February 14, 2008

Bob Evans Farms announced profit increase in Q3
 

Bob Evans Farms Inc. has announced a profit increase in its third fiscal quarter, beating initial Wall Street's estimates.

Bob Evans Farms reported net earnings of US$20 million, or 61 cents per share, for its third fiscal quarter. In comparison, the company earned US$18.7 million, or 51 cents per share, in the same period last year.

Analysts, on average, had expected earnings to be 54 cents per share.

Bob Evans Farms' net sales were US$449.7 million, up from US$419.9 million a year-earlier.

Operating income for the food products division was US$10.4 million, a 56.4-percent increase over the year-earlier period.

Bob Evans Farms said the positive results were due to lowered hog prices, which averaged US$31 per hundredweight during the period, compared with US$39 a year earlier.

Bob Evans, popular for its meat and pork products, serves about 580 family-style restaurants in about 20 states.