Sonic Corp (SONC) Tops Q1 EPS by 5c

Sonic Corp (NASDAQ: SONC) reported Q1 EPS of $0.30, $0.05 better than the analyst estimate of $0.25. Revenue for the quarter came in at $105.4 million versus the consensus estimate of $108 million.

• System same-store sales declined 1.7%, consisting of a 1.6% same-store sales decrease at franchise drive-ins and a 3.2% decrease at company drive-ins

The outlook for fiscal 2018 anticipates the following elements:

• Approximately 0% to 2% same-store sales growth for the system;
• Royalty revenue growth from new unit development;
• 70 to 80 new franchise drive-in openings;
• Drive-in-level margins of 15.1% to 15.7%, depending upon the degree of same-store sales growth at company drive-ins;
• Selling, general and administrative expenses of approximately $76 million to $78 million;
• Depreciation and amortization expense of $40 million to $42 million;
• Net interest expense of approximately $32 million to $34 million;
• Capital expenditures of $38 million to $40 million; excluding spending on build-to-suit drive-in development, capital outlays would be $34 million to $36 million;
• Free cash flow(2) of approximately $60 million to $65 million(1);
• An income tax rate of approximately 35%(1);
• The repurchase of approximately $160 million in shares across the fiscal year; and
• An expected quarterly cash dividend of $0.16 per share.

For earnings history and earnings-related data on Sonic Corp (SONC) click here.

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