Bob Evans Q2 Profit Declines; Updates FY14 Adj. EPS Outlook - Quick Facts

(RTTNews) - Restaurants operator Bob Evans Farms Inc. (BOBE) reported second-quarter net income of $6.12 million or $0.23 per share, higher than the $11.3 million or $0.40 per share last year.

Excluding items, adjusted earnings for the quarter were $9.5 million or $0.35 per share, compared with $15.05 million or $0.53 per share a year ago.

Revenues for the quarter were $332.6 million, compared with $329.56 million a year ago.

Thomson Reuters' analysts on consensus estimated earnings of $0.56 per share on revenues of $339.60 million for the quarter.

Looking ahead, Bob Evans reaffirms long-term annual non-GAAP earnings growth guidance of 8 to 12 percent and 5-year non-GAAP net operating margin improvement guidance of 300 to 350 basis points.

The company also announced $50 million expansion of fiscal 2014 share repurchase program; program now totals $225 million for fiscal 2014.

The company updates fiscal year 2014 non-GAAP EPS guidance to incorporate accretion from expected impact of share repurchases of approximately $0.09 to $0.11 per diluted share. The company now sees fiscal 2014 non-GAAP earnings per share in range of $2.60 to $2.65. Analysts currently expect earnings of $2.73 per share.