November 11, 2021
THOMASVILLE, Ga., Nov. 11, 2021 /PRNewswire/ — Flowers Foods, Inc. (NYSE: FLO), producer of Nature’s Own, Dave’s Killer Bread, Wonder, Canyon Bakehouse, Tastykake, and other bakery foods, today reported financial results for the company’s 12-week third quarter ended October 9, 2021.
Third Quarter Summary:
Compared to the prior year third quarter where applicable
- Sales increased 3.9% to $1.028 billion compared to results in the prior year period.
- Net income decreased 12.4% to $38.9 million. Adjusted net income increased 3.9% to $64.9 million.
- Adjusted EBITDA(1) increased 1.8% to $118.5 million. Adjusted EBITDA represented 11.5% of sales, a 30-basis point decrease.
- Diluted EPS decreased $0.03 to $0.18. Adjusted diluted EPS(1) increased $0.01 to $0.30.
(1) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release.
CEO’s Remarks:
“I’m pleased to report another record third quarter,” said Ryals McMullian, Flowers Foods’ president and CEO. “We generated sales and earnings above our strong year-ago results as our leading brands gained market share and our non-retail business steadily recovers from the effects of the pandemic. Our performance is a testament to the dedication of our team members, especially those in our bakeries, who have worked tirelessly to meet consumer demand during this challenging time.
“In light of our strong year-to-date performance, we are raising our 2021 sales and earnings guidance,” he continued. “Investments in innovation and marketing are driving sales growth and brand strength, improving our ability to manage inflationary pressures. We will continue executing on our plans to further strengthen our brands, expand margins, and explore potential acquisitions, and we remain confident in achieving our long-term financial targets.”