May 19, 2022
THOMASVILLE, Ga., May 19, 2022 /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 16-week first quarter ended April 23, 2022.
First Quarter Summary:
Compared to the prior year first quarter where applicable
- Sales increased 10.3% to a quarter-record $1.436 billion.
- Net income increased 19.4% to $85.6 million. Adjusted net income increased 6.3% to $93.1 million.
- Adjusted EBITDA(1) increased 2.4% to a quarter-record $165.5 million, representing 11.5% of sales, a 90-basis point decrease.
- Diluted EPS increased $0.06 to $0.40. Adjusted diluted EPS(1) increased $0.03 to a quarter-record $0.44.
(1) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release.
“We delivered another quarter of record results, reflecting outstanding top line growth and disciplined execution on costs,” said Ryals McMullian, president and CEO of Flowers Foods. “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.
“We are adjusting our outlook for fiscal 2022 to account for improved pricing, higher-than-expected inflation, and supply chain disruptions,” he continued. “To mitigate resource shortages and volatile commodity prices, which increased beyond our initial expectations, we continue to execute on efficiency initiatives and we have implemented a price increase that will become effective in the second quarter. The resulting price lag, combined with the supply chain disruptions, is expected to impact EPS by a total of five cents in the second and third quarters. We are encouraged by the strong underlying fundamentals of our business, and our industry-leading team remains dedicated to enhancing long-term shareholder value.”