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Bob Evans 2nd-quarter net income falls 46 percent

The Associated Press

NEWS: Bob Evans Farms Inc. said Wednesday that its fiscal second-quarter net income fell 46 percent, hurt by costs related to the restructuring of its business.

DETAILS: The company, which is based in Columbus, Ohio, operates Bob Evans restaurants and owns BEF Foods, which produces pork sausages, refrigerated side dishes and frozen convenience food. The company is remodeling restaurants to attract more customers.

NUMBERS: Net income fell to $6.1 million, or 23 cents per share, in the three months ending Oct. 25. That compares with $11.3 million, or 40 cents per share, during the same quarter a year ago.

Adjusted to remove one-time charges, the company reported earnings of 35 cents per share. Analysts expected earnings of 55 cents per share, according to FactSet.

Revenue fell 19 percent, to $332.6 million from $410.9 million, below the $339.6 million analysts expected.

FUTURE: For the fiscal year, the company expects adjusted earnings between $2.60 per share and $2.65 per share. Analysts had expected earnings of $2.72 per share.

STOCK: Down $2.78, or 5.1 percent, to close at $52.32. Shares have gained 30 percent this year.