UPDATE: Sonic Automotive Posts 24% Rise In Q1 Earnings

Sonic Automotive Inc

reported a 24% increase in its Q1 profit from continuing operations. Sonic Automotive's revenue from new vehicle sales climbed 12%. Its quarterly total revenue surged 9% to $1.98 billion. Sonic Automotive's earnings on continuing operations climbed to $19.5 million, or $0.33 per share, from $15.7 million, or $0.27 per share, in the year-ago period. Its net income jumped 37% to $20.5 million. Sonic Automotive shares closed at $17.93 on Friday.