Bob Evans Releases 3Q 2014 Results; Provides FY 2015 EPS Guidance

reported third quarter results Tuesday after market close. In the lead up to the release, trading halted at 4:00 pm EST to resume at at 4:30 pm EST. Bob Evans Restaurants reported weather-impacted same-store sales of -1.8 percent, noting, "Sustained and severe winter weather adversely impacted Bob Evans Restaurants' sales, cost of sales, operating wages and other operating expenses including utilities and snow removal." However, the company did make note that, "its 47 core restaurants located in Florida achieved same-store sales of 4.4 percent, benefiting from the Farm Fresh Refresh program, value sales layers, and the absence of severe winter weather." Turning to BEF foods, the company has reduced its EPS approximately $0.17 per share compared to the prior year and approximately $0.06 per share compared to January's revised guidance. This reduction has been attributed to higher-than-expected start up inefficiencies, the effects of high sow costs and costs relating to a supplier dispute. The company has revised fiscal year 2014 diluted non-GAAP EPS to $1.60 - $1.75 vs. the analyst estimate of $2.26 and has provided fiscal year 2015 diluted GAAP EPS of $2.80 - $3.00 vs. the analyst estimate of $2.90. Following the completion of fiscal 2014's $225 million buyback program, the board has authorized another $100 million for 2015, which would mark a return of more than $900 million to investors since 2007 through a combination of dividends and repurchases.