CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Sonic Automotive Inc. (SAH) on Thursday reported first-quarter net income of $42 million.
The Charlotte, North Carolina-based company said it had net income of $1.20 per share. Earnings, adjusted for one-time gains and costs, came to $1.36 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.23 per share.
The auto dealer posted revenue of $3.38 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $3.4 billion.
