The company's third quarter report notes that sales increased 2.4% to $989.7M.
THOMASVILLE, Ga., Nov. 5, 2020 /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO), producer of Nature's Own, Dave's Killer Bread, Wonder, Tastykake, and other bakery foods, today reported financial results for the company's 12-week third quarter ended October 3, 2020.
Third Quarter Summary:
Compared to the prior year third quarter where applicable
- Sales increased 2.4% to $989.7 million.
- Net income increased 2.3% to $44.3 million. Adjusted net income increased 36.3% to $62.4 million.
- Adjusted EBITDA(1) increased 22.4% to $116.4 million, representing 11.8% of sales, a 200-basis point increase.
- Diluted EPS increased $0.01 to $0.21. Adjusted diluted EPS(1) increased $0.07 to $0.29.
(1) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release.
"Our record third quarter reflects a favorable operating environment for our branded retail business and our continued focus on achieving our strategic priorities," said Ryals McMullian, Flowers Foods' president and CEO. "The impact of the COVID-19 pandemic persisted in the third quarter, though at more moderate levels than in the second quarter. Our team continues to perform exceptionally well in this unprecedented environment and I am proud of their resiliency as they continue to serve our markets."
"We are capitalizing on the increased frequency of in-home eating, which has driven elevated trial of our market-leading products, by executing on our portfolio strategy and supply chain optimization initiatives," he continued. "We expect the demand environment to continue to moderate, but we believe our focus on product quality, innovation, and marketing will allow us to retain many of these new consumers and drive improved sales growth and margin expansion in support of our long-term growth targets."
McMullian added, "We remain confident in our ability to deliver at least $20 million of cost savings this year and are working tirelessly to drive even more efficiencies. With our organizational restructuring and portfolio and supply chain optimization initiatives, we are becoming a more branded-focused company, which will ultimately boost our ability to drive shareholder value."
The full report may be viewed here.