Sonic Beats Estimates (SONC)

Sonic Corp. SONC reports Q2 earnings of $0.12 versus estimates of $0.10. Sonic Corp. reports revenues of $129.1 million versus estimates of $128.87 million. "We are pleased by improvements in Sonic's same-store sales trends, especially the continued strengthening of company-owned drive-in sales that began at the end of last fiscal year," said Clifford Hudson, Chairman and Chief Executive Officer. "These improvements underscore the positive impact of our strategic initiatives, including a greater emphasis on personalized service with skating Carhops and the introduction of premium quality ingredients and products, like real ice cream, Footlong Quarter Pound Coneys and a line-up of bigger burgers – all of which continue to drive higher customer satisfaction scores. "We have a number of initiatives focused on improving both sales at company-owned drive-ins and for the system," Hudson continued. "In the near term, company-owned drive-in sales and margin performance have the potential for the largest impact on earnings and stockholder value. After trailing the system for almost three years, sales at company-owned drive-ins outperformed the system for the past two quarters even as system sales trends have improved." Shares of Sonic are down 10 cents in after-hours to $10.00, a loss of 1%.