Bob Evans Farms Tumbles on Q3 Earnings Miss, Cuts FY15 Guidance

Keep an eye on shares of Bob Evans Farms (BOBE) in Wednesday's trading session. The full-service restaurant company and frozen foods producer reported its fiscal third quarter earnings, along with a weak full year guidance. Bob Evans posted profits below estimates, but managed to beat on the top line. Bob Evans Restaurants said it saw same-store sales rise by 3.8% in the third quarter. For fiscal 2015, Bob Evans cut its outlook and guided below estimate. Also, it announced that it will not pursue a sale or spin-off of the BEF Foods business segment. The company says that a split would not enhance value, and that continued focus on operations improvement would have greater benefits to its shareholders. The Street's Kurumi Fukushima reports in New York.