Sonic Automotive Inc.’s third-quarter net income surged 49 percent as it sold more new and used cars.
The car dealership operator also on Tuesday boosted its outlook for full-year earnings from continuing operations, citing its improving business. The recovery of Japanese auto production capacity that had been lost to the March earthquake and tsunami helped sales, the company said.
Sonic Automotive earned $19.4 million, or 33 cents per share, compared with $13 million, or 23 cents per share, in the same period last year.
Analysts surveyed by FactSet predicted earnings of 31 cents per share.
Revenue for the period ended Sept. 30 rose 12 percent to $1.99 billion from $1.77 billion, topping Wall Street’s $1.86 billion estimate.
Total revenue from new cars increased to $1.06 billion from $937.7 million, while revenue from used cars rose to $531 million from $453.8 million.
Parts, service and collision repair revenue grew to $56.8 million from $47.4 million.
Sonic Automotive, based in Charlotte, N.C., now expects full-year earnings from continuing operations between $1.33 and $1.37 per share. Its prior forecast was for $1.18 to $1.28 per share. Analysts had expected $1.28.
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