Loading...
•
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.
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 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
- 3 million to $6 million related to the ERP upgrade.
Revenue & Expenses
Visualization of income flow from segment revenue to net income