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Jul 13, 2024
Flowers Foods Q2 2024 Earnings Report
Flowers Foods' Q2 2024 performance was marked by a slight decrease in sales, offset by growth in net income and adjusted EBITDA.
Key Takeaways
Flowers Foods reported a slight decrease in sales by 0.2% to $1.225 billion, but net income increased by 5.0% to $67.0 million and adjusted EBITDA increased by 7.8% to $143.5 million. The company maintains its 2024 financial outlook, expecting benefits from new business wins and additional cost savings.
Sales decreased slightly by 0.2% to $1.225 billion due to volume declines offset by positive pricing/mix.
Net income increased by 5.0% to $67.0 million, driven by growth in operating income.
Adjusted EBITDA increased by 7.8% to $143.5 million, representing 11.7% of sales.
Diluted EPS increased to $0.32, and adjusted diluted EPS increased to $0.36.
Revenue by Segment
Forward Guidance
Flowers Foods maintains its 2024 financial outlook, anticipating sales between approximately $5.091 billion and $5.172 billion, adjusted EBITDA in the range of approximately $524 million to $553 million, and adjusted diluted EPS in the range of approximately $1.20 to $1.30.
Positive Outlook
- Continued strong operational performance
- Benefits from new business wins
- Additional cost savings
- Depreciation and amortization in the range of $155 million to $160 million
- Net interest expense of approximately $20 million to $24 million
Challenges Ahead
- Potential impact on consumer and promotional behavior from an uncertain economic environment
- Effective tax rate of approximately 25%
- Weighted average diluted share count for the year of approximately 212.5 million shares
- Capital expenditures in the range of $145 million to $155 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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