Sonic Automotive misses by $0.06, misses on revs; guides FY17 EPS below consensus (18.95)
- Reports Q2 (Jun) earnings of $0.40 per share, $0.06 worse than the Capital IQ Consensus of $0.46; revenues rose 1.0% year/year to $2.41 bln vs the $2.44 bln Capital IQ Consensus. EchoPark stores retailed 2,049 units, up 80.4% over the prior year quarter
- Co issues lowered guidance for FY17, sees EPS of $1.85-1.95 from $2.00-2.10 vs. $2.00 Capital IQ Consensus Estimate.
- "Our activities in the quarter continue to support our long-term growth strategies. During the second quarter, we opened our new open point Audi store in Pensacola, Florida and our sixth EchoPark store in Colorado. We believe these investments will offer strong earning streams as the underlying businesses mature. Year to date, we also invested approximately $30 million returning capital to stockholders through dividends and share repurchases. Our facilities teams have been extremely busy as well, evidenced by the $121 million invested in capital expenditures during the first half of 2017. We are committed to offering the best customer buying experience in the industry, which includes state of the art facilities at both our franchised dealerships and EchoPark stores."