Bob Evans Rises After Fourth-Quarter Profit Tops Estimates

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Bob Evans Farms Inc. rose the most in more than five months after posting fourth-quarter profit and sales that topped analysts’ estimates.

Profit in the quarter through April 24 was 56 cents a share, excluding some items, the New Albany, Ohio-based company said Tuesday in a statement. The average of analysts’ estimates compiled by Bloomberg was 41 cents. Sales rose 1.8 percent to $332.4 million, also beating projections.

Chief Financial Officer Mark Hood said in the statement that Bob Evans completed the closing of 18 underperforming restaurants last month and has reduced its cost structure by $14 million through other moves. The restaurant chain last week ceded to pressure from activist investors and said it would seek to sell or spin off some of its real estate.

The shares rose 1.8 percent to $48.34 at the close in New York. Bob Evans has fallen 5.5 percent this year.

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