Sonic Automotive has reported its second quarterly earnings. According to a press release, Sonic Automotive had an all-time record adjusted earnings of $3.7 billion, up 9% year-over-year. Sonic also record a quarterly gross profit of $588.8 million, an increase of 15%. Earnings, adjusted for non-recurring costs, came to $2.45 per share. EchoPark also had record quarterly revenues of $665.6 million, up 12% from a year ago.
Key leaders in Sonic Automotive commented on the quarterly earnings, including David Smith the Chief Executive Officer of Sonic Automotive. Smith stated, “Sonic achieved another quarter of record revenues and solid earnings as a result of the continued dedication of our Sonic and EchoPark teams and our strong relationships with our manufacturer and vendor partners.”
Even with high inflation and supply-chain problems, Smith still saw an increase in revenue as they raised vehicle prices. Vehicle demand is also high with low inventory.
Jeff Dyke the President of Sonic Automotive added, “During the second quarter, we further expanded EchoPark’s national geographic and digital network, opening three new locations and completing the rollout of our proprietary, best-in-class eCommerce platform to 100% of our nationwide traffic at EchoPark.com.”
Sonic is focusing on using its new eCommerce platform to increase online sales.
Stay tuned to CBT News for our upcoming interview with Sonic President Jeff Dyke this Monday, August 1.
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