Zacks: Analysts Anticipate Sonic Drive-In (SONC) Will Announce Quarterly Sales of $119.50 Million

Equities research analysts forecast that Sonic Drive-In (NASDAQ:SONC) will report sales of $119.50 million for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Sonic Drive-In’s earnings, with the highest sales estimate coming in at $122.80 million and the lowest estimate coming in at $109.31 million. Sonic Drive-In reported sales of $123.99 million during the same quarter last year, which would suggest a negative year over year growth rate of 3.6%. The business is scheduled to report its next quarterly earnings results on Thursday, June 28th.

According to Zacks, analysts expect that Sonic Drive-In will report full year sales of $119.50 million for the current financial year, with estimates ranging from $431.65 million to $440.10 million. For the next year, analysts forecast that the firm will report sales of $445.07 million per share, with estimates ranging from $432.38 million to $451.00 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Sonic Drive-In.

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Sonic Drive-In (NASDAQ:SONC) last posted its quarterly earnings results on Tuesday, March 27th. The restaurant operator reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.02. Sonic Drive-In had a negative return on equity of 25.75% and a net margin of 16.01%. The firm had revenue of $88.10 million during the quarter, compared to analysts’ expectations of $94.34 million. During the same quarter in the previous year, the business earned $0.15 earnings per share. The company’s revenue was down 12.1% on a year-over-year basis.

SONC has been the subject of several recent analyst reports. Guggenheim restated a “buy” rating and issued a $31.00 price target (up previously from $29.00) on shares of Sonic Drive-In in a research note on Thursday, December 28th. UBS cut Sonic Drive-In from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 4th. Oppenheimer cut Sonic Drive-In from an “outperform” rating to a “market perform” rating and set a $29.00 price target for the company. in a research note on Thursday, January 4th. Telsey Advisory Group reiterated a “market perform” rating and set a $31.00 price objective (up previously from $27.00) on shares of Sonic Drive-In in a research report on Friday, January 5th. Finally, Canaccord Genuity reiterated a “hold” rating and set a $30.00 price objective on shares of Sonic Drive-In in a research report on Friday, January 5th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $28.67.

Shares of SONC stock traded up $0.16 during mid-day trading on Friday, hitting $26.39. The company’s stock had a trading volume of 417,251 shares, compared to its average volume of 910,419. Sonic Drive-In has a 52-week low of $22.11 and a 52-week high of $30.05. The company has a debt-to-equity ratio of -2.85, a current ratio of 2.51 and a quick ratio of 2.51. The stock has a market capitalization of $974.57, a P/E ratio of 21.11, a P/E/G ratio of 1.22 and a beta of 1.47.

In other Sonic Drive-In news, Director Federico F. Pena sold 9,686 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $24.61, for a total transaction of $238,372.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Federico F. Pena sold 4,575 shares of the business’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $25.99, for a total value of $118,904.25. The disclosure for this sale can be found here. 8.28% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in SONC. Glenmede Trust Co. NA grew its holdings in Sonic Drive-In by 97.2% during the fourth quarter. Glenmede Trust Co. NA now owns 4,634 shares of the restaurant operator’s stock valued at $126,000 after purchasing an additional 2,284 shares during the period. Aperio Group LLC bought a new position in shares of Sonic Drive-In in the fourth quarter worth about $203,000. Elkfork Partners LLC bought a new position in shares of Sonic Drive-In in the fourth quarter worth about $209,000. Wolverine Trading LLC boosted its stake in shares of Sonic Drive-In by 382.4% in the third quarter. Wolverine Trading LLC now owns 9,110 shares of the restaurant operator’s stock worth $232,000 after acquiring an additional 12,336 shares during the period. Finally, Commerce Bank bought a new position in shares of Sonic Drive-In in the fourth quarter worth about $275,000.

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About Sonic Drive-In

Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.

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Earnings History and Estimates for Sonic Drive-In (NASDAQ:SONC)

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