Sonic shares fall after weak guidance
Sonic Corp. shares fell 5% in the extended session Tuesday after issuing a weaker than expected full-year guidance. Sonic shares closed up more than 2% to $25.34 during the regular session. The company reported fiscal second-quarter net income of $19.5 million, or 51 cents a share, compared with $11 million, or 25 cents a share, in the year-ago period. Adjusted earnings were 17 cents a share. Revenue fell to $88.1 million from $100.2 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 15 cents a share on revenue of $94.2 million. Sonic said it expects full-year earnings of $1.43 a share to $1.50 a share; analysts model earnings of $1.52 a share. Sonic stock has fallen 7.8% this year, with the S&P 500 index falling less than 1%.
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