Sonic Results Top Estimates

(RTTNews) - Sonic Corp (SONC), the operator of quick-service drive-in restaurants, on Tuesday said its second-quarter net earnings rose to $7.7 million or $0.14 per share from $4.1 million or $0.07 per share last year.

Excluding items, adjusted earnings for the quarter were $0.13 per share.

The company's revenues for the quarter were higher at $126.2 million compared with $109.7 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.12 per share on revenues of $123.4 million for the quarter. Analysts' estimates typically exclude special items.

The company's system same-store sales increased 11.5% in the quarter, and drive-in margins improved by 110 basis points.

Sonic said the results stem from growth in its core menu items and product innovation.

The company expects system same-store sales to grow in the low to mid-single digit range for the third and fourth quarters of 2015.

In 2015, the company expects drive-in-level margin to improve in the range of 100 to 150 basis points.

Sonic shares gained 0.65% at $36.90 in after-hours trade on the Nasdaq.