Sonic Automotive reported financial results for the first quarter ended March 31, showing total revenues of $3.4 billion, down 3% year-over-year and total gross profit of $536.2 million, down 3% year-over-year.

Reported net income of $42.0 million was down 12% year-over-year ($1.20 earnings per diluted share, down 7% year-over-year).

Reported net income includes the effects of a $2.2 million pre-tax charge related to accelerated equity compensation vesting and a $1.0 million pre-tax impairment charge in the Franchised Dealerships Segment; a $4.2 million pre-tax charge related to the previously announced closure of the remaining Northwest Motorsport stores in the EchoPark Segment; offset partially by a $1.9 million tax benefit on the above charges

Excluding these items, adjusted net income was $47.5 million, down 3% year-over-year ($1.36 adjusted earnings per diluted share, up 2% year-over-year)