Sonic Automotive posts lower quarterly profit

Newswire

DETROIT, April 26 (Reuters) - Car dealership Sonic Automotive Inc. on Tuesday posted lower first-quarter profit, hurt by high inventories of unsold vehicles and rising interest rates. The Charlotte, North Carolina-based company said profit fell to $17.12 million, or 40 cents a share, from $22.2 million, or 51 cents a share a year ago. Excluding charges, the company earned 45 cents a share, meeting Wall Street expectations.

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