COLUMBUS, Ohio (AP) -- Bob Evans Farms Inc. said Tuesday that its fourth-quarter net income climbed 20 percent from a year ago as it expanded further and its restaurants benefited from a remodeling program.
The quarterly earnings topped Wall Street estimates, but revenue fell short and investors took profits in afterhours trading following the stock's more than 20 percent rise this year.
The company, which operates the Bob Evans and Mimi's Cafe chains and sells sausage and other food under the Bob Evans and Owens brand names, said it earned $22 million, or 76 cents per share, in the three months ended April 27. A year earlier it had earned $18.4 million, or 60 cents per share.
Excluding certain one-time items, the company said its fourth-quarter earnings amounted to 80 cents per share.
Revenue was $413.5 million, down 1 percent from $418.7 million in fiscal 2011.
The consensus estimate of analysts surveyed by FactSet Research was for earnings of 74 cents per share on revenue of $421 million.
CEO Steve Davis said fourth-quarter results reflected sales momentum at stores open at least a year that slowed during the middle of the quarter, although that trend moderated in the final weeks of the quarter.
Results were negatively affected, he said, by increased promotional spending in response to competitive pressures.
The company said it expects fiscal 2013 earnings of $2.66 per share to $2.72 per share. Analysts had forecast earnings of $2.67 per share.
For the full fiscal year, Bob Evans reported net income of $72.9 million, or $2.45 per share, up from $54.2 million, or $1.78 per share, a year earlier. Revenue declined 1 percent to $1.65 billion from $1.68 billion.
Shares in the company fell $2.49, or 6 percent, to $37.95 in extended-hours trading following the release of the earnings report. During the regular session, they had climbed 42 cents to $40.44, near the 52-week high of $41.06.