DETROIT -- Car dealership Sonic Automotive Inc. on Tuesday posted a 39 percent rise in quarterly earnings, boosted by cost improvements and growth in all its business units.
The Charlotte, North Carolina-based company said third-quarter profit rose to $26.8 million, or 61 cents a share, from $19.3 million, or 45 cents a share, a year earlier.
The company said it earned 65 cents a share from continuing operations, higher than Wall Street expectations of 61 cents.
Sonic Automotive Inc. ranks No. 3 on the Automotive News list of the top 100 dealership groups in the United States with retail sales of 138,753 new vehicles in 2004.
Hurricane-related disruptions and other items reduced earnings by 7 cents to 9 cents per share during the quarter, Sonic Automotive said.
Revenues increased 9.5 percent to $2.1 billion. On a same-store basis, revenue increased 6 percent from the same quarter last year.
"We demonstrated strong growth across all of our lines of business this quarter," Chairman and Chief Executive Officer O. Bruton Smith said in a statement.
The company affirmed its full-year profit outlook of $2.25 to $2.35 per share.