Sonic Tops 1Q Revenue Forecasts

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Sonic on Thursday reported fiscal first-quarter revenue of $11.four million.

The Oklahoma Metropolis-based firm mentioned it had revenue of 29 cents per share. Earnings, adjusted for non-recurring prices, had been 30 cents per share.

The outcomes exceeded Wall Avenue expectations. The typical estimate of 10 analysts surveyed by Zacks Funding Analysis was for earnings of 25 cents per share.

The drive-in restaurant chain posted income of $105.four million within the interval, lacking Avenue forecasts. 5 analysts surveyed by Zacks anticipated $106.6 million.

Sonic shares have elevated barely for the reason that starting of the 12 months. Within the closing minutes of buying and selling on Thursday, shares hit $27.57, a rise of 5 p.c within the final 12 months.

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