NEW YORK (TheStreet) -- Shares of Bob Evans Farms Inc. (BOBE) are down -3.93% to $45.90 in late morning trade on Wednesday following the restaurant operator's first quarter loss, hurt by lower sales and increasing operating costs.
The company reported GAAP first quarter earnings loss of $1 million, or -4 cents per diluted share, compared with net income of $8.4 million, or 30 cents per diluted share in the same quarter of last year.
Ohio-based Bob Evans reported adjusted net income was $2.3 million, or 10 cents per diluted share, compared with net income of $15.2 million, or 54 cents per diluted share, in the same quarter of 2013, matching analysts expectations.
Revenue for the quarter fell -1% to $326.3 million from $329.5 million one year ago, missing the consensus revenue estimate of $328.61 million.
Separately, TheStreet Ratings team rates BOB EVANS FARMS as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BOB EVANS FARMS (BOBE) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."