潜水简介:
- Bob Evans reportedearnings per share that beat analysts' expectations for the first quarter at $9.2 million, or $0.46 per share, over $4.3 million, or $0.19 per share, last year.
- Sales came in at$306 million, which missed Wall Street’s predictions and were $15 million below last year’s results.
- 下降主要是由于该公司餐厅销售额超过4％。the food division’s side-dish business increased sales by 12.5%, and the sausage business grew nearly 5%.
潜水见解：
Bob Evans' earnings report illustrates the drive behind investors' recent push for the company tospin off its packaged foods division。投资者列举了其他类似包装的食品公司的估值，例如
B&G Foods, ConAgra and Hormel, and recent transactions in the industry that have commandedmid- to high-teens multiples of EBITDA.
the company's packaged food unit covers side dishes, with 51% of sales, followed by retail sausage (23%), food service (19%, including 7% of sales attributed to Bob Evans Restaurants), frozen (4%) and other (3%). The growth potential is there, as prepared foods are a fast-growing category and command much of the unit's sales. Frozen accounts for a much smaller percentage, but it too could bepoised for a turnaround正好及时出售鲍勃·埃文斯（Bob Evans）的食品业务。
Grocery stores are alsoeating away at fast food salesas grocery prices继续稳定下降。同时，restaurant food prices are increasing, by 0.2% in July and 2.8% over the previous 12 months. That only extends the current gap between at-home and restaurant food prices.
美国可能的衰退,但price is stilla major guiding factorin consumers' food purchase decisions. If this gap continues to widen, Bob Evans could see its top-line growth droop further for the restaurant segment of its business. Profitability is important to investors, but without sustained top-line growth, the call for a spinoff of the foods business could become louder over time.
