Sonic Climbs on Q2 News
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."
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