NEW YORK (TheStreet) -- FlowersFoods (FLO) - Get Report stock is plunging by 12.35% to $23.35 on heavy trading volume on Thursday morning, after the company lowered its full year 2015 earnings outlook.
The Thomasville, GA-based company, which provides warehouse and direct-to-store bakery delivery products, lowered its 2015 earnings projections to between 96 cents per share and 98 cents per share, from 96 cents per share to $1.01 per share.
Flowers Foods reported earnings of 23 cents per share in the 2015 third quarter. Revenue increased to $885.3 million for the quarter, up from $844.9 million for the year-ago period.
Analysts surveyed by Thomson Reuters were expecting the company to report earnings of 23 cents per share on revenue of $873.32 million.
"Our recently acquired organic bread brands - Dave's Killer Bread and Alpine Valley Bread - are on-trend with changing consumer preferences and provide Flowers with additional growth opportunities through expanded distribution," CEO Allen Shiver said in a statement.
So far today, 3.12 million shares of Flowers Foods have traded, versus its 30-day average of 1.73 million shares.
Separately, TheStreet Ratings team rates FLOWERS FOODS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
We rate FLOWERS FOODS INC (FLO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.
You can view the full analysis from the report here: FLO
Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.