Sonic Drive-In (NASDAQ:SONC) shares were soaring early on Tuesday as the company announced that it has upgraded its projected earnings and same-store sales for its most recent quarter.
The fast food chain says that it now sees stronger results for its fourth quarter of fiscal 2018 as it now expects its net earnings for the period ended Aug. 31 to be in the range of 50 cents to 51 cents per share, which is in line or stronger than the 50 cents per share the company brought in during the fourth quarter of fiscal 2017.
On an adjusted basis when excluding non-recurring items, Sonic Drive-In sees its earnings as being in the range of 51 cents to 52 cents per share. Analysts are calling for the company to bring in adjusted earnings of 50 cents per share, according to data compiled by FactSet.
The company also sees its same-store sales as being projected to increase by about 2.6% compared to what it brought in during the year-ago quarter. The Wall Street consensus estimate sees Sonic Drive-In amassing a same-store sales increase of 2%, according to FactSet.
The fast food chain says that it sees its same-store sales increase as being fueled by a 2.5% gain at company drive-ins, while sales at franchise drive-ins is slated to pop 2.6% year-over-year.
SONC stock was up about 9.3% during regular trading hours Tuesday following the update.