https://assets.capyfin.com/instruments/678fdc13234e27009c5d5a11.png avatar
Flowers Foods
🇺🇸 NYSE:FLO
View Company
OverviewEarningsDividends
•
Oct 07, 2023

Flowers Foods Q3 2023 Earnings Report

Flowers Foods reported third quarter 2023 results with record sales and a net loss due to increased legal settlement expense.

Key Takeaways

Flowers Foods reported a 3.5% increase in sales to a record $1.199 billion for the third quarter of 2023. However, the company experienced a net loss of $46.7 million due to increased legal settlement expenses, despite an increase in adjusted EBITDA by 0.6% to $121.2 million.

Sales increased 3.5% to a third-quarter record of $1.199 billion.

Net income decreased $87.3 million, resulting in a net loss of $46.7 million, primarily due to increased legal settlement expense.

Adjusted EBITDA increased 0.6% to $121.2 million, representing 10.1% of sales.

Diluted EPS decreased $0.41 to a loss of $0.22, while adjusted diluted EPS decreased $0.01 to $0.29.

Total Revenue
$1.2B
Previous year: $1.16B
+3.5%
EPS
$0.29
Previous year: $0.3
-3.3%
Pricing/Mix Change
6.3%
Previous year: 17.8%
-64.6%
Sales Volume Change
-4.1%
Previous year: -5.1%
-19.6%
Gross Profit
$582M
Previous year: $543M
+7.2%
Cash and Equivalents
$14.6M
Previous year: $173M
-91.6%
Free Cash Flow
$99.8M
Previous year: $77.2M
+29.3%
Total Assets
$3.43B
Previous year: $3.34B
+2.7%

Flowers Foods

Flowers Foods

Flowers Foods Revenue by Segment

Forward Guidance

For the 52-week Fiscal 2023, the company expects sales in the range of approximately $5.085 billion to $5.104 billion and Adjusted EBITDA in the range of approximately $495 million to $515 million. Diluted EPS is expected to be in the range of $0.60 to $0.67, with adjusted diluted EPS in the range of approximately $1.18 to $1.25.

Positive Outlook

  • Sales in the range of approximately $5.085 billion to $5.104 billion, representing an increase of approximately 5.8% to 6.2% compared to the prior year period.
  • Adjusted EBITDA in the range of approximately $495 million to $515 million.
  • Diluted EPS in the range of $0.60 to $0.67.
  • Adjusted diluted EPS in the range of approximately $1.18 to $1.25.
  • Depreciation and amortization in the range of $150 million to $155 million.

Challenges Ahead

  • Prior guidance called for sales of approximately $5.095 billion to $5.141 billion, representing an increase of approximately 6.0% to 7.0% compared to the prior year period.
  • Prior guidance of Adjusted EBITDA in the range of $503 million to $528 million.
  • Capital expenditures in the range of $135 million to $145 million, with $25 million to $35 million related to the ERP upgrade.
  • Prior guidance of Capital expenditures in the range of $145 million to $155 million, with $30 million to $40 million related to the ERP upgrade.
  • Net interest expense of approximately $16 million to $18 million

Company Overview

Full financial data and analysis

View Flowers Foods