Flowers Foods Q3 Profit, Revenues Beats Street View; Lifts FY Outlook

(RTTNews) - Flowers Foods Inc. (FLO), Thursday reported third-quarter net income of $38.9 million or $0.18 per share, up from $44.3 million or $0.21 per share last year.

Adjusted net income per share for the quarter was $0.30, compared to $0.29 last year.

Sales for the quarter rose to $1.03 billion from $989.7 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.25 per share on revenues of $1.01 billion for the quarter.

"I'm pleased to report another record third quarter," said Ryals McMullian, Flowers Foods' president and CEO. "We generated sales and earnings above our strong year-ago results as our leading brands gained market share and our non-retail business steadily recovers from the effects of the pandemic."

Looking forward to the full year 2021, the company lifted its outlook. The company now expects sales of about $4.300 billion to $4.344 billion, and earnings of about $1.22 to $1.26 per share.

Previously, the company expected sales of $4.256 billion to $4.300 billion and earnings of $1.17 to $1.22 per share.

Analysts currently estimate earnings of $1.19 per share on revenues of $4.28 billion for the full year.