Bob Evans Shares Rise After Earnings Beat Estimates
Bob Evans Farms Inc. shares rose nearly 4% in Thursday premarket trading after the food company reported fourth-quarter earnings that beat estimates. Net income totaled $108.9 million, or $5.39 per share, up from $581.0 million, or 3 cents per share, for the same period last year. Adjusted EPS was 61 cents per share, beating the 48-cent FactSet consensus. Sales were $99.9 million, down from $102.4 million last year and below the $105.0 million FactSet consensus. Bob Evans completed the acquisition of the Pineland Farms Potato Company during the quarter, and completed the sale of the Bob Evans restaurants segment. The company said revenue was impacted by higher sales of lower-priced, higher-margin side-dish products and reduced sausage pricing. Bob Evans reiterated its fiscal year 2018 guidance for sales of $470 million, and initiated guidance for EPS of $2.06 to $2.24. The FactSet consensus is for sales of $471.3 million and EPS of $2.43. Bob Evans shares are up more than 77% for the past year while the S&P 500 index is up 17.7% for the period.
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