Bob Evans Farms Delivers Mixed Q1 Results, Boosts Full Year EPS Outlook

Bob Evans Farms Inc BOBE released results for the first quarter reporting better than expected earnings. However, revenue missed estimates hurt by a 4.3 percent drop in same-store sales. The company lifted its full year earnings forecast.

The company reported net income of $9.2 million, or $0.46 per share, up from $4.3 million, or $0.19 per share, in the year-ago quarter. On an adjusted basis, net income would have been $9.6 million, or $0.48 per share, down from $11.7 million, or $0.51 per share, in the same period last year. This is better than the Street analysts' estimates of $0.44 a share.

Bob Evans' net sales dipped from $321.71 million to $306.32 million in the previous year quarter and came in below the analysts' predictions of $310.92 million.

President and CEO, Saed Mohseni, commented, "We believe our efforts to enhance the guest experience through improved hospitality and food quality are gaining the attention of guests and improving our sales trend. Positive guest comments increased 24 percent during the first quarter, while negative comments declined substantially; a trend we believe will contribute to future sales improvements."

Moving ahead, Bob Evans lifted its EPS outlook from $1.95-$2.12 to $2.00-$2.17 for the full year while adjusted EPS forecast is increased from $2.00-$2.15 to $2.05-$2.20. Street analysts' are looking for an EPS of $2.06.

On Tuesday, the stock closed at $39.03 gaining $0.15, or 0.39 percent.