Sonic Profit In Line With Estimates; Stock Down 3%

(RTTNews) - Sonic Corp (SONC), an operator of quick-service drive-in restaurants, on Monday reported third-quarter net earnings of $20.4 million or $0.38 per share compared with $16.8 million or $0.30 per share last year.

Excluding items, adjusted earnings for the quarter were $0.36 per share.

Revenues for the quarter were $164.7 million compared with $152.2 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.36 per share on revenues of $164.2 million for the quarter. Analysts' estimates typically exclude special items.

Same store sales for the quarter was up 6.1%, and its drive-in margins improved by 100 basis points, Sonic said.

For the full year 2015, Sonic now expects adjusted earnings per share growth of 27% to 29%, from prior guidance of 25% to 27% growth.