Sonic (SONC) Stock Down Following Earnings Release, Cautious Outlook

NEW YORK (TheStreet) -- Shares of Sonic Corp (SONC) were down 2.98% to $33.18 in after-hours trading Monday, following the release of the casual restaurant chain's fiscal third quarter earnings after the market closed today.

For the third quarter, the company earned 36 cents per share on revenue of $164.7 million. 

Wall Street analysts were expecting a profit of 36 cents per share on revenue of $164.17 million for the quarter, according to analysts at Thomson Reuters.

In the same quarter of last year, Sonic earned 30 cents per share on revenue of $152.19 million.

The company reported that system same-store sales increased by 6.1%, consisting of a 6.1% same-store sales rise at franchise drive-ins and a 5.5% growth at company drive-ins.

"Technology initiatives designed to provide a more personalized and customized customer experience are also expected to complement our product and media initiatives and drive sales over the next several years," Sonic CEO Cliff Hudson said in a statement.

Looking ahead, the drive-in restaurant chain said it expects 27% to 29% earnings growth in fiscal 2015 compared to the year prior.

The company also warned the "macroeconomic environment may impact results" for the full year.

Shares closed at $34.20 in the regular trading session Monday.

Oklahoma City-based Sonic operates and franchises a chain of drive-in restaurants serving food items, such as specialty drinks, ice cream desserts, made-to-order sandwiches and hamburgers, hot dogs, hand-battered onion rings, tater tots and wraps.

Separately, TheStreet Ratings team rates SONIC CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

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