November 10, 2022
THOMASVILLE, Ga., Nov. 10, 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 12-week third quarter ended October 8, 2022.
Third Quarter Summary:
Compared to the prior year third quarter where applicable
- Sales increased 12.7% to a quarter-record $1.158 billion.
- Net income increased 4.3% to $40.5 million. Adjusted net income decreased 0.4% to $64.6 million.
- Adjusted EBITDA(1) increased 1.6% to $120.4 million, representing 10.4% of sales, a 110-basis point decrease.
- Diluted EPS increased $0.01 to $0.19. Adjusted diluted EPS(1) was consistent with the prior year period at $0.30.
CEO’s Remarks:
“Flowers’ record results in a challenging environment underscore the resiliency of our business and the ongoing effectiveness of our strategy,” said Ryals McMullian, president and CEO of Flowers Foods. “Our performance reflects strong results from our number one brands, which continue to resonate with consumers despite the impact of inflation on purchasing decisions. And we are successfully mitigating this inflationary impact with initiatives to enhance sales and margins.
“Looking forward, we are focused on maintaining our momentum through increased investments in innovation and marketing. By leveraging our leading brands, we believe that our agile innovation initiative will expand our revenue streams beyond the traditional bread aisle. The nationwide launch of Dave’s Killer Bread snack bars in 2023 is just the first step in this process. Our strong balance sheet and ample cash flow enable us to take a long-term perspective, and we have a hundred-plus year history of driving profitable growth in a variety of market conditions. As always, we remain focused on creating shareholder value and achieving results in line with our long-term financial targets.”