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News Breaks
March 5, 2014
12:48 EDTCBRL, DENN, BOBEBob Evans sinks after lowering full year profit view
Shares of Bob Evans Farms (BOBE), a full service restaurant and food distributor, are sinking after the company's third quarter results trailed expectations, and it lowered its fiscal 2014 profit view for the second time this year. WHAT'S NEW: Last night, Bob Evans reported Q3 earnings per share of 30c and revenue of $340.13M, compared to expectations of 57c and $350.54M, respectively. WHAT'S NOTABLE: The company lowered its FY14 adjusted EPS view to $1.60-$1.75 from $2.20-$2.30, compared to consensus of $2.26. It also lowered its FY14 EPS outlook on January 21, from $2.60-$2.65 to $2.20-$2.30. The company cited adverse impacts from severe winter weather for the reduced guidance. For FY15, the company expects EPS of $2.80-$3.00, versus consensus of $2.90. For the Bob Evans Restaurant business, the company expects same-store sales of 3.0%-3.5% and 8 to 10 new restaurants for FY15. For the BEF Foods business, the company expects sales growth of 8%-9% and sow costs of $70 per hundredweight for FY15. Bob Evans said it expects to complete its current $225M share repurchase program by the end of FY14 and that its board of directors has authorized up to $100M of share repurchases for FY15. ANALYST REACTION: This morning, KeyBanc Capital Markets had a Hold rating on the shares. PRICE ACTION: In early afternoon trading, Bob Evans fell $4.17, or about 8%, to $47.57 on nearly four times its average daily trading volume. Despite today's slide, the stock has gained about 17% over the past twelve months. OTHERS TO WATCH: Other full service restaurants include Denny's (DENN) and Cracker Barrel (CBRL).
News For BOBE;DENN;CBRL From The Last 14 Days
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June 29, 2015
18:04 EDTCBRLS&P announces changes to the S&P 400, 600 indices
S&P SmallCap 600 constituent Cracker Barrel Old Country Store (CBRL) will replace Dresser-Rand Group (DRC) in the S&P MidCap 400, and Marten Transport (MRTN) will replace Cracker Barrel Old Country Store in the S&P SmallCap 600 after the close of trading on Wednesday, July 1. Siemens AG (SIEGY) is acquiring Dresser-Rand Group in a deal expected to be completed soon.
17:18 EDTCBRLMarten Transport to replace Cracker Barrel in S&P 600 as of 7/1 close
17:18 EDTCBRLCracker Barrel to replace Dresser-Rand in S&P 400 as of 7/1 close
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June 24, 2015
08:22 EDTBOBEBob Evans repeats FY16 EPS view $1.75-$1.95, consensus $1.91
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June 23, 2015
08:41 EDTCBRLCracker Barrel sees three year operating income/EPS CAGR 7%-8%
Expects to realize $50M of annual cost reductions by FY17. Sees three-year operating income/EPS CAGR of 7%-8%. Targeting 100bps margin improvement by FY17. Says "committed" to shareholder return. Says YTD results are strong, with comparable store traffic increased 1.8%, comparable store restaurant sales increased 5.2% and comparable store retail sales increased 4.5% compared to the prior-year Q3. Says adjusted YTD EPS increased 21% over prior year period. Sees about 4% annual top line growth from FY14-FY17, with annual SSS traffic flat to up 0.5%, retail SSS up 2%-3%, new unit growth about 1.5%. Expects total price increases over the next three years of 2%-3% annually. Comments from slides that will be presented at the Oppenheimer 15th Annual Consumer Conference.
07:15 EDTCBRLOppenheimer to hold a conference
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