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Apr 22, 2023
Flowers Foods Q1 2023 Earnings Report
Flowers Foods' first quarter 2023 results reflected the competitive strength of its brands amidst a challenging environment.
Key Takeaways
Flowers Foods reported a 6.9% increase in sales, reaching a quarter-record of $1.534 billion, driven by price increases to offset inflationary pressures; however, net income decreased by 17.4% to $70.7 million, and diluted EPS decreased to $0.33.
Sales increased 6.9% to a quarter-record $1.534 billion.
Net income decreased 17.4% to $70.7 million.
Diluted EPS decreased $0.07 to $0.33.
The company is adjusting its outlook for fiscal 2023 to account for the slow start to the year and lower-than-expected branded retail sales due to softer category demand.
Revenue by Segment
Forward Guidance
For the 52-week Fiscal 2023, the Company Expects: Sales in the range of approximately $5.086 billion to $5.141 billion, representing an increase of approximately 5.8% to 7.0% compared to the prior year period. Adjusted EBITDA in the range of approximately $494 million to $528 million. Adjusted EPS in the range of approximately $1.15 to $1.25.
Positive Outlook
- Sales in the range of approximately $5.086 billion to $5.141 billion, representing an increase of approximately 5.8% to 7.0% compared to the prior year period.
- Adjusted EBITDA in the range of approximately $494 million to $528 million.
- Adjusted EPS in the range of approximately $1.15 to $1.25.
- Depreciation and amortization in the range of $160 million to $165 million
- Net interest expense of approximately $9 million to $13 million
Challenges Ahead
- An effective tax rate of approximately 25%
- Weighted average diluted share count for the year of approximately 213 million shares
- Capital expenditures in the range of $140 million to $150 million, with $30 million to $40 million related to the ERP upgrade
Historical Earnings Impact
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Avg. Return Before/After Earnings
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