17 August 2024
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Market + Management

Flowers Foods: Reports Second 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 12-week second quarter ended July 13 (Q2-2024).

First Quarter Summary versus Q2-2023

  • Sales decreased 0.2 percent to USD 1.225 billion as positive pricing/mix was more than offset by volume declines, primarily due to business exits.
  • Net income increased 5.0 percent to USD 67.0 million, primarily due to growth in operating income, partially offset by higher net interest and income tax expense. Adjusted net income increased 6.5 percent to USD 75.5 million.
  • Adjusted Ebitda increased 7.8 percent to USD 143.5 million, representing 11.7 percent of sales, a 90-basis point increase.
  • Diluted EPS increased USD 0.02 to USD 0.32. Adjusted diluted EPS increased USD 0.03 to USD 0.36.

Chief Executive’s Remarks

Chairman and CEO Ryals McMullian: «We continued to execute well in the second quarter with a solid top- and bottom-line performance,” said Ryals McMullian, chairman and CEO of Flowers Foods. “Our brands outperformed the fresh packaged bread category, growing units in tracked channels and generating leading unit and dollar share gains. Private label and away-from-home margins maintained their positive trajectory as we improved profitability in existing accounts and filled available capacity with new, higher-margin business. Savings initiatives are taking hold, driving a meaningful sequential improvement in costs.

«We are maintaining our 2024 financial outlook, which incorporates continued strong operational performance balanced with the potential impact on consumer and promotional behavior from an uncertain economic environment. We also expect full year results to benefit from new business wins and additional cost savings. Our portfolio strategy is generating improved overall performance and we expect to continue that progress through further investments in innovation and marketing. We remain committed to achieving results in line with our long-term financial targets.»

For additional information please read the company’s PDF file below (257 KB):

20240816-FLOWERS-Q22024.


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