Flowers Foods Q3 Earnings Top Estimates, Lifts FY21 Outlook

Flowers Foods Q3 Earnings Top Estimates, Lifts FY21 Outlook
  • Flowers Foods Inc FLO reported third-quarter FY21 sales growth of 3.9% year-on-year, to $1.03 billion, beating the analyst consensus of $1.00 billion.
  • Branded retail sales increased 4.8% Y/Y to $689.1 million, store branded retail sales fell 8.5% to $124.6 million, while non-retail and other sales grew 9.2% to $214.2 million.
  • The operating margin was 5.1%, and operating income for the quarter fell 1.6% to $52.1 million.
  • Adjusted EBITDA increased 1.8% to $118.5 million, and the margin declined 30 basis points to 11.5%.
  • Adjusted EPS of $0.30 beat the analyst consensus of $0.25.
  • The company held $307.5 million in cash and equivalents as of October 9, 2021. Year-to-date cash flow from operating activities totaled $315.2 million.
  • Outlook: Flowers Foods raised FY21 sales outlook to $4.3 billion - $4.344 billion (prior view $4.256 billion - $4.3 billion), above the consensus of $4.28 billion.
  • The company raised FY21 EPS guidance to $1.22 - $1.26 (prior view $1.17 - $1.22), versus the consensus of $1.19.
  • Price Action: FLO shares closed higher by 0.04% at $25.50 on Thursday.

Posted In: BriefsEarningsNewsGuidance