Flowers Foods Q1 Earnings Drop, Meets View; Backs FY14 Outlook - Quick Facts

(RTTNews) - Flowers Foods, Inc. (FLO), a producer of fresh packaged bakery foods, Thursday reported that its first-quarter net income dropped to $61.1 million or $0.29 per share from $112.0 million or $0.53 per share last year.

On an adjusted basis, the company's net income amounted to $0.29 per share. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.29 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly sales were up 2.6 percent to $1.160 billion from $1.131 billion last year. This increase was attributable to positive net price/mix of 2.9 percent, contributions from the Sara Lee/California acquisition of 1.2 percent, partially offset by decreased volume of 1.5 percent. Analysts estimated revenues of $1.22 billion for the quarter.

Looking ahead, for the full year 2014, the group continues to expect earnings per share in the range of $0.98 - $1.05, on sales of $3.976 billion - $4.126 billion. Analysts estimate earnings of $1.03 per share on revenues of $4.04 billion.

Capital expenditures for the full year is projected to be between $95.0 million and $100.0 million.