Sonic shares fall after earnings beat
Sonic Corp. shares fell more than 7% in the extended session Tuesday after the company reported earnings that topped analyst expectations but revenue that missed estimates Sonic shares rose 1.8% to $32.85 during regular trading. The fast-food company reported fiscal third-quarter net income of $21.6 million, or 58 cents a share, compared with $18.8 million, or 44 cents a share, in the year-ago period. Adjusted earnings were 52 cents a share. Revenue fell to $118.3 million from $124 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 49 cents a share on revenue of $118.9 million. For fiscal 2018, analysts model adjusted earnings of $1.47 on sales of $429.7 million; the company said it expects adjusted earnings of $1.45 and $1.49 a share. Sonic stock has gained 30% this year, with the S&P 500 index rising 1.6%.
Source : MTV
