Bob Evans Farms (BOBE) Tops Q4 EPS by 19c, Miss on Revenues; Offers Soft FY18 EPS & Revenue Guidance

Bob Evans Farms (NASDAQ: BOBE) reported Q4 EPS of $0.61, $0.19 better than the analyst estimate of $0.42. Revenue for the quarter came in at $99.9 million versus the consensus estimate of $104.15 million.

GUIDANCE:

Bob Evans Farms sees Q1 2018 EPS of $2.06-$2.24, versus the consensus of $2.49. Bob Evans Farms sees Q1 2018 revenue of $470 million, versus the consensus of $478.98 million.

• Fourth quarter net sales from continuing operations* totals $99.9 million, an increase of 4.9 percent from 13 week comparable fiscal 2016 (excludes 53rd week); consolidated GAAP net income of $5.39 per diluted share compared to $0.03 in the prior year and non-GAAP net income of $0.61 per diluted share, an increase of 27.1% from $0.48 in the prior year;
• Fiscal year 2017 net sales from continuing operations totals $394.8 million, an increase of 3.8 percent from the 52 week comparable fiscal 2016 (excludes 53rd week); consolidated GAAP net income of $6.28 per diluted share compared to $1.13 in the prior year and non-GAAP net income of $2.38 per diluted share, an increase of 17.8% from $2.02 in the prior year;
• Fourth quarter retail side-dish and sausage pounds sold increased 11.5 percent and 9.2 percent, respectively, when compared on a 13 week vs. 13 week basis. Q4 food service volume increased 5.7 percent, also on a 13 week vs. 13 week comparison;
• On May 1, 2017, the Company completed the previously announced acquisition of Pineland Farms Potato Company;
• On April 28, 2017, the Company completed the sale of the Bob Evans Restaurants segment and completed a new $300 million credit facility;
• Company reiterates fiscal year 2018 guidance for net sales of $470 million at the midpoint of its range and EBITDA of $105 million at the midpoint of its range; and initiates guidance for diluted EPS of $2.06 to $2.24;
• Quarterly dividend of $0.34 per share payable on June 26, 2017, to stockholders of record at the close of business on June 12, 2017. Special dividend of $7.50 per share is payable June 16, 2017. $100 million share repurchase authorization remains in place through December 31, 2017.

For earnings history and earnings-related data on Bob Evans Farms (BOBE) click here.

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