Sonic earnings fall on weaker U.S. vehicle sales

Newswire

DETROIT, July 29 (Reuters) - Sonic Automotive Inc. , the auto dealer group, on Tuesday reported weaker quarterly earnings as new dealerships failed to offset a drop in U.S. vehicle sales industrywide. The Charlotte, North Carolina-based company said second-quarter net earnings fell to $28.5 million, or 68 cents per share, from $31.5 million, or 71 cents, in the year-ago quarter. Analysts expected Sonic to between 61 cents and 77 cents per share, with an average of 69 cents, according to ...

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