Bloom Is Off Flower Foods; Shares Fall 7%
Baked-goods company
Flower Foods
(FLO) - Get Flowers Foods, Inc. Report
saw a 5% gain in profit during the first quarter, as consumers opted to eat home to save money -- but shares were in the red Wednesday morning as the company missed expectations by a penny.
The maker of Nature's Own bread said its earnings reached $37.4 million, or 40 cents per share, up from $35.8 million, or 39 cents per share, a year ago. But results slightly misses analysts' forecast of 41 cents.
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Sales grew 19% to $807 million from $676.7 million, helped by higher prices and acquisitions.
Materials, supplies, labor and other production costs jumped 22% to $429.5 million in the quarter.
Looking forward, Flower Foods reaffirmed its full-year earnings in the range of $1.37 to $1.48 per share. Analysts anticipate profit of $1.45 per share for the year.
Shares of the company fell 7% to $21.39 in morning trading.
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