I have a calculated field in a list with this formula:
=CID & \" - \" & Title
When viewing the list, it might display as: \"2 - Big Meeting\
The answer given by @Nathan does not specify that you need to provide the display name of the field. It wont work with internalName. Moreover, I'm likely to use as to cast the result.
var cf = list.Fields["calculatedfieldDisplayName"] as SPFieldCalculated;
String value = cf.GetFieldValueAsText(item["calculatedfieldDisplayName"]);
You have to cast it to an SPCalculatedField:
SPFieldCalculated cf = (SPFieldCalculated)myItem.Fields["CIDandTitle"];
string value = cf.GetFieldValueForEdit(myItem["CIDandTitle"]);
or
string value = cf.GetFieldValueAsText(myItem["CIDandTitle"]);