SAH +.91 to 58.69 looks undervalued at 8x 2024 EPS estimates. Sonic Automotive is an auto dealership chain. Q3 adj EPS of $2.02 easily beat estimates for $1.77. Sales should benefit in 2024 from lower interest rates on car loans. Div yield is 2% and the company has bought back a hefty 9% of its shares in 2023 at last report. I recently added to my position.
briefing -
Sonic Automotive beats by $0.25, beats on revs, approves 3.4% increase to quarterly cash dividend (43.33 ) :
Reports Q3 (Sep) earnings of $2.02 per share, $0.25 better than the FactSet Consensus of $1.77; revenues rose 4.4% year/year to $3.6 bln vs the $3.55 bln FactSet Consensus.
EchoPark Segment revenues of $626.7 million, up 6% year-over-year; all-time record quarterly EchoPark Segment gross profit of $52.8 million, up 22% year-over-year.
Sonic's Board of Directors approved a 3.4% increase to the Company's quarterly cash dividend, to $0.30 per share, payable on January 12, 2024 to all stockholders of record on December 15, 2023.
