Thomasville / GA. (ff) Flowers Foods Inc., producer of Nature’s Own, Dave’s Killer Bread, Wonder, Canyon Bakehouse, Tastykake, and other bakery foods, reported financial results for the company’s 12-week third quarter ended October 08, 2022. Summary compared to Q3/2021 where applicable:
- Sales increased 12.7 percent to a quarter-record USD 1.158 billion.
- Net income increased 4.3 percent to USD 40.5 million. Adjusted net income decreased 0.4 percent to USD 64.6 million.
- Adjusted Ebitda increased 1.6 percent to USD 120.4 million, representing 10.4 percent of sales, a 110-basis point decrease.
- Diluted EPS increased USD 0.01 to USD 0.19. Adjusted diluted EPS was consistent with the prior year period at USD 0.30.
«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.»
For additional information please read the company’s PDF file below (277 KB):20221112-FLOWERS-FOODS-Q3-2022