $110.7 million recorded in the corresponding quarter of 2020. The metric also surpassed the consensus estimate of $159 million.
Selling, general and administrative expenses flared up 39.2% year over year to $320.6 million for the quarter under review. The board of directors announced a quarterly dividend of 102 cents per share, which will be paid out on Oct 15, 2021 to shareholders of record on Sep 15, 2021. As of Jun 30, Sonic — whose peers include Lithia Motors (LAD - Free Report) , AutoNation (AN - Free Report) and Group 1 Automotive (GPI - Free Report) — had $239.6 million of cash and cash equivalents on hand. Long-term debt summed $634.7 million. Sonic currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Sonic Automotive, Inc. (SAH - Free Report) registered second-quarter 2021 adjusted earnings per share of $2.63 per share, which beat the Zacks Consensus Estimate of $1.64. Higher-than-expected sales from all segments led to the outperformance. The bottom line was also higher than 64 cents per share reported in the year-ago quarter. Total revenues amounted to $3,352.2 million, increasing 58% from the prior-year figure and beating the Zacks Consensus Estimate of $2,994 million.
Key Takeaways
For the reported quarter, revenues from the sale of new vehicles rose 62.5% year over year to $1,462.8 million and surpassed the consensus mark of $1,252 million. Unit sales volume increased 53.3% year on year to 30,488 and gross profit per unit surged 70.1% to $3,881. Gross profit totaled $118.3 million, outpacing the consensus mark of $71 million.
Revenues from the sale of used vehicles rose 56.6% from the prior-year level to $1,266.7 million and topped the consensus mark of $1,190 million. Unit sales increased from 23,973 in the prior-year period to 28,550 for the quarter under review. Gross profit per unit grew 52.4% year over year to $1,934. Gross profit totaled $55.2 million, outpacing the consensus mark of $30.83 million.
For the quarter under review, the EchoPark segment recorded revenues of $595.6 million, reflecting an 88.9% uptick from the year-ago figure. Its stores sold 21,261 units, up 61% on a year-over-year basis. The segment’s gross profit climbed 33.7% from the prior-year quarter to $36.2 million.
Wholesale vehicle revenues skyrocketed 155.6% on a year-over-year basis to $84.8 million and topped the consensus mark of $54 million. Revenues from parts, services and collision repair soared 39.2% year over year to $360.6 million and beat the Zacks Consensus Estimate of $329 million. Finance, insurance and other revenues came in at $177.2 million, up from $110.7 million recorded in the corresponding quarter of 2020. The metric also surpassed the consensus estimate of $159 million.
Selling, general and administrative expenses flared up 39.2% year over year to $320.6 million for the quarter under review. The board of directors announced a quarterly dividend of 102 cents per share, which will be paid out on Oct 15, 2021 to shareholders of record on Sep 15, 2021. As of Jun 30, Sonic — whose peers include Lithia Motors (LAD - Free Report) , AutoNation (AN - Free Report) and Group 1 Automotive (GPI - Free Report) — had $239.6 million of cash and cash equivalents on hand. Long-term debt summed $634.7 million. Sonic currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
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