Sonic Automotive (NYSE: SAH) reported Q2 EPS of $0.40, $0.06 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $2.41 billion versus the consensus estimate of $2.42 billion.

• EchoPark stores retailed 2,049 units, up 80.4% over the prior year quarter
• Accelerated expansion of an additional 15 EchoPark stores by the end of 2018
• Record Q2 pre-owned units of 30,536 contributing gross profit of $40.0 million
• All-time record quarterly fixed operations gross profit of $173.1 million, up 2.9% over the prior year quarter
• Record Q2 F&I gross profit and gross profit per retail unit of $86.9 million and $1,379, respectively
• Record Q2 total gross profit of $360.6 million, up 2.1% over the prior year quarter
• Repurchased 1.2 million Class A shares (approximately 2.6% of outstanding stock) for $22.0 million and declared $0.05/share dividend
• GAAP continuing operations net income of $12.3 million with EPS of $0.27 per diluted share
• Adjusted continuing operations net income of $17.9 million with adjusted EPS of $0.40 per diluted share

"Based on results experienced in the first half of the year and our forecast for the remainder of 2017, we are updating our earnings guidance. We currently project adjusted diluted earnings per share from continuing operations for 2017 to be between $1.85 and $1.95 per share ($1.49 and $1.59 per diluted share, on an unadjusted GAAP basis). This range includes the effect of projected EchoPark results and expansion. We are also now projecting an adjusted loss related to EchoPark for 2017 of between $0.29 and $0.33 per diluted share ($0.32 and $0.36 per diluted share, on an unadjusted GAAP basis). We will have additional comments on our guidance in our earnings call later today."

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