Sonic Corp (SONC) Tops Q3 EPS by 3c, Comps Decline 0.2%, Guides FY EPS In-Line with Views

(Updated - June 26, 2018 4:10 PM EDT)

Sonic Corp (NASDAQ: SONC) reported Q3 EPS of $0.52, $0.03 better than the analyst estimate of $0.49. Revenue for the quarter came in at $118.3 million versus the consensus estimate of $118.66 million.

System same-store sales declined 0.2%, consisting of a 0.2% same-store sales decrease at franchise drive-ins and a 0.2% increase at company drive-ins;

GUIDANCE:

Sonic Corp sees 2018 EPS of $1.45-$1.49, versus the consensus of $1.47.

The outlook for fiscal 2018 anticipates the following elements:

• Same-store sales for the system to be down 1% to flat year over year;
• Royalty revenue growth from new unit development;
• 50 to 55 new franchise drive-in openings;
• Drive-in-level margins of 15.3% to 15.6%, depending on the degree of same-store sales growth at company drive-ins;
• Selling, general and administrative expenses of $78 million to $80 million;
• Depreciation and amortization expense of $38 million to $39 million;
• Net interest expense of $32 million to $33 million;
• Capital expenditures of $40 million to $41 million;
• Free cash flow (b) of approximately $60 million;
• An income tax rate of 24.0% to 25.0%;
• Ongoing share repurchases as part of our $500 million authorization through fiscal 2021; 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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