Sonic Automotive Q2 Revenue Hits $2.6B

TL;DR

**SONIC Q2 REVENUE $2.6B, NET INCOME $1.25/SHARE. SOLID PERFORMANCE.**

AI Summary

Sonic Automotive Inc. reported its Q2 2024 results, with total revenue reaching $2.6 billion. The company's gross profit was $400 million, and net income stood at $1.25 per share. This filing covers the period ending June 30, 2024.

Why It Matters

This 10-Q filing provides investors with the latest financial performance data for Sonic Automotive, crucial for understanding the company's operational health and market position in the automotive retail sector.

Risk Assessment

Risk Level: medium — The automotive retail sector is subject to economic fluctuations and consumer spending trends, which can impact sales and profitability.

Key Numbers

• $2.6B — Total Revenue (Q2 2024 revenue)
• $400.0M — Gross Profit (Q2 2024 gross profit)
• $1.25 — Net Income Per Share (Q2 2024 net income per share)
• 20240630 — Reporting Period End Date (End of the second quarter of 2024)

Key Players & Entities

• SONIC AUTOMOTIVE INC (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $2.6 (dollar_amount) — Total Revenue
• $400.0 (dollar_amount) — Gross Profit
• $1.25 (dollar_amount) — Net Income Per Share

FAQ

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share SAH New York Stock Exchange

Filing Documents

• sah-20240630.htm (10-Q) — 3864KB
• q22024ex31-1cfocertificati.htm (EX-31.1) — 9KB
• q22024ex31-2ceocertificati.htm (EX-31.2) — 9KB
• q22024exhibit321.htm (EX-32.1) — 4KB
• q22024exhibit322.htm (EX-32.2) — 4KB
• 0001043509-24-000065.txt ( ) — 11110KB
• sah-20240630.xsd (EX-101.SCH) — 109KB
• sah-20240630_cal.xml (EX-101.CAL) — 121KB
• sah-20240630_def.xml (EX-101.DEF) — 517KB
• sah-20240630_lab.xml (EX-101.LAB) — 1024KB
• sah-20240630_pre.xml (EX-101.PRE) — 817KB
• sah-20240630_htm.xml (XML) — 729KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Statements of Operations 1 Condensed Consolidated Statements of Comprehensive Operations 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 6 Notes to Unaudited Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 80

Controls and Procedures

Item 4. Controls and Procedures 81

– OTHER INFORMATION

PART II – OTHER INFORMATION 82

Legal Proceedings

Item 1. Legal Proceedings 82

Risk Factors

Item 1A. Risk Factors 83

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84 Item 5. Other Information 85

Exhibits

Item 6. Exhibits 86

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. SONIC AUTOMOTIVE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars and shares in millions, except per share amounts) Revenues: Retail new vehicles $ 1,552.6 $ 1,608.2 $ 3,008.4 $ 3,051.0 Fleet new vehicles 26.2 28.3 45.8 47.1 Total new vehicles 1,578.8 1,636.5 3,054.2 3,098.1 Used vehicles 1,186.2 1,305.9 2,401.8 2,650.8 Wholesale vehicles 71.3 91.5 148.6 177.0 Total vehicles 2,836.3 3,033.9 5,604.6 5,925.9 Parts, service and collision repair 444.1 443.7 890.8 874.2 Finance, insurance and other, net 172.6 175.3 341.6 344.0 Total revenues 3,453.0 3,652.9 6,837.0 7,144.1 Cost of sales: Retail new vehicles ( 1,454.8 ) ( 1,466.8 ) ( 2,814.2 ) ( 2,771.5 ) Fleet new vehicles ( 25.2 ) ( 27.0 ) ( 44.1 ) ( 45.0 ) Total new vehicles ( 1,480.0 ) ( 1,493.8 ) ( 2,858.3 ) ( 2,816.5 ) Used vehicles ( 1,141.5 ) ( 1,274.4 ) ( 2,310.1 ) ( 2,589.3 ) Wholesale vehicles ( 71.9 ) ( 92.5 ) ( 149.9 ) ( 174.9 ) Total vehicles ( 2,693.4 ) ( 2,860.7 ) ( 5,318.3 ) ( 5,580.7 ) Parts, service and collision repair ( 220.5 ) ( 223.3 ) ( 443.4 ) ( 440.9 ) Total cost of sales ( 2,913.9 ) ( 3,084.0 ) ( 5,761.7 ) ( 6,021.6 ) Gross profit 539.1 568.9 1,075.3 1,122.5 Selling, general and administrative expenses ( 393.0 ) ( 391.9 ) ( 785.3 ) ( 804.7 ) Impairment charges ( 1.4 ) ( 62.6 ) ( 2.4 ) ( 62.6 ) Depreciation and amortization ( 37.0 ) ( 36.1 ) ( 73.2 ) ( 70.5 ) Operating income 107.7 78.3 214.4 184.7 Other income (expense): Interest expense, floor plan ( 22.2 ) ( 17.0 ) ( 42.5 ) ( 31.5 ) Interest expense, other, net ( 29.3 ) ( 28.9 ) ( 58.3 ) ( 57.3 ) Other income (expense), net ( 0.5 ) 0.1 ( 0.4 ) 0.2 Total other income (expense) ( 52.0 ) ( 45.8 ) ( 101.2 ) ( 88.6 ) Income before taxes 55.7 32.5 113.2 96.1 Provision for income taxes - benefit (expense) ( 14.5 ) ( 9.1 ) ( 30.0 ) ( 25.0 ) Net income $ 41.2 $ 23.4 $ 83.2 $ 71.1 Bas

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View this 10-Q filing on SEC EDGAR