Sonic Automotive quarterly profit higher


CHARLOTTE, N.C., July 30 (Reuters) - Sonic Automotive Inc. , the nation's No. 2 chain of new-car dealerships, on Tuesday reported higher second-quarter earnings as it increased the number of franchises it controls.

The company said it earned $31.5 million, or 71 cents a share, compared with $22.5 million, or 55 cents a share, in the same quarter a year ago.

Sonic told analysts in April that it expected to earn between 67 cents and 69 cents a share.

Dealership groups such as Sonic and AutoNation Inc. have seen earnings grow as they have acquired privately-owned franchises and cut costs.



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