UPDATE 1-Sonic Automotive profit falls on rates, margins

Newswire

(Adds details throughout) DETROIT, July 26 (Reuters) - Car dealership Sonic Automotive Inc. on Tuesday posted lower second-quarter profit, hurt by rising interest rates and continued pressure on new vehicle margins. The Charlotte, North Carolina-based company, said profit fell to $27 million, or 62 cents a share, from $30 million, or 69 cents a share a year earlier. Excluding charges, the company earned 66 cents a share, higher than Wall Street expectations of 63 cents a share. ...

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Jul 26, 2016
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