Bob Evans Farms tumbled after it reported late Tuesday financial results for Q3 that missed analysts’ estimates and provided guidance for fiscal 2015 below expectations; it also said it will not pursue a sale or spin off of its BEF Foods business segment. Shares are down 22.2% at $46.37, with a 52-week range of $42.28 – $60.15.
The full-service restaurant company, which operates Bob Evans Restaurants, said that fiscal Q3 adjusted EPS was $0.60, below the analyst consensus of $0.70 per share on Capital IQ. Sales were $357.6 million, below expectations of $362.3 million.
The company also said it will not pursue a sale or spin-off of the BEF Foods business segment. It did note it hired JPMorgan in Q3 to assist with the continued evaluation of strategic alternatives for the company’s real estate.
For FY 2015, the company is guiding for non-GAAP earnings of $1.40 to $1.60 per share, below expectations of $1.97 per share.