Sonic Automotive: Q1 Earnings Snapshot

CHARLOTTE, N.C. (AP) _ Sonic Automotive Inc. (SAH) on Thursday reported first-quarter net income of $54.2 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Charlotte, North Carolina-based company said it had net income of $1.25. Earnings, adjusted to account for discontinued operations, came to $1.23 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.

The auto dealer posted revenue of $2.79 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $2.54 billion.

Sonic Automotive shares have climbed 32% since the beginning of the year. The stock has more than doubled in the last 12 months.