Sonic issues earnings warning because of hurricanes

Sonic Automotive Inc. is warning that its third-quarter results will be dinged because of damage from Tropical Storm Harvey in Houston and Hurricane Irma in Florida, but is holding firm to estimated earnings for the full year, which it raised based on a strong second quarter.Sonic, of Charlotte, N.C., will report its third-quarter earnings Oct. 24 before the market opens.Sonic expects to report third-quarter earnings per share under generally accepted accounting principles from continuing operations of 44 to 46 cents and adjusted earnings per share from continuing operations of 39 to 41 cents.For the third quarter of 2016, Sonic reported earnings per share under generally accepted accounting principles from continuing operations of 42 cents, after taking a 5 cents per share pretax charge, and adjusted earnings per share of 47 cents.Thomson Reuters' consensus earnings-per-share estimate for Sonic in the third quarter this year is 54 cents.This negative impact will be offset in the fourth quarter by a lift in retail car sales and service, Sonic said. Sonic's projected full-year adjusted diluted earnings per share from continuing operations remains at the $1.85 to $1.95 that the company issued with its second-quarter results, vs. 2016's figure of $2.01. Sonic began the year setting its 2017 guidance at $2.00 to $2.10. 20 percent

Sonic issues earnings warning because of hurricanes

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