Sonic (SONC) Announces Earnings Results, Beats Expectations By $0.05 EPS

Sonic (NASDAQ:SONC) released its quarterly earnings data on Thursday. The restaurant operator reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05, Bloomberg Earnings reports. The firm had revenue of $105.40 million during the quarter, compared to analysts’ expectations of $106.86 million. Sonic had a negative return on equity of 31.39% and a net margin of 13.68%. The business’s revenue for the quarter was down 18.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 earnings per share.

Sonic (NASDAQ SONC) opened at $28.03 on Friday. The company has a debt-to-equity ratio of -3.19, a current ratio of 1.52 and a quick ratio of 1.48. The company has a market capitalization of $1,076.72, a PE ratio of 20.73, a PEG ratio of 1.41 and a beta of 1.74. Sonic has a 12 month low of $22.11 and a 12 month high of $30.05.

In other news, VP Carolyn C. Cummins sold 2,347 shares of Sonic stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $25.43, for a total value of $59,684.21. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank E. Richardson III sold 3,670 shares of Sonic stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $28.21, for a total value of $103,530.70. Following the completion of the transaction, the director now owns 1,061,699 shares in the company, valued at $29,950,528.79. The disclosure for this sale can be found here. Insiders sold 167,587 shares of company stock worth $4,537,647 over the last quarter. 6.24% of the stock is currently owned by corporate insiders.

Sonic declared that its board has approved a share repurchase program on Thursday, October 26th that allows the company to repurchase $160.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to purchase up to 14.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

A number of analysts recently issued reports on SONC shares. Oppenheimer reissued a “buy” rating and set a $29.00 price objective on shares of Sonic in a research report on Tuesday, October 17th. Zacks Investment Research raised Sonic from a “sell” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Wednesday, September 13th. Citigroup started coverage on Sonic in a research report on Monday, September 18th. They set a “buy” rating and a $28.00 price objective for the company. Guggenheim reissued a “buy” rating and set a $31.00 price objective (up previously from $29.00) on shares of Sonic in a research report on Thursday, December 28th. Finally, Canaccord Genuity lifted their price objective on Sonic from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $28.86.

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About Sonic

Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board.

Earnings History for Sonic (NASDAQ:SONC)

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