Bob Evans Farms Inc Plunges After Earnings Miss

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Bob Evans Farms Inc Plunges After Earnings Miss

Bob Evans stock plummeted today, falling as much as 22.54% to $46.20 per share in the wake of a huge earnings miss. The company also announced that they have decided not to spin off Bob Evans Foods into a separate company.

Bob Evans greatly disappoints

For the third fiscal quarter, Bob Evans posted adjusted earnings of 60 cents per share on net revenue of $357.2 million, a 5% year over year increase. Analysts had been looking for adjusted earnings of 70 cents per share and $359.33 million in revenue. In the same quarter a year ago, Bob Evans reported adjusted earnings of 31 cents per share on net revenue of $340 million.

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GAAP earnings were 25 cents per share or $5.9 million. In the previous year’s third quarter, the company reported non-GAAP earnings of 24 cents per share or $6.2 million.

In addition to the weak third quarter results, Bob Evans also cut its guidance for the full 2015 fiscal year. Management now projects GAAP earnings of between 70 cents and 90 cents per share. They lowered their guidance for adjusted earnings to between $1.40 and $1.60 per share from between $1.90 and $2 per share. Management cited the weaker-than-expected third fiscal quarter performance as the main reason for the huge downward revision.

The new numbers are significantly weaker than the consensus estimate of $1.97 per share for the full year.

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