Sonic Climbs on Q2 News

Quick-casual restaurant operator

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."