Sonic Corporation (SONC) Stock Rockets on Q2 Earnings

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Sonic Corporation ( SONC ) stock was up on Wednesday following its Q2 2016 earnings report.

Sonic posted earnings per share of 18 cents for the second quarter of 2016. This is up from the 13 cents during the same time last year. It also beat the 16 cents per share estimate set for the company by analysts.

Sonic's revenue for Q2 2016 was $133.2 million, which is an increase over the $126.2 million reported in Q2 2015. Wall Street was expecting the company to report revenue of $127.7 million for the quarter.

Sonic said that it plans to open 50 to 60 new locations during 2016. It's also expecting same-store sales to increase by 4% to 6% and free cash flow ranging from $75 million to $80 million.

SONC shares were up 4% as of Wednesday morning.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.