Bob Evans Farms Inc (NASDAQ: BOBE), a producer and distributor refrigerated potato, pasta vegetable-based side dishes, announced its financial results for the first quarter, with earnings in line with expectations. For the first quarter, the company reported a profit of $7.34 million, or $0.37 per share, decreasing from $9.55 million, or $0.48 per share, for the same period last year. The result was in line with analysts’ estimates of $0.37 per share, which excludes special items. Revenue for the first quarter increased 27.1% to $109.27 million, compared with $85.94 in the same period last year.
The company also provided guidance for full year 2018. According to Mark Hood, the Chief Administrative and Chief Financial Officer of the company, Non-GAAP diluted earnings per share for fiscal 2018 is expected to be in the range of $2.10 to $2.30 per share, which was increased from the last-quarter estimate of $2.06 to $2.24 per share. In addition, net sales are expected to be between $474 million and $486 million, and adjusted EBITDA is expected to be in the range of $104 million to $110 million.
“We are very pleased with the strong start to the fiscal year, delivering significant volume growth in both refrigerated side dishes and sausage during the first quarter,” Mike Townsley, the President and Chief Executive Officer of Bob Evans Farms, said in the statement on August 30.
“Despite a nearly 15 percent increase in sow costs driven by increased domestic and export demand for pork products that impacted sausage margins, we were able to deliver a 38.3% increase in adjusted EBITDA,” he added.