Sonic profit tops expectations, '12 outlook strong

Newswire

By Ben Klayman DETROIT, Feb 28 (Reuters) - Sonic Automotive Inc , the No. 3 U.S. auto dealer group, posted a stronger-than-expected quarterly profit on Tuesday, as demand for new and used vehicles outpaced the industry. The company also offered an outlook for its 2012 earnings that, at the mid-point, topped what Wall Street is expecting. Sonic's net income in the fourth quarter fell to $20.54 million, or 35 cents a share, compared with $64.35 million, or $1.00 a share, in the year-earlier ...

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