14 November 2024
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Market + Management

Flowers Foods: Reports Third Quarter 2024 Results

Thomasville / GA. (ff) Flowers Foods Inc., producer of Nature’s Own, Dave’s Killer Bread, Wonder, Canyon Bakehouse, Tastykake, and other bakery foods, reported financial results for the company’s twelve-week third quarter ended October 05, 2024.

Third Quarter Summary versus Q2-2023

Compared to the prior year third quarter where applicable

  • Net sales decreased 0.7 percent to USD 1.191 billion as positive pricing/mix was more than offset by volume declines.
  • Net income increased USD 111.7 million to USD 65.0 million, primarily due to growth in operating income from a decrease in legal settlements and related costs, partially offset by higher net interest expense. Adjusted net income increased 12.4 percent to USD 69.3 million.
  • Adjusted Ebitda increased 10.0 percent to USD 133.3 million, representing 11.2 percent of net sales, a 110-basis point increase.
  • Diluted EPS increased USD 0.53 to USD 0.31. Adjusted diluted EPS increased USD 0.04 to USD 0.33.

Chairman and CEO Remarks

«Strong performance by our leading brands and successful execution of our cost initiatives and portfolio strategy drove better-than-expected earnings in the third quarter,» said Ryals McMullian, chairman and CEO. «We handily outpaced the bread category, growing tracked channel sales in both units and dollars. Those results were achieved despite headwinds from a pressured consumer, which also particularly impacted our sweet baked goods and fast food businesses. Additionally, implementation of our portfolio strategy enhanced performance in our away-from-home business, improving profitability of existing business and adding higher margin new accounts.

«We are narrowing our 2024 financial outlook to reflect greater certainty as we enter the fourth quarter and strong relative performance in the branded retail bread category, partially offset by headwinds from consumer and promotional behavior. We also expect continued benefits from new business wins and efficiency initiatives. Beyond 2024, our focus remains on enhancing shareholder value and delivering results consistent with our long-term financial targets.»

For additional information please read the company’s PDF file below (294 KB):

20241114-FLOWERS-FOODS-Q32024.


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