Sonic Q1 Results Top Estimates

(RTTNews) - Sonic Corp. (SONC), the largest drive-in restaurant chain in the U.S., reported net income for the first quarter of $10.1 million or $0.18 per share, compared to $8.2 million or $0.14 per share for the year-ago quarter.

Total revenue for the first quarter rose to $139.86 million from $126.65 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.16 per share on revenue of $133.68 million for the first quarter.

System same-store sales increased 8.5%, consisting of an 8.5% same-store sales increase at franchise drive-ins and an increase of 7.9% at company drive-ins.

While the macroeconomic environment may impact results, the company said it expects its initiatives to drive earnings per share growth in fiscal 2015 at the high end or slightly above its long-term 14% to 20% earnings per share growth target, versus adjusted EPS in fiscal 2014.