Sonic tops first-quarter profit forecasts

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An employee delivers food at a Sonic drive-in restaurant in Normal, Illinois.

Sonic on Thursday reported fiscal first-quarter profit of $11.4 million.

The Oklahoma City-based company said it had profit of 29 cents per share. Earnings, adjusted for non-recurring costs, were 30 cents per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The drive-in restaurant chain posted revenue of $105.4 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $106.6 million.

Sonic shares have increased slightly since the beginning of the year. In the final minutes of trading on Thursday, shares hit $27.57, an increase of 5 percent in the last 12 months.