Flowers Q3 Profit Beats Estimates; Narrows Full-year Outlook

(RTTNews) - Flowers Foods, Inc. (FLO), a producer of packaged bakery foods, Friday reported net income of $64.98 million or $0.31 per share for the third quarter, compared with net loss of $46.73 million or $0.22 per share in the same quarter a year ago, mainly helped by decrease in legal settlements and related costs. The company also narrowed its full-year outlook.

Excluding one-time items, adjusted net income per share increased to $0.33 from $0.29 in the prior year.

Income from operations was $90.18 million compared with loss from operations of $59.35 million last year.

Sales for the quarter declined 0.7 percent to $1.191 billion from $1.199 billion in the previous year.

On average, 8 analysts expected earnings of $0.29 per share on revenue of $1.2 billion for the quarter. Analysts' estimates typically exclude special items.

For the full year, the company now expects adjusted EPS of about $1.24 - $1.28, compared to prior guidance of approximately $1.20 - $1.30. Sales for the year is now expected in the range of $5.116 billion - $5.147 billion compared with $5.091 billion - $5.172 billion, guided earlier.

Flowers Foods expects profit of $1.25 per share on revenue of $5.14 billion for the year.