Sonic Q1 Earnings Follow Up; Drive-In Sales Up The Quarter
Sonic (NASDAQ: SONC) reported solid EPS of $0.30 coming out higher than its consensus expectations of $0.29. The $16.8 million EPS of $30.0 per diluted share is 15 percent higher than the previous quarters EPS of $0.26.
System-wide same-store sales rose by 5.3 percent, while company drive-ins increased by 5.2 percent.
Ten new drive-ins were opened during the quarter, while outlook for FY 2014 noted 15 to 20 new drive-in openings, with less drive-in closings compared to FY 2013. Sonic's drive-in margins improved by 0.40 percent in the quarter.
Sonic repurchased approximately $11 million of its stock from shareholders, increasing its repurchase program to $69.4 million for the year, equivalent to more than six percent of its total outstanding shares as of the beginning year.
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