Key Developments: Sonic Automotive Inc (SAH)
23.60USD
17 May 2013
$0.01 (+0.04%)
$23.59
$23.70
$24.08
$23.41
243,484
408,495
$25.51
$11.88
Latest Key Developments (Source: Significant Developments)
Sonic Automotive Inc Announces Pricing Of $300 Million Of Senior Subordinated Notes
Sonic Automotive Inc announced the pricing of its private offering of $300 million in aggregate principal amount of 5.00% Senior Subordinated Notes due 2023 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 and in offshore transactions pursuant to Regulation S under the Securities Act. The notes were priced at 100% of par, resulting in a yield to maturity of 5.00%. This offering is expected to close on May 9, 2013. The net proceeds of this offering will be used to redeem all of its outstanding 9.0% Senior Subordinated Notes due 2018 (the 9.0% Notes) pursuant to the optional redemption provisions of the indenture governing the 9.0% Notes, and to pay related fees and expenses, and any remaining amount will be used for general corporate purposes, including the acquisition and development of dealerships and related real property, repurchases of shares of its Class A common stock and other working capital needs. Full Article
Sonic Automotive Inc Announces Offering Of Senior Subordinated Notes
Sonic Automotive Inc announced that it intends to commence a private offering of up to $300.0 million in aggregate principal amount of senior subordinated notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 and in offshore transactions pursuant to Regulation S under the Securities Act. The net proceeds of this offering will be used to redeem all of our outstanding 9.0% Senior Subordinated Notes due 2018 (the 9.0% Notes) pursuant to the optional redemption provisions of the indenture governing the 9.0% Notes, and to pay related fees and expenses and any remaining amount will be used for general corporate purposes, including the acquisition and development of dealerships and related real property, repurchases of shares of its Class A common stock and other working capital needs. Full Article
Sonic Automotive Inc Reaffirms FY 2013 EPS Guidance-Conference Call
Sonic Automotive Inc announced that for fiscal 2013, it continues to maintain earnings guidance of $1.93 to $2.03 in earnings per share (EPS). According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $2.00 for fiscal 2013. Full Article
Sonic Automotive Inc Declares Quarterly Cash Dividend
Sonic Automotive Inc announced that its Board of Directors approved a quarterly dividend of $0.025 per share payable in cash for stockholders of record on June 14, 2013. The dividend will be payable on July 15, 2013. Full Article
Sonic Automotive Inc Declares Quarterly Cash Dividend
Sonic Automotive Inc announced that Board of Directors approved a quarterly dividend of $0.025 per share payable in cash for stockholders of record on March 15, 2013. The dividend will be payable on April 15, 2013. Full Article
Sonic Automotive Inc Issues FY 2013 EPS Guidance In Line With Analysts' Estimates
Sonic Automotive Inc announced that it currently expect earnings per share from continuing operations of between $1.93 and $2.03 for fiscal 2013. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $1.98 for fiscal 2013. Full Article
Sonic Automotive Inc Reaffirms FY 2012 EPS Guidance
Sonic Automotive Inc announced that for fiscal 2012, it is reaffirming its guidance for adjusted diluted earnings per share from continuing operations to be between $1.65 and $1.70. On an unadjusted basis, diluted earnings per share from continuing operations is expected to be between $1.49 and $1.54. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $1.68 for fiscal 2012. Full Article
Sonic Automotive Inc Announces CFO Dave Cosper Intends To Retire In Early 2013
Sonic Automotive Inc announced that its Vice Chairman and Chief Financial Officer (CFO), Mr. David P. Cosper, has notified the Company that he intends to retire effective at a yet-to-be-determined date sometime during the first quarter of 2013. The Company is initiating a formal search for a successor CFO. Full Article
Sonic Automotive, Inc. Reaffirms FY 2012 EPS Guidance
Sonic Automotive, Inc. reaffirmed fiscal 2012 earnings per share (EPS) from continuing operations to be in the range of $1.62-$1.70 per share, excluding the effects of these transactions. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $1.68 for fiscal 2012. Full Article
Sonic Automotive, Inc. Raises FY 2012 EPS Guidance-Conference Call
Sonic Automotive, Inc. announced that for fiscal 2012, it expects earnings per share (EPS) in the range of $1.62-$1.70. According to I/B/E/S estimates, analysts were expecting the Company to report EPS of $1.65 for fiscal 2012. Full Article
TEXT-S&P summary: Sonic Automotive Inc.
We believe U.S. sales of new light vehicles could improve to 14.4 million units in 2012, a 12% increase year over year, despite continuing high unemployment and unsettled consumer sentiment. We assume this positive demand trend will continue through 2013, with new vehicle sales increasing about 7% because sales are only now beginning to exceed our estimate of replacement levels.
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