Bob Evans Farms cuts outlook as economy sours

The owner of Bob Evans and Mimi's Cafe restaurants said it expected to earn between $1.75 and $1.85 per share for the fiscal year. That's down from its previous estimate of a profit of $2 to $2.10 per share.

The company said it expects sales to grow 1.5 percent to 2 percent for the year and cited the nation's worsening economic outlook.

Based on last year's net revenue of $1.74 billion, that would put the company's full year sales expectation at $1.76 billion to $1.77 billion.

Analysts surveyed by Thomson Reuters expect the company to earn $1.92 per share on revenue of $1.79 billion.

Also Tuesday, Bob Evans said it earned $11.3 million, or 37 cents per share, during its fiscal second quarter ended Oct. 24. That compares to a year-earlier profit of $15.5 million, or 45 cents per share.

Revenue climbed 2.2 percent to $435.5 million, up from $426.3 million last year.

Bob Evans shares fell $1.88, or 11 percent, to $16.01 in aftermarket trading Tuesday, having closed the regular session at $17.89, down 46 cents, or 2.5 percent.