Flowers Foods Q4 2023 Earnings Report
Key Takeaways
Flowers Foods reported a 4.3% increase in sales, reaching a fourth-quarter record of $1.129 billion. Net income decreased by 26.6% to $35.7 million, while adjusted net income decreased by 11.2% to $42.7 million. Diluted EPS decreased to $0.17, and adjusted diluted EPS decreased to $0.20.
Sales increased 4.3% to a fourth-quarter record of $1.129 billion.
Net income decreased 26.6% to $35.7 million.
Adjusted EBITDA increased 0.1% to $96.3 million.
Diluted EPS decreased $0.06 to $0.17.
Flowers Foods
Flowers Foods
Flowers Foods Revenue by Segment
Forward Guidance
For the 52-week Fiscal 2024, the Company Expects: Sales in the range of approximately $5.091 billion to $5.172 billion, representing 0.0% to 1.6% growth compared to the prior year. Adjusted EBITDA in the range of approximately $524 million to $553 million. Adjusted diluted EPS in the range of approximately $1.20 to $1.30.
Positive Outlook
- Sales in the range of approximately $5.091 billion to $5.172 billion, representing 0.0% to 1.6% growth compared to the prior year.
- Adjusted EBITDA in the range of approximately $524 million to $553 million.
- Adjusted diluted EPS in the range of approximately $1.20 to $1.30.
- Depreciation and amortization in the range of $160 million to $165 million.
- Net interest expense of approximately $22 million to $26 million.
Challenges Ahead
- An effective tax rate of approximately 25%.
- Weighted average diluted share count for the year of approximately 213 million shares.
- Capital expenditures in the range of $120 million to $130 million, with $3 million to $6 million related to the ERP upgrade.
- The 2024 outlook reflects confidence in our ability to successfully execute in a challenging category.
- Results are expected to benefit from moderating commodity costs, positive pricing actions, and savings initiatives.