Bob Evans Farms Inc. (NASDAQ:BOBE) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Bob Evans Farms Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share were the same at $0.58 in the quarter as EPS of $0.58 in the year-earlier quarter.
Revenue: Decreased 19.6% to $329.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Bob Evans Farms Inc. reported adjusted EPS income of $0.58 per share. By that measure, the company beat the mean analyst estimate of $0.57. It missed the average revenue estimate of $333.49 million.
Quoting Management: Chairman and Chief Executive Officer Steve Davis said, “During the first quarter, we demonstrated our commitment to investing in our businesses for growth while simultaneously returning capital to shareholders. Our transformational growth investments, including the Farm Fresh Refresh program and the BEF Foods’ plant expansions, remain on-time and on-budget, providing us with the confidence to reiterate our full year non-GAAP earnings per share guidance of $2.60 to $2.67 for fiscal 2014, despite significant commodity cost pressures, particularly pork-related items, including sows and bacon. First-quarter net sales growth of 1.9%, excluding Mimi’s Cafe, reflects ongoing strong growth at BEF Foods, driven by double-digit gains of side dish and food service sales, partially offset by a 0.6% decline in same-store sales at Bob Evans Restaurants. The decline in same-store sales was due primarily to the impact of incremental closed restaurant days associated with the acceleration of the Farm Fresh Refresh remodel program.”
Key Stats (on next page)…