- Flowers Foods, Inc. FLO reported first-quarter sales growth of 10.3% year-over-year to $1.436 billion, beating the consensus of $1.40 billion.
- Branded retail sales increased 11% Y/Y to $956.1 million, store-branded retail $173.6 million (+6.9% Y/Y), while non-retail and other sales increased 10.2% Y/Y to $306.2 million.
- Adjusted EPS was $0.44, above the consensus of $0.39.
- Adjusted EBITDA increased 2.4% Y/Y to $165.5 million, and the margin expanded by 90 bps to 11.5%.
- FLO’s Cash flow from operating activities increased by $26.2 million to $124.2 million. It held cash and cash equivalents of $205.1 million at the end of the quarter.
- “Focused implementation of our portfolio strategy drove market share gains for our leading brands, as consumers continued to gravitate to these differentiated products despite widespread inflation. To sustain this robust momentum, we intend to invest in marketing and advertising, introduce new and innovative products, and expand production capacity,” commented Ryals McMullian, president and CEO.
- FY22 Outlook: Flowers Foods expects Sales of $4.764 billion to $4.85 billion (prior guidance of $4.660 billion to $4.695 billion), vs. a consensus of $4.66 billion.
- The company expects Adjusted EPS of $1.20 to $1.30 (prior guidance of $1.25 to $1.35) vs. a consensus of $1.28.
- It expects capital expenditures in the range of $150 million to $160 million.
- Price Action: FLO shares are trading higher by 1.71% at $25.55 during the post-market session on Thursday.
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