Vending

Flowers Foods boosts Q1 2022 sales, earnings

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May 20, 2022

Flowers Foods Inc., which owns Tastykake, Nature's Own and other brands, reported double digit sales and earnings gains for Q1 2022 over the prior year period, according to a press release. Highlights include:

• Net sales rose 10.3% from $1.3 billion in Q1 2021 to $1.43 billion the quarter ending April 23, 2022.
• Net income rose 19.4% from $71.6 million to $85.6 million in the comparative quarters, while adjusted net income increased 6.3% to $93.1 million.
• Diluted earnings per share increased from 34 cents to 40 cents while adjusted diluted EPS increased from 41 cents to a record 44 cents.
• Branded retail sales improved 11% from $861.7 million to $954.1 million.
• Store branded retail sales rose 6.9% from $162.5 million to $173.6 million.
• Non-retail and "other" sales rose 10.2% from $277.9 million to $306.2 million.

Shares traded today at $25.84 against a 52-week range of $22.61-$29.73.

The quarterly revenue of $1.44 billion beat analyst expectations by $40 million while the non-GAAP EPS of 44 cents beat expectations by 5 cents, according to Seeking Alpha.

"We delivered another quarter of record results, reflecting outstanding top line growth and disciplined execution on costs," Ryals McMullian, president and CEO, said in the press release. "Focused implementation of our portfolio strategy drove market share gains for our leading brands, as consumers continued to gravitate to these differentiated products despite widespread inflation."

For fiscal 2022, the company expects sales in the range of approximately $4.764 billion to $4.85 billion, representing an increase of approximately 10% to 12% compared to the prior year period. Prior guidance called for sales of $4.66 billion to $4.695 billion, representing an increase of approximately 7.6% to 8.4% compared to the prior year period.

Adjusted EPS is expected in the range of approximately $1.20 to $1.30, compared to prior guidance of $1.25 to $1.35.