Sonic Automotive 3Q profit more than doubles

The Associated Press

NEWS: Auto dealer Sonic Automotive's third-quarter net income more than doubled as revenue from new and used vehicles improved.

DETAILS: Sonic's revenue from new retail vehicles rose to $1.22 billion from $1.16 billion. Revenue from used vehicles increased to $559.8 million from $527.9 million. The company also experienced revenue growth for parts, service and collision repair — it rose to $309.6 million from $287.3 million.

NUMBERS: Sonic Automotive Inc. announced last month that its revenue climbed to $2.24 billion from $2.13 billion. At the time the company said that it wasn't reporting net income because it had identified a tax gain related to the retirement of debt in 2011 and 2012 and needed to calculate the effect that gain could have on its earnings in past quarters.

On Friday Sonic reported net income of $23.3 million, or 44 cents per share, for the period ended Sept. 30. That compares with $10 million, or 18 cents per share, a year ago.

Earnings from continuing operations were 46 cents per share. This met the expectations of analysts polled by FactSet.

STOCK: On Thursday the shares closed at $22.18. The stock is up 6 percent for the year to date.