Flowers Foods Inc. reports Q2 2024 results: Sales down 0.2% to $1.225 billion; net income up 5.0% to $67 million, adjusted EBITDA up 7.8% to $143.5 million.

Flowers Foods, Inc. (NYSE: FLO) today reported financial results for the company’s 12-week second quarter ended July 13, 2024.

Second Quarter Summary:
Compared to the prior year second quarter where applicable

• Sales decreased 0.2% to $1.225 billion as positive pricing/mix was more than offset by volume declines, primarily due to business exits.
• Net income increased 5.0% to $67.0 million, primarily due to growth in operating income, partially offset by higher net interest and income tax expense. Adjusted net income(1) increased 6.5% to $75.5 million.
• Adjusted EBITDA(1) increased 7.8% to $143.5 million, representing 11.7% of sales, a 90-basis point increase.
• Diluted EPS increased $0.02 to $0.32. Adjusted diluted EPS(1) increased $0.03 to $0.36.

Chairman and CEO Remarks:
“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. And 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.”

About Flowers Foods
About Flowers Foods Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of packaged bakery foods in the United States with 2023 sales of $5.1 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company’s top brands are Nature’s Own, Dave’s Killer Bread, Wonder, Canyon Bakehouse, and Tastykake. Learn more at www.flowersfoods.com.

Investor Contact: Eric.Jacobson@flocorp.com Media Contact: flowersfoods.com/contact