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Sonic Automotive Q1 profit falls YOY

Sonic Automotive Inc. said its first-quarter normalized net income was 37 cents per share, compared with the S&P Capital IQ consensus estimate of 38 cents per share.

EPS declined year over year from 38 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $19.2 million, a decrease from $20.1 million in the year-earlier period.

The normalized profit margin fell to 0.9% from 0.9% in the year-earlier period.

Total revenue climbed on an annual basis to $2.24 billion from $2.14 billion, and total operating expenses grew year over year to $2.19 billion from $2.09 billion.

Reported net income fell 28.5% on an annual basis to $14.4 million, or 28 cents per share, from $20.1 million, or 38 cents per share.