FLO - Flowers Foods stock falls on soft profit forecast

Flowers Foods ( NYSE: FLO ) shares marked a sharp decline in Thursday’s extended trading after the company posted a mixed earnings result and light guidance for the full year.

For the fourth quarter reported on Thursday, the Georgia-based baked goods company notched $0.23 in adjusted earnings per share, in-line with estimates. However, record quarterly revenue at $1.08B narrowly missed expectations .

“We have taken steps to adapt and respond to the inflationary environment by implementing price increases, improving the profitability of our lower-margin products, and increasing the attractiveness of our branded portfolio through innovation,” CEO Ryals McMullian commented. “Building off our achievements in 2022, we are investing in continued growth for this year and beyond.”

McMullian noted that these investments include operational efficiency improvements and the launch of the Dave's Killer Bread snack bars nationwide. The company targeting between $140M and $150M in capital expenditures for the full year.

Management anticipates sales in the range of approximately $5.18B billion to $5.24B, above the consensus estimate of $4.99B. However, adjusted EPS in the range of approximately $1.20 to $1.30 forecast for 2023 fell short of the $1.33 consensus estimate.

Shares of Flowers Foods ( FLO ) slipped 3.37% in after hours trading on Thursday.

Dig into the details of the results .

For further details see: