Bob Evans Farms Swings To Q1 Loss - Update

(RTTNews) - Bob Evans Farms Inc. (BOBE), Tuesday reported a loss for the first quarter from a profit last year, hurt by lower revenues and increase in operating costs. Nonetheless, the restaurant chain maintained its full-year 2015 outlook.

Columbus, Ohio-based Bob Evans reported a first-quarter loss of $1.0 million or $0.04 per share, compared to a profit of $8.4 million or $0.30 per share last year.

Excluding one-time items, earnings for the quarter were $0.10 per share, down from $0.54 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.10 per share for the first quarter. Analysts' estimates typically exclude special items.

Bob Evans said sales for the quarter dropped about 1 percent to $326.3 million from $329.5 million a year ago. Analysts had a consensus revenue estimate of $328.61 million for the quarter.

Sales at Bob Evans Restaurants segment declined 1.8 percent to $240.2 million, and same-store sales dropped 2.0 percent. BEF Foods' sales were up 1.5 percent to $86.2 million.

Selling, general and administrative expenses increased to $38.8 million from $33.3 million last year. Operating wages increased to $104.2 million from $102.8 million last year.

Looking forward to the fiscal year 2015, the company continues to expect adjusted earnings of $1.90 to $2.20 per share and revenues of $1.38 billion to $1.40 billion. Analysts currently expect earnings of $1.90 per share on revenue of $1.39 billion for fiscal year 2015.

BOBE closed Tuesday's trading at $47.76, down $1.34 or 2.73%, on the Nasdaq. The stock, however, gained $0.02 or 0.04% in after-hours trade.