Wonder Bread maker Flowers Foods shares fall after hours as forecast disappoints, more people dine out
Shares of Flowers Foods Inc. (FLO) fell after hours on Thursday after the maker of Wonder Bread and Dave's Killer Bread forecast full-year sales that were below Wall Street's expectations, citing a "slow start to the year" and "softer category demand" following a quarter in which consumers dined out more regularly. The company said it expected fiscal 2023 sales of between $5.086 billion and $5.141 billion, below FactSet estimates for $5.18 billion. Shares fell 4.7% in after-hours trade. For its first quarter, the company reported net income of $70.7 million, or 33 cents a share, compared with $85.6 million, or 40 cents a share, in the same quarter last year. Revenue rose to $1.53 billion, helped by price increases, compared with $1.44 billion in the prior-year quarter. Adjusted for acquisition-related costs, restructuring charges and "business process improvement" costs, Flowers reported 38 cents a share. Analysts polled by FactSet expected adjusted earnings per share of 38 cents, on revenue of $1.55 billion. The company said it planned to launch more products outside of bread to stoke greater demand.
-Bill Peters
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-18-23 2000ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
How to Invest Like Warren Buffett
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025