Sonic Posts Higher Profit But Offers Cautious Outlook

Sonic Corp. , the drive-in restaurant chain, reported late Monday its fiscal third-quarter net profit rose to $20.4 million, or 38 cents a share, from $16.8 million, or 30 cents a share, a year ago. Adjusted to include one-time items, the company earned 36 cents a share in the latest quarter. Revenue for the three months ended May 31 rose to 4.3% $164.7 million from $152.2 million. Same-store sales rose 6.1% from a year ago. Analysts surveyed by FactSet had predicted Oklahoma City-based Sonic would post earnings of 36 cents a share on $163.8 million in revenue. While the company said it expects 27% to 29% full-year earnings growth, it also warned the "macroeconomic environment may impact results." Sonic shares were down 3.4% at $32.89 in after-hours trade.