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Sonic Automotive Q2 profit falls 14.0% YOY

Sonic Automotive Inc. said its normalized net income for the second quarter was 47 cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS fell 10.9% year over year from 53 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $24.1 million, a decline of 14.0% from $28.1 million in the prior-year period.

The normalized profit margin fell to 1.0% from 1.2% in the year-earlier period.

Total revenue rose on an annual basis to $2.42 billion from $2.35 billion, and total operating expenses rose from the prior-year period to $2.37 billion from $2.29 billion.

Reported net income decreased 43.2% on an annual basis to $15.3 million, or 30 cents per share, from $27.0 million, or 51 cents per share.