Sonic Automotive reported consolidated revenues of $3,491.5 million for the third quarter of 2024, a 4% decrease year-over-year. Despite this, net income increased 8% to $74.2 million, resulting in diluted earnings per share of $2.13, up 11% from the prior year. The Franchised Dealerships Segment experienced operational disruptions in July related to CDK customer lead and inventory management applications.
The EchoPark segment achieved all-time record quarterly gross profit, segment income of $10.3 million, and adjusted EBITDA of $15.8 million. These figures represent substantial increases of 455% and 116% year-over-year, respectively, driven by improving conditions in the used vehicle retail environment. This performance validates strategic adjustments within the segment.
In a move signaling confidence, the company's Board of Directors approved a 17% increase to the quarterly cash dividend, raising it to $0.35 per share. This increased dividend is payable on January 15, 2025, to all stockholders of record on December 13, 2024.
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