Loading...
•
Apr 20, 2024
Flowers Foods Q1 2024 Earnings Report
Flowers Foods' first quarter results highlighted the increasing effectiveness of their portfolio strategy and investments in marketing and innovation.
Key Takeaways
Flowers Foods reported a 2.8% increase in sales, reaching a first-quarter record of $1.577 billion. Net income increased by 3.3% to $73.0 million, primarily due to moderating input costs and price increases.
Sales increased 2.8% to a first-quarter record of $1.577 billion.
Net income increased 3.3% to $73.0 million.
Adjusted EBITDA increased 5.5% to $159.4 million, representing 10.1% of sales.
Diluted EPS increased $0.01 to $0.34.
Flowers Foods
Flowers Foods
Flowers Foods Revenue by Segment
Revenue by Segment
Branded Retail Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Flowers Foods maintains its 2024 outlook, which anticipates continued volume improvement while acknowledging the ongoing economic uncertainty. Full-year results are expected to benefit from an expansion of savings initiatives and new business wins.
Positive Outlook
- Sales in the range of approximately $5.091 billion to $5.172 billion, representing 0.0% to 1.6% growth compared to the prior year.
- Adjusted EBITDA in the range of approximately $524 million to $553 million.
- Adjusted diluted EPS in the range of approximately $1.20 to $1.30.
- Depreciation and amortization in the range of $160 million to $165 million.
- Net interest expense of approximately $22 million to $26 million.
Challenges Ahead
- Ongoing economic uncertainty.
- Potential impact on consumer behavior.
- Potential impact on the promotional environment.
- Effective tax rate of approximately 25%.
- Capital expenditures in the range of $145 million to $155 million, with $3 million to $6 million related to the ERP upgrade.
Revenue & Expenses
Visualization of income flow from segment revenue to net income