Ahead of the Bell: Sonic
NEW YORK (AP) — An analyst for William Blair said she's encouraged that Sonic's sales and earnings have been getting better over the past year, but feels the drive-in restaurant chain's stock is fairly valued.
On Monday Sonic Corp. reported second-quarter adjusted earnings of 5 cents per share on revenue of $111.1 million. The revenue performance was hurt slightly by one less selling day in the period. Analysts polled by FactSet expected earnings of 5 cents per share on revenue of $113.1 million.
William Blair's Sharon Zackfia said that the earnings were 1 cent ahead of her forecast. She reaffirmed a "Market Perform" rating.
The Oklahoma City company's stock slipped 3 cents to $11.70 in premarket trading Tuesday. The shares have climbed about 70 percent since last spring.