Flowers Foods Issues Prelim. Q2 Results; Reports Organizational Structure Changes

(RTTNews) - Flowers Foods, Inc. (FLO) said it expects second quarter GAAP earnings per share to be in the range of $0.25 to $0.28. Earnings per share, adjusted for items, are anticipated to be in the range of $0.30 to $0.33. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.26, for the quarter. Analysts' estimates typically exclude special items.

Second quarter net sales are currently projected to rise approximately 4.5% to 5.0% over last year.

Flowers Foods has eliminated approximately 250 positions across different departments and job levels. The company currently employs approximately 9,700 employees.

Flowers Foods also announced organizational structure changes, effective July 17, 2020. This include the consolidation of the Fresh Packaged Bread business unit and Specialty/Snacking business unit into a single function responsible for all brands. Mark Courtney has been named chief brand officer, and will be responsible for managing all Flowers brands.

The company also announced the establishment of a stand-alone innovation function under the direction of Debo Mukherjee, chief marketing officer.

Flowers Foods will disclose its final results for the second quarter after market close on August 6, 2020.