System same-store sales decreased 1.7%, consisting of a 1.6% decline at franchise drive-ins and a 3.2% decline at company-owned drive-ins during Sonic Corp’s (NASDAQ: SONC) first quarter of 2018. Despite beating analyst estimates, CEO Cliff Hudson noted, “As expected, our first quarter same-store sales declined modestly versus prior year reflecting continued intense competitive pressure and unfavorable weather.”
Monsanto Company (NYSE: MON) issued its first quarter 2018 earnings on Thursday. The world’s largest seed company posted a 17.1% decline in sales in of corn seeds and traits, due to lower volumes in the US and Brazil. Soybean seed and traits sales increased 21.3% during the period. Total seed and genomic sales decreased 4.2% year over year to $1.77 billion, and total sales remained relatively unchanged, increasing just 0.3% to $2.66 billion.