Sonic Automotive (NYSE: SAH) reported Q3 EPS of $0.43, $0.01 better than the analyst estimate of $0.42. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.58 billion.

• Third quarter revenue and gross profit of $2.5 billion and $360.5 million, respectively
• Record third quarter pre-owned retail unit sales of 34,952 units
• Record third quarter F&I gross profit per retail unit of $1,505
• Record third quarter F&I gross of $98.1 million
• EchoPark stores retailed 7,698 units during the quarter, up 221% from the third quarter of 2017
• GAAP continuing operations earnings per diluted share of $0.36 per diluted share in the third quarter of 2018
• Adjusted continuing operations earnings per diluted share of $0.43 per diluted share in the third quarter of 2018

David Bruton Smith, the Company's Chief Executive Officer, noted, "Our EchoPark strategy to grow our pre-owned business continued according to plan in the third quarter of 2018. Revenues grew by nearly $130 million, or 226%, compared to the prior year quarter and we anticipate this upward trajectory to continue into the fourth quarter of 2018 with the opening of two additional EchoPark locations. On October 8, 2018, we opened an EchoPark store in Charlotte, North Carolina, and we expect to open another EchoPark Store in Houston, Texas by the end of 2018. On the franchise side of the business, revenues declined 1.7% on a same store basis primarily due to the strong third quarter comparison in 2017 containing the rebound effects of Hurricane Harvey. Despite this headwind, the franchised dealerships increased total gross profit by 1.1% during the quarter with strong performances in used vehicles and fixed operations. We look forward to a robust selling environment in the fourth quarter."

Jeff Dyke, the Company's President, noted, "We continue to work with our manufacturer partners to improve our margins at the store level and to make facility investments that provide the appropriate return for all parties. I am pleased with the progress we are making but believe we have more opportunity for improvement with certain brands. As David mentioned, we are very excited about the performance of EchoPark and our expansion plans."

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