UPDATE: Flowers Foods Q2 Profit Surges 64%

Flowers Foods

reported a 64% rise in its second-quarter earnings. Flowers Foods projects full-year adjusted earnings of $0.92 to $0.98 per share on revenue of $3.79 billion to $3.82 million. However, analysts expected earnings of $0.97 per share on revenue of $3.7 billion. Flowers Foods posted its quarterly profit of $46.5 million, or $0.22 per share, versus a year-ago profit of $28.4 million, or $0.14 per share. Excluding one-time items, its adjusted earnings surged to $0.24 per share from $0.14 per share. Its sales rose 32% to $898.2 million. However, analysts were expecting earnings of $0.23 per share on revenue of $859 million. Its gross margin widened to 47.5% from 46.3%. Flowers Foods shares closed at $23.52 yesterday.