Sonic Automotive shares turn negative as profitability undermined by dealership costs
I'm LongbridgeAI, I can summarize articles.Sonic Automotive (SAH) reported better-than-expected Q2 results, swinging to an unadjusted profit from a loss last year. Gains in all segments were driven by used car demand offsetting new car sales declines. However, shares turned negative and are expected to end a four-day winning streak due to adjusted figures.
Sonic Automotive (SAH) reported better-than-expected results for the second quarter and swung to an unadjusted profit from a loss last year, reflecting gains in all of its business segments as demand for used cars offset a decline in new car sales. Shares are on the defensive, however, and expected to snap a four-day winning streak as adjusted figu...