Bob Evans Farms Raises FY17 Non-GAAP EPS View

(RTTNews) - Bob Evans Farms Inc. (BOBE) said that it raised its fiscal year 2017 non-GAAP earnings per share guidance to a range of $2.22 to $2.32, from $2.15 to $2.30 per share previously, to reflect the impact of lower net sow costs and continued focus on operating efficiency. Analysts polled by Thomson Reuters expect the company to report earnings of $2.26 per share for fiscal year 2017. Analysts' estimates typically exclude special items.

GAAP net income in the third quarter of $8.2 million consists of $9.8 million from continuing operations and a $1.6 million loss from discontinued operations. Non-GAAP net income in the third quarter of $15.0 million includes $10.8 million from continuing operations and $4.2 million from discontinued operations. GAAP and non-GAAP net income in the prior year period of $12.9 million consisted of $6.4 million from continuing operations and $6.5 million from discontinued operations.

GAAP earnings per share in the third quarter of $0.41 consists of $0.49 from continuing operations and a loss of $0.08 from discontinued operations. Non-GAAP earnings per share in the third quarter of $0.75 consists of $0.54 from continuing operations and $0.21 from discontinued operations. GAAP and non-GAAP diluted earnings per share of $0.62 for the prior-year period consisted of $0.31 from continuing operations and $0.31 from discontinued operations.

Net sales from continuing and discontinued operations in the third quarter totaled $335.9 million and included $112.8 million from continuing operations and $223.1 million from discontinued operations. Total net sales in the prior year period totaled $346.5 million and included $107.9 million from continuing operations and $238.6 million from discontinued operations.

The company expects completion of our acquisition of Pineland Farms Potato Company by May 1, 2017, and looks forward to its contribution to continued sales and profit growth of BEF Foods during fiscal year 2018 and beyond.