Sonic Automotive SAH, one of the nation's largest automotive retailers, today reported it is
reaffirming its full year guidance for adjusted diluted earnings per share
from continuing operations to be between $1.65 and $1.70. Excluded from this
range are costs associated with retiring its outstanding 5.0% Convertible
Senior Notes due 2029 ("5% Notes") and tax benefits related to the settlement
of certain tax matters in the second and third quarters of 2012 which total a
net charge of $0.16 per diluted share. This range of expected adjusted
diluted earnings per share supersedes the previously communicated expected
range of $1.62 to $1.70. On an unadjusted basis, full year guidance for
diluted earnings per share from continuing operations is expected to be
between $1.49 and $1.54.
Sonic anticipates announcing in its earnings release scheduled for October
23^rd, 2012 adjusted earnings per share from continuing operations of $0.40,
in line with the company's expectations. These results were driven by
double-digit retail volume growth and improved cost performance. Adjusted
earnings per share from continuing operations of $0.40 excludes the effect of
a pre-tax charge of $18.5 million, or $0.19 per diluted share, related to
costs associated with retiring its 5% Notes in the third quarter of 2012.
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