CHARLOTTE, N.C. (AP) _ Sonic Automotive Inc. (SAH) on Thursday reported first-quarter net income of $42.2 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 98 cents. Earnings, adjusted for one-time gains and costs, were 39 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.
The auto dealer posted revenue of $2.39 billion in the period.
Sonic Automotive shares have increased 15 percent since the beginning of the year. The stock has dropped 20 percent in the last 12 months.
