Retailer Sonic Automotive has reported that 2004 fourth quarter operating income of $20.5 million, or $0.48 per share, compared to $19.6 million, or $0.46 per share, a year ago. Net income was $14.6 million, or $0.35 per share, compared to $13.8 million, or $0.33 per share in Q4 2003.
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Revenue of $1.89 billion for the quarter increased 11.2% year on year, with all areas reporting significant growth. Parts and service experienced a 12.1% increase; used vehicles a 12.3% increase; new vehicles a 10.6% increase; and finance and insurance an 8.3% increase.
Chairman and CEO Bruton Smith said: “Sonic Automotive’s earnings reflect a stronger than anticipated fourth quarter retail environment and our continued focus on improving operating efficiencies.”
For the year ended December 31, 2004, operating income was $95.7 million, or $2.22 per share, compared to $87.3 million, or $2.04 per share for 2003. Revenue for full year 2004 was $7.39 billion, compared to $6.95 billion in2003.
Net income was $86.1 million, or $2.00 per share, compared to $71.6 million or $1.69 per share in 2003.
On a same store basis, revenue in the quarter increased 2.4% from the same quarter last year. Same store new vehicle revenue increased 2.5% for the quarter, while same store retail used vehicle revenue increased 2.8%. Finance and insurance revenue increased 1.2% on a same store basis service, parts and collision repair business increased 1.8%.
