Flowers Foods: reports results for Q2/2008 and H1/2008

Thomasville / GA. (ffi) Flowers Foods Inc. reported results for its 12-week second quarter and first half ended July 12, 2008. The company also updated its earnings guidance for the year. Key facts:

• Sales were 540,7 million USD in the second quarter of 2008, an increase of 13,1 percent compared to the second quarter of 2007. For the first half, sales were 1,22 billion USD, an increase of 11,9 percent over last year´s first half. The increase for both periods was driven by favorable pricing, increased volume, and positive mix shifts.
• Net income for the quarter was 23,9 million USD, or 0,26 USD per diluted share, a 7,9 percent increase over net income reported for the prior year´s second quarter. For the first half, net income was 59,7 million USD, or 0,65 USD per diluted share, an increase of 17,9 percent over the same period in the prior year.
• EBITDA was 52,4 million USD, or 9,7 percent of sales, an increase of 6,3 percent over the same period in 2007 and, for the first half, EBITDA was 127,5 million USD, or 10,5 percent of sales, an increase of 11,5 percent over last year´s first half.
• Branded retail sales were up 15,8 percent in the quarter, driven by Nature´s Own soft variety and premium breads and Nature´s Own Whitewheat breads as well as by regional white bread brands.
• During the quarter, the company announced agreements to merge with Holsum Bakery of Phoenix, Arizona, and to acquire ButterKrust Bakery of Lakeland, Florida. Both transactions were completed early in the third quarter.
• Sales and earnings guidance for 2008 was updated as the result of year-to-date performance and to include recent acquisitions. Guidance for financial year 2008 now anticipates sales of 2,4 billion USD to 2,425 billion USD and net income of 109,2 million USD to 114,7 million USD, or 1,17 USD per share to 1,23 USD per share with 93,4 million USD average shares outstanding.

Info: The complete financial statement is available here.