UPDATE: Flowers Foods Posts 7.8% Decline In Q1 Earnings, Lowers Full-Year Forecast

Flowers Foods Inc

reported a 7.8% drop in its first-quarter earnings. Flowers Foods cut its full-year earnings forecast. It now projects a 3.5% to 8% rise in earnings, versus its February view of a 7% to 12% rise. Flowers Foods' quarterly profit fell to $37.9 million, or $0.28 per share, from $41.2 million, or $0.30 per share, in the year-ago period. Its sales climbed 12% to $898.2 million, while product volume climbed 1.7%. Analysts were expecting earnings of $0.28 per share on revenue of $890 million. Its gross margin declined to 46.7% from 48.6% Flowers Foods shares closed at $19.59 yesterday.