Bob Evans Farms, Inc. (BOBE) has reported a 422.12 percent jump in profit for the year ended Apr. 28, 2017. The company has earned $126.47 million, or $6.28 a share in the year, compared with $24.22 million, or $1.13 a share for the last year. On the other hand, adjusted net income for the year stood at $47.95 million, or $2.38 a share compared with $43.37 million or $2.02 a share, a year ago.
Revenue during the year went up marginally by 1.86 percent to $394.84 million from $387.62 million in the previous year. Gross margin for the year expanded 136 basis points over the previous year to 56.74 percent. Total expenses were 92.37 percent of annual revenues, up from 91.47 percent for the last year. That has resulted in a contraction of 90 basis points in operating margin to 7.63 percent.
Operating income for the year was $30.13 million, compared with $33.07 million in the previous year.
President and chief executive officer Mike Townsley said, "We closed the fiscal year with strong fourth quarter earnings, exceeding our full year guidance, and completed the strategic transactions that have reshaped Bob Evans into a higher growth and higher margin, pure-play packaged foods company. We are now focusing our attention on capitalizing on the growth opportunities in our refrigerated side-dish business while completing the integration of Pineland Farms Potato Company. The Pineland acquisition provides the added production capacity as well as the product and channel opportunities to support our growth."
For financial year 2018, Bob Evans Farms, Inc. expects revenue to be in the range of $464 million to $476 million. It projects diluted earnings per share to be in the range of $2.06 to $2.24 for the same period.
Operating cash flow drops significantly
Bob Evans Farms, Inc. has generated cash of $73.56 million from operating activities during the year, down 40.50 percent or $50.08 million, when compared with the last year.
Cash flow from investing activities was $491.62 million for the year, up 150.50 percent or $295.36 million, when compared with the last year.
The company has spent $367.19 million cash to carry out financing activities during the year as against cash outgo of $313.36 million in the last year period.
Debt comes down significantly
Bob Evans Farms, Inc. has recorded a decline in total debt over the last one year. It stood at $2.70 million as on Apr. 28, 2017, down 99.21 percent or $336.36 million from $339.06 million on Apr. 29, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
