Earnings Review and Free Research Report: Bob Evans Farms Registered Better-Than-Expected Quarterly EPS

Research Desk Line-up: Darden Restaurants Post Earnings Coverage

LONDON, UK, ACCESSWIRE / June 30, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Bob Evans Farms, Inc. (NASDAQ: BOBE), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=BOBE, following the Company’s release of its financial results for the fourth quarter fiscal 2017 (Q4 FY17) and full fiscal 2017 (FY17) on June 15, 2017. The New Albany, Ohio-based Company’s non-GAAP diluted EPS grew on year-over-year basis; outperforming market expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at: http://protraderdaily.com/register/.

Get more of our free earnings reports coverage from other constituents of the Restaurants industry. Pro-TD has currently selected Darden Restaurants, Inc. (NYSE: DRI) for due-diligence and potential coverage as the Company reported on June 27, 2017, its financial results for Q4 FY17 and full year FY17 which ended on May 28, 2017. Register for a free membership today, and be among the early birds that get access to our report on Darden Restaurants when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on BOBE; also brushing on DRI. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=BOBE

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Earnings Reviewed

Bob Evans Farms reported net sales continuing operations of $99.92 million in Q4 FY17, which came in below $102.39 million recorded in Q4 FY16. Net sales also fell short of market forecasts of $104.15 million. However, excluding the 14th week benefit in the prior year’s same period, net sales from continuing operations increased 4.9% y-o-y in the 13-week period of the reported period.

The producer and distributor of refrigerated and frozen convenience food reported a GAAP net income from continuing operations of $6.76 million, or $0.33 per diluted share, in Q4 FY17 compared to $5.93 million, or $0.30 per diluted share, in the previous year’s corresponding quarter. The Company’s non-GAAP net income increased during Q4 FY17 to $12.22 million, or $0.61 per diluted share, from $9.53 million, or $0.48 per diluted share, in the prior year’s comparable quarter. Meanwhile, Wall Street had expected the Company to report adjusted net income of $0.42 per diluted share.

During FY17, the Company’s net sales from continuing operations grew 1.9% y-o-y to $394.84 million from $387.62 million in FY16. Excluding the 53rd week during FY16, net sales from continuing operations increased 3.8% in FY17. The Company’s FY17 net income from continuing operations improved to $17.04 million, or $0.85 per diluted share, from $16.21 million, or $0.75 per diluted share, in FY16. The Company’s full year FY17’s non-GAAP net income came in at $47.95 million, or $2.38 per diluted share, up from $43.37 million, or $2.02 per diluted share, in FY16.

Operating Metrics

In Q4 FY17, Bob Evans Farms cost sales were $43.65 million versus $44.81 million in the last year’s same quarter. Selling, general, and administrative expenses increased to $17.06 million in Q4 FY17 from $16.44 million in Q4 FY16. The Company’s non-GAAP operating income improved during Q4 FY17 to $13.84 million, or 13.9% of net sales from $11.31 million, or 11.0% of net sales, in Q4 FY16.

Cash Matters

Cash flow from operation fell to $73.56 million in FY17 from $123.64 million in FY16. Bob Evans Farms had cash and cash equivalents worth $210.89 million at the close of its books on April 28, 2017, compared to $11.61 million as on April 29, 2016.

Sale of Business and Acquisition

On April 28, 2017, the Company completed the sale of Bob Evans restaurants to Golden Gate Capital for $565 million. Net proceeds from the sales are expected to be in the range of $475 million to $485 million. The Company also announced that it had completed the acquisition of Pineland Farms Potato Company for $115 million.

Outlook

In its guidance for full-year FY18, Bob Evans Farms forecasts net sales to be in the range of $464 million to $476 million. EBITDA during FY18 is expected to be between $102 million to $108 million. The Company anticipated GAAP diluted earnings during FY18 to be in the range $2.06 per share to $2.24 per share. Furthermore, the Company has share repurchase authorization of $100 million through calendar 2017.

Stock Performance

On Thursday, June 29, 2017, the stock closed the trading session at $71.74, climbing 1.82% from its previous closing price of $70.46. A total volume of 317.42 thousand shares have exchanged hands. Bob Evans Farms’ stock price skyrocketed 23.33% in the last three months, 48.91% in the past six months, and 109.00% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 49.80%. The stock is trading at a PE ratio of 85.00 and has a dividend yield of 1.90%. At Thursday’s closing price, the stock’s net capitalization stands at $1.42 billion.

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