Sonic Automotive 4Q profit falls | Luxury Auto Cars

CHARLOTTE, N.C. (AP) ? Sonic Automotive?s fourth-quarter net income fell 68 percent compared with final year when the association logged a one-time $48 million taxation benefit, though increase kick Wall Street expectations and shares edged aloft prior to the opening bell.

Adjusted earnings rose 46 percent over final year?s practiced number as brand brand brand new and used automobile volumes soared.

For the entertain finished Dec. 31, the automobile dealership user warranted $20.5 million, or 35 cents per share, down from $64.4 million, or $1 per share, in the same entertain of 2010.

Excluding one-time items, the Charlotte, N.C. association posted an practiced profit of 43 cents, which simply kick the 39 cents many analysts were expecting, according to a check by FactSet.

Revenue rose twelve percent to $2.07 billion as sum automobile sales increasing fourteen percent to $1.72 billion.

Sonic continues to do great commercial operation with the manage to buy not nonetheless entirely healed. By volume, sell sales of brand brand brand new vehicles jumped fifteen percent, whilst used automobile volume rose eleven percent.

For the full-year 2011, the association warranted $76.3 million, or $1.29 per share, down from $89.9 million, or $1.49 per share, in 2010. Revenue rose to $7.87 billion from $6.88 billion.

Sonic Automotive Inc. pronounced it expects ?continued solid growth? in sell automobile sales this year and projected attention far-reaching brand brand brand new automobile sales of 13.5 million units. In light of that, the association pronounced it expects to post a 2012 distinction of $1.55 to $1.65 per share.

Analysts polled by FactSet design a 2012 distinction of $1.57 per share for the year.

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Source: http://www.luxuryautocars.com/sonic-automotive-4q-profit-falls.html

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