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Dec 30, 2023
Flowers Foods Q4 2023 Earnings Report
Flowers Foods reported record sales despite difficult market conditions, with volume trends improving and market share gains in Q4 2023.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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