Sonic Jumps Following Upbeat Second Quarter Earnings Report
Shares of Sonic (NASDAQ: SONC) are up a massive 5.8 percent to $22.14 after the company reported mixed second quarter results on Monday afternoon.
The company beat on the bottom line, reporting earnings per share of $0.07 versus $0.06 analyst estimates, but missed on the top line, reporting revenue of $109.7 million versus $111.03 million analyst estimates.
Franchise same-store sales increased 1.5 percent, while company same-store sales increased 1.3 percent. Analysts were expecting same-store sales to increase only one percent.
Sonic reaffirmed full year 2014 outlook and expects initiatives to drive 14 to 15 percent earnings per share growth compared to 2013. The company also expects same-store sales growth in the low single digit range.
“Solid sales and financial performance resulted from multiple system-wide initiatives such as increased media efficiency, innovative products, and layered day-part promotions,” said Cliff Hudson, Chief Executive Officer of Sonic.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.