After Tuesday’s closing bell Bob Evans (BOBE ) reported third quarter results that failed to meet analyst expectations.
BOBE’s Earnings in Brief
- The company reported EPS of $0.60, coming up shy of the Street’s estimates of $0.70.
- Revenues for the quarter came in at $367.2 million, which beat expectations of $358.83 million.
- The company reported that same-store sales increased 3.8% for the quarter.
- The company sees FY2015 EPS of $1.40 to $1.60, falling well below the consensus of $1.97.
The company is still in the process of searching for a CEO, but CFO Mark Hood offered the following comments: “Our third-quarter results reflect improved net sales in both our Bob Evans Restaurants and BEF Foods business segments. The improvement in sales combined with lower sow costs and improved plant efficiencies at BEF Foods led to solid profit growth at BEF Foods in the third quarter. We introduced a new restaurant menu late-February that, along with reduced discounting activity and an increased focus on breakfast, is expected to mitigate food cost pressures beginning in the fourth quarter.”
The company made no mention of its dividend in its report, but is slated to pay out a dividend of $0.31 on 3/23/2015.
Shares of BOBE were inactive in after-hours trading on Tuesday. The stock is up 16% YTD.
The Bottom Line
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