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Oct 05, 2024
Flowers Foods Q3 2024 Earnings Report
Flowers Foods' Q3 2024 results reflected a decrease in net sales offset by an increase in net income and adjusted EBITDA.
Key Takeaways
Flowers Foods reported a slight decrease in net sales by 0.7% to $1.191 billion, driven by volume declines that were partially offset by positive pricing/mix. However, the company experienced a significant increase in net income to $65.0 million, primarily due to a decrease in legal settlements and related costs. Adjusted EBITDA also increased by 10.0% to $133.3 million, representing 11.2% of net sales.
Net sales decreased by 0.7% to $1.191 billion due to volume declines.
Net income increased significantly to $65.0 million due to lower legal costs.
Adjusted EBITDA increased by 10.0% to $133.3 million, representing 11.2% of net sales.
Diluted EPS increased to $0.31, and adjusted diluted EPS increased to $0.33.
Revenue by Segment
Forward Guidance
Flowers Foods narrowed its 2024 financial outlook, expecting net sales between $5.116 billion and $5.147 billion, adjusted EBITDA between $530 million and $542 million, and adjusted diluted EPS between $1.24 and $1.28.
Positive Outlook
- Strong relative performance in the branded retail bread category.
- Continued benefits from new business wins.
- Efficiency initiatives are expected to contribute positively.
- Depreciation and amortization in the range of $155 million to $160 million.
- Capital expenditures in the range of $130 million to $140 million.
Challenges Ahead
- Headwinds from consumer and promotional behavior.
- Net interest expense of approximately $20 million to $24 million.
- An effective tax rate of approximately 25%.
- Weighted average diluted share count for the year of approximately 212.5 million shares.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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