Wall Street analysts predict that Sonic Drive-In (NASDAQ:SONC) will post $113.04 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Sonic Drive-In’s earnings. The lowest sales estimate is $111.80 million and the highest is $116.40 million. Sonic Drive-In posted sales of $123.57 million during the same quarter last year, which suggests a negative year over year growth rate of 8.5%. The company is scheduled to report its next quarterly earnings report on Monday, October 15th.

According to Zacks, analysts expect that Sonic Drive-In will report full-year sales of $424.52 million for the current financial year, with estimates ranging from $422.91 million to $428.20 million. For the next financial year, analysts forecast that the business will report sales of $404.21 million per share, with estimates ranging from $398.22 million to $419.10 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Sonic Drive-In.

Sonic Drive-In (NASDAQ:SONC) last issued its quarterly earnings data on Tuesday, June 26th. The restaurant operator reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. The firm had revenue of $118.30 million during the quarter, compared to analysts’ expectations of $119.31 million. Sonic Drive-In had a net margin of 16.87% and a negative return on equity of 23.60%. The business’s revenue was down 4.6% on a year-over-year basis. During the same period last year, the company earned $0.43 earnings per share.

A number of research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Sonic Drive-In from a “hold” rating to a “sell” rating in a report on Saturday, April 14th. BidaskClub upgraded shares of Sonic Drive-In from a “hold” rating to a “buy” rating in a report on Tuesday, April 10th. Cowen reduced their price objective on shares of Sonic Drive-In from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, March 28th. Morgan Stanley reduced their price objective on shares of Sonic Drive-In from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Monday, March 26th. Finally, Canaccord Genuity reduced their price objective on shares of Sonic Drive-In from $30.00 to $27.00 and set a “hold” rating for the company in a report on Wednesday, March 28th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $30.43.

Shares of NASDAQ SONC traded up $0.17 during mid-day trading on Friday, reaching $36.07. 715,043 shares of the company’s stock traded hands, compared to its average volume of 1,130,904. The stock has a market capitalization of $1.30 billion, a P/E ratio of 28.86, a P/E/G ratio of 1.66 and a beta of 1.48. Sonic Drive-In has a 1-year low of $22.11 and a 1-year high of $36.49. The company has a debt-to-equity ratio of -2.62, a current ratio of 1.78 and a quick ratio of 2.51.

Sonic Drive-In declared that its board has authorized a share repurchase plan on Thursday, June 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the restaurant operator to purchase up to 42.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SONC. Glenmede Trust Co. NA raised its position in Sonic Drive-In by 97.2% in the fourth quarter. Glenmede Trust Co. NA now owns 4,634 shares of the restaurant operator’s stock worth $126,000 after acquiring an additional 2,284 shares during the period. SG Americas Securities LLC raised its position in Sonic Drive-In by 70.9% in the first quarter. SG Americas Securities LLC now owns 6,285 shares of the restaurant operator’s stock worth $159,000 after acquiring an additional 2,608 shares during the period. Royal Bank of Canada raised its position in Sonic Drive-In by 22.9% in the first quarter. Royal Bank of Canada now owns 14,354 shares of the restaurant operator’s stock worth $362,000 after acquiring an additional 2,673 shares during the period. Victory Capital Management Inc. raised its position in Sonic Drive-In by 10.7% in the first quarter. Victory Capital Management Inc. now owns 37,803 shares of the restaurant operator’s stock worth $954,000 after acquiring an additional 3,668 shares during the period. Finally, Paloma Partners Management Co raised its position in Sonic Drive-In by 44.9% in the fourth quarter. Paloma Partners Management Co now owns 17,230 shares of the restaurant operator’s stock worth $474,000 after acquiring an additional 5,341 shares during the period.

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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