Bob Evans Q2 Profit Down - Update

(RTTNews) - Bob Evans Farms Inc. (BOBE) on Tuesday reported a drop in a profit for the second quarter, despite some mediocre growth in revenues, with earnings coming in ahead of estimates while revenues fell short of expectations. Moving head, the restaurant chain lowered its full-year 2015 earnings outlook.

Columbus, Ohio-based Bob Evans second-quarter profit dropped to $6.0 million or $0.25 per share from $6.1 million or $0.23 per share a year ago.

Excluding one-time items, adjusted net income for the quarter dropped to $8.6 million or $0.36 per share from $9.5 million or $0.35 per share a year ago. On average, analysts polled by Thomson Reuters expected earnings of $0.33 per share for the second quarter. Analysts' estimates typically exclude special items.

Bob Evans' sales for the second quarter inched up 0.2 percent to $333.3 million from $332.6 million a year ago. Analysts had a consensus revenue estimate $343.76 million for the quarter.

Sales at Bob Evans Restaurants segment declined to $241.2 million from $240.5 million, while BEF Foods' sales were flat at $92.1 million.

Looking forward, the company now expects fiscal year 2015 adjusted earnings of $1.90 to $2.10 per share, compared to its prior guidance of $1.90 to $2.20 per share. Analysts currently expect earnings of $1.92 per share for 2015.

Bob Evans lowered its full-year outlook to reflect a moderate extension of the Broasted Chicken platform rollout to second quarter of 2016 and expected commodity cost increases.

BOBE closed Tuesday's trading at $55.79, up $1.54 or 2.84%, on the Nasdaq.