Sonic Automotive sees Q3 EPS of $1.08 to $1.15 as September sales recover from pandemic lows

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Sonic Automotive Inc. said Tuesday it expects third-quarter per-share earnings to range from $1.08 to $1.15, up 64% to 74% from the same period a year ago. The FactSet consensus is for EPS of $1.43. The car retailer said new vehicle sales were down 9% in September to date, after falling 21% in August and 17% in July. Used vehicle sales were up 6% in September to date, after falling 9% in August and 5% in July. “We are very pleased with our operating performance in the third quarter to date, continuing our recovery from the challenges our industry faced earlier this year,” Chief Executive David Smith said in a statement. “Consumer demand for new and used vehicles and parts and service repair work has continued to improve steadily in recent weeks, particularly when factoring in the timing of this year’s Labor Day weekend sales compared to the prior year.” Shares were not active premarket, but have gained 33% in the year to date, while the S&P 500 has gained 3.4%.
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