Sonic Corp. (SONC) Wednesday reported a swing to profit in the third quarter, despite lower revenues. Last year results included a loss from extinguishment of debt.
The Oklahoma City-based company's third-quarter net profit was $14.41 million or $0.24 per share, compared to a net loss of $4.65 million or $0.08 per share last year. Results for the year-ago period included a loss from extinguishment of debt amounting to $28.23 million.
Adjusted income for the quarter rose to $14.41 million or $0.24 per share from $13.11 million or $0.21 per share in the prior-year quarter. On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.22 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter dropped to $149.43 million from $152.10 million in the prior-year quarter. Eleven analysts had a consensus revenue estimate of $149.54 million for the quarter.
For the quarter, system-wide same-store sales increased 2.8 percent versus 3.9 percent in the same quarter last year.
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