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Investment Banking Essentials May 15

Sonic fiscal Q3 profit climbs 18.1% YOY

Sonic Corp. said its normalized net income for the fiscal third quarter ended May 31 came to 35 cents per share, compared with the S&P Capital IQ consensus estimate of 36 cents per share.

EPS increased 23.3% year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $18.8 million, an increase of 18.1% from $15.9 million in the year-earlier period.

The normalized profit margin rose to 11.4% from 10.5% in the year-earlier period.

Total revenue rose 8.3% year over year to $164.7 million from $152.2 million, and total operating expenses increased 6.5% on an annual basis to $128.4 million from $120.5 million.

Reported net income rose 21.3% year over year to $20.3 million, or 38 cents per share, from $16.7 million, or 30 cents per share.