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NEW YORK, May 11, 2021 /PRNewswire/ Pomerantz LLP is investigating claims on behalf of investors of Sonic Automotive, Inc. ( Sonic or the Company ) (NYSE: SAH). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Sonic and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 7, 2020, news sources reported that the Company s Chief Executive Officer ( CEO ), David Bruton Smith, had been arrested and charged with felony assault by strangulation and misdemeanor charges of false imprisonment, assault on a female, and interfering with emergency communication. Shortly thereafter, the Company s Board of Directors issued a statement affirming that the Company remains steadfast in its support of [its] CEO.
Sonic Automotive Reports Record First Quarter Revenues and Earnings Per Share
CHARLOTTE, N.C. Sonic Automotive, Inc. (“Sonic” or the “Company”) , one of the nation’s largest automotive retailers, today reported financial results for the first quarter ended March 31, 2021. The financial measures discussed below are results for the first quarter of 2021 with comparisons made to the first quarter of 2020, unless otherwise noted. Certain metrics are also compared to the first quarter of 2019 to exclude the effects of the onset of the COVID-19 pandemic on comparative results.
First Quarter Highlights Record first quarter revenues of $2.8 billion, up 20.7%, and record first quarter income from continuing operations before taxes of $72.6 million, compared to a loss before taxes of $243.2 million in the first quarter of 2020, which included a $268.0 million non-cash goodwill impairment charge (excluding the effect of this prior year goodwill impairment charge, pre-tax earnings
Earnings Scheduled For April 29, 2021 benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
52-week low: $18.11
Company Description
Sonic Automotive is by our estimate the sixth-largest public auto dealership group in the United States by new-vehicle unit sales. The company has 84 franchised stores in 12 states, primarily in metropolitan areas in California, Texas, and the Southeast, plus 16 EchoPark used-vehicle stores. In addition to new- and used-vehicle sales, the company derives revenue from parts and collision repair, finance, insurance, and wholesale auctions. Luxury and import dealerships make up about 88% of new-vehicle revenue, while Honda, BMW, Mercedes, and Toyota constitute about 60% of new-vehicle revenue. BMW is the largest brand at over 24%. 2020 s revenue was $9.8 billion, with EchoPark s portion totaling $1.4 billion.
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- 700.HK China competition regulator said to be preparing substantial fine for Antitrust violations of at least CNY1.54B .
- (CN) China PBOC sets Yuan reference rate: 6.4715 v 6.4853 prior.
- (CN) China PBOC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v CNY10B in 7-day reverse repos prior; Net CNY0B v Net CNY0B prior.
- (HK) Hong Kong Monetary Authority (HKMA): Money markets operating smoothly with ample liquidity.
North America
- LOGI Reports Q4 $1.45 v $0.96e, Rev $1.54B v $1.16Be; raises FY20 dividend 10% y/y, raises buyback $750M to $1.0B (5.2% of market cap).