Bob Evans Farms reports lower Q1 net income, provides outlook for fiscal 2014
Aug 29, 2013 (MarketLine via COMTEX) --
Bob Evans Farms, Inc. has reported that net income for the first quarter ended July 26, 2013 was $9.15 million, or $0.33 per share, compared to $15.01 million, or $0.53 per share, for the first quarter ended July 27, 2012. The company expect non-GAAP earnings per share to be in the range of $2.6 to $2.67 for fiscal 2014.
Net sales for the first quarter ended July 26, 2013 were $329.45 million, compared to $323.44 million for the first quarter ended July 27, 2012.
Operating income from continuing operations for the first quarter ended July 26, 2013 was $12 million, compared to $25.51 million for the first quarter ended July 27, 2012.
Chairman and CEO Steve Davis said: "During the first quarter, we demonstrated our commitment to investing in our businesses for growth while simultaneously returning capital to shareholders. Our transformational growth investments, including the Farm Fresh Refresh program and the BEF Foods' plant expansions, remain on-time and on-budget, providing us with the confidence to reiterate our full year non-GAAP earnings per share guidance of $2.60 to $2.67 for fiscal 2014, despite significant commodity cost pressures, particularly pork-related items, including sows and bacon."
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