UPDATE: Sonic Automotive Posts Upbeat Q4 Profit

Sonic Automotive Inc

posted a better-than-expected fourth-quarter profit. Sonic's quarterly net income dropped to $20.54 million, or $0.35 per share, from $64.35 million, or $1.00 per share, in the year-ago quarter. Excluding one-time items, the company earned $0.43 per share, beating analysts' estimates. Sonic's revenue climbed 12% to $2.07 billion, versus analysts' estimates of $2.06 billion. For 2012, Sonic projects US new vehicle industry sales of around 13.5 million vehicles. It projects 2012 earnings from continuing operations in the range of $1.55 to $1.65 per share, versus analysts' estimates of $1.57 per share. Sonic's shares closed at $16.71 yesterday.