Market Overview

Sonic Climbs on Q2 News

Share:
Sonic Climbs on Q2 News
Related SONC
Look Out For The Restaurant Industry, Deutsche Bank Says
Which Companies Could Avian Flu Hurt The Most?
Deutsche Bank likes comeback stories in restaurant sector (Seeking Alpha)

Quick-casual restaurant operator Sonic (NASDAQ: SONC) released its fiscal second-quarter earnings results after the closing bell on Monday.

Despite reporting in-line earnings per share and missing revenue estimates, the stock was up a little better than 4 percent in Monday's after hours session.

Sonic reported net income of $3.57 million or $0.06 per share, compared to $1.67 million or $0.03 per share, in last year's corresponding period.

On an adjusted basis, which is comparable to analysts' consensus, the company earned $3.03 million or $0.05 per share. This was in-line with consensus earnings per share estimates.

Total revenue for the period was down to $111.14 million from $115.78 million last year. This missed analysts' consensus revenue estimates of $112.72 million.

“Given more than a 1% negative impact from the loss of leap year day, we are pleased with our system-wide same-store sales performance,” said Clifford Hudson, Chairman and Chief Executive Officer.

“We are especially pleased with the growth in same-store sales at our company drive-ins which led to a 140 basis point improvement in drive-in margins. Our innovative product pipeline and shift from local to national media expenditures are having a positive impact across our core, developing and new markets."

Posted-In: Clifford HudsonEarnings News After-Hours Center Movers Best of Benzinga

 

Related Articles (SONC)

Around the Web, We're Loving...