Sonic Automotive reports decreased Q2 earnings

Jul 30, 2008 (Datamonitor via COMTEX) -- SAH | Quote | Chart | News | PowerRating -- Sonic Automotive, an automotive retailer, has announced that its earnings in the second quarter of 2008 from continuing operations were $20.1 million or $0.49 per diluted share, compared to $28.8 million or $0.62 per diluted share in the second quarter of 2007.

Total revenues in the second quarter of 2008 were $1.98 million, compared to $2.01 million in the same period of 2007. Total gross profit decreased to $310,755, compared to $313,697 in the second quarter of 2007.

The company has reported net income of $10,811, compared to $26,368 in the second quarter of 2007. Operating income decreased to $59,834, compared to $73,004 in the second quarter of 2007.

Scott Smith, president and chief strategic officer of Sonic Automotive, said: "This quarter's results are in line with our revised earnings target. We have seen some improvement in our July business compared to the relatively weak industry experience the entire sector saw in June but the overall market remains challenged."

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