Sonic Corp. Reports In-Line Earnings (SONC)

Sonic Corp.

reports Q3 earnings of $0.23 versus consensus of $0.23. Sonic Corp. reports revenues of $155.1 million versus consensus of $155.02 million. Revenues decreased 9.8% year over year. The fourth quarter offered some signs that our initiatives are gaining traction," said Clifford Hudson, Chairman and Chief Executive Officer. "One positive indicator was the sales performance of our company-owned drive-ins. After lagging franchise drive-ins significantly for almost three years, our company-owned drive-ins closed much of the gap in same-store sales in the third quarter and pulled slightly ahead of franchise drive-ins in the fourth quarter." "In the near term, improvements in sales and margins at company-owned drive-ins can have the largest potential impact on Sonic's earnings and stockholder value, so we are pleased to see ongoing progress in this area of our business.”