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Jul 17, 2021
Flowers Foods Q2 2021 Earnings Report
Flowers Foods' Q2 2021 results reflected the strength of leading brands and sustained investments in sales growth and network optimization.
Key Takeaways
Flowers Foods reported a decrease in sales by 0.8% to $1.017 billion, and a decrease in net income by 2.7% to $56.4 million, compared to the prior year second quarter. The diluted EPS decreased $0.01 to $0.26.
Sales decreased 0.8% to $1.017 billion compared to record results in the prior year period that were driven by the pandemic.
Net income decreased 2.7% to $56.4 million; adjusted net income decreased 1.7% to $68.8 million.
Adjusted EBITDA decreased 5.0% to $122.1 million, representing 12.0% of sales.
Diluted EPS decreased $0.01 to $0.26; adjusted diluted EPS decreased $0.01 to $0.32.
Revenue by Segment
Forward Guidance
For the 52-week Fiscal 2021, the Company expects sales in the range of approximately $4.256 billion to $4.300 billion, and Diluted EPS in the range of approximately $1.17 to $1.22.
Positive Outlook
- Sales in the range of approximately $4.256 billion to $4.300 billion, representing a decrease of approximately 2.0% to 3.0% compared to the prior year period.
- The new guidance represents an increase over prior guidance of approximately $4.234 billion to $4.300 billion.
- Diluted EPS in the range of approximately $1.17 to $1.22, an increase over prior guidance of $1.10 to $1.17.
- Depreciation and amortization in the range of $135 million to $140 million
- Net interest expense of approximately $8 million
Challenges Ahead
- This change includes a 1.8% reduction in sales due to one fewer week in fiscal 2021.
- The effect of one fewer week in fiscal 2021 impacts EPS by approximately $0.02.
- An effective tax rate of approximately 24.5%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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