Bob Evans Farms Raises FY18 Guidance - Quick Facts

(RTTNews) - Bob Evans Farms, Inc. (BOBE) increased its fiscal 2018 Non-GAAP earnings per share guidance to a range of $2.10 to $2.30 per share from its prior guidance range of $2.06 to $2.24. The company also raised fiscal 2018 guidance ranges for net sales and adjusted EBITDA. Bob Evans now expects net sales of $474 million to $486 million and adjusted EBITDA of $104 million to $110 million.

Bob Evans Farms reported first-quarter non-GAAP net income of $7.4 million, or $0.37 per share, compared to non-GAAP net income from continuing operations of $4.6 million, or $0.23 per share, in the corresponding period last year. Adjusted EBITDA increased 38.3% to $19.5 million as compared to $14.1 million in the comparable period in fiscal 2017.

First-quarter net sales were $109.3 million, an increase of 27.1 percent, compared to $85.9 million in the corresponding period last year. The company said the increase in net sales was partially driven by $8.6 million of sales from the company's recently acquired Pineland business, as well as $5.2 million of sales to Bob Evans Restaurants, which were eliminated in the prior year. Excluding Pineland net sales and sales to Bob Evans Restaurants, net sales increased 11.1%.