Sonic Automotive, Inc. (NYSE:SAH) Q3 2023 Earnings Conference Call October 26, 2023 11:00 AM ET
Company Participants
David Smith - Chairman & Chief Executive Officer
Jeff Dyke - President
Heath Byrd - Chief Financial Officer
Tim Keen - Chief Operating Officer, EchoPark
Conference Call Participants
Joe Enderlin - Stephens Inc.
Rajat Gupta - JPMorgan
John Murphy - Bank of America
Michael Ward - The Benchmark Company
Patrick Buckley - Jefferies
Operator
Good morning and welcome to the Sonic Automotive Third Quarter 2023 Earnings Conference Call. This conference call is being recorded today, Thursday, October 26, 2023. Presentation materials which accompany management's discussion on the conference call can be accessed at the company's website at ir.sonicautomotive.com.
At this time, I would like to refer to the Safe Harbor statement under the Private Securities and Litigation Reform Act of 1995. During this conference call, management may discuss financial projections, information or expectations about the company's products or market or otherwise make statements about the future. Such statements are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made.
These risks and uncertainties are detailed in the company's filings with the Securities and Exchange Commission. And in addition, management may discuss certain non-GAAP financial measures as defined by the Securities and Exchange Commission. Please refer to the non-GAAP reconciliation tables in the company's current report on Form 8-K filed with the Securities and Exchange Commission earlier today.
I would now like to introduce Mr. David Smith, Chief Executive Officer of Sonic Automotive. Mr. Smith, you may begin your conference.
David Smith
Thank you, very much, and good morning everyone, and welcome to the Sonic Automotive Third Quarter 2023 Earnings Call. As he said, I'm David Smith, the company's Chairman and CEO. Joining me on today's call is our President, Jeff Dyke; our CFO, Heath Byrd; our EchoPark Chief Operating Officer, Tim Keen; and our Vice President of Investor Relations, Danny Wieland.
Earlier this morning, Sonic Automotive reported third quarter financial results including record third quarter total revenues of $3.6 billion, a 6% increase from last year. Third quarter EPS was $1.92 per share, which includes the effect of certain charges related to the previously announced store closures in the second quarter.
Excluding these items, adjusted EPS was $2.02 per share, a decrease from $2.23 in the prior year, due primarily to normalizing new vehicle margins and higher floor plan interest rates. We are very proud of our team's performance in the third quarter and we remain focused on leveraging our diversified business model to adapt to changing market dynamics in the near term, while positioning Sonic to achieve our long-term strategic goals. We believe our strong relationships with our teammates, manufacturer and lending partners and guests are key to our future success. I would like to thank them all for their continued support.