Bob Evans Farms Inc (NASDAQ:BOBE) stock was up on Wednesday after the company released its first quarter earnings report for fiscal 2017.
Bob Evans reported earnings per share of 48 cents for its first quarter of fiscal 2017. This is down from the 51 cents per share that the company reported during the same time last year. However, it came in 4 cents above what Wall Street was estimating.
BOBE reported revenue of $306.32 million for the first quarter of fiscal 2017. This is a drop from the $321.71 million that it reported in the first quarter of fiscal 2016. It also failed to beat the $310.92 million that analysts were looking for in that quarter.
Bob Evans’ net income for its first fiscal quarter of 2017 was $9.6 million. This is down when compared to the $11.7 million in net income that the company reported in the first quarter of fiscal 2016.
“BEF Foods began fiscal 2017 with continued strong volume growth during the first quarter,” Saed Mohseni, CEO of Bob Evans, said in a statement. “Additionally, BEF Foods achieved market share gains in both its key side-dish and sausage product categories.”
BOBE also announced a quarterly dividend of 34 cents per share during its fiscal first quarter 2017 earnings report. The dividend will be payable to shareholders on Sept. 19, 2016. Investors must be on record as of Sept. 5, 2016 to receive the dividend.
Bob Evans also increased its guidance for fiscal 2017 in its newest earnings report. The company has raised its earnings per share outlook from between $2.00 and $2.15 to a range of $2.05 to $2.20. Wall Street is expecting the company to report earnings per share of $2.06 for its fiscal 2017 year.
BOBE stock was up 4% as of Wednesday morning.
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