Flowers Foods Q3 Profit Rises, But Misses Street - Quick Facts

(RTTNews) - Packaged bakery products maker Flowers Foods, Inc. (FLO), Thursday reported a slight increase in net income for the third-quarter, with 22.5 percent higher sales. However, results came in below the Street estimates. The company updated its full-year 2013 outlook.

For the three-month period, the company reported net income of $33.9 million or $0.16 per share, compared with $31.2 million or $0.15 per share last year.

Excluding acquisition-related costs of $4.5 million, the company reported adjusted net income of $38.4 million or $0.18 per share for the quarter. On average, eleven analysts polled by Thomson Reuters expected the company to report earnings per share of $0.21 for the quarter. Analysts' estimates typically exclude one-time items.

Sales surged to $878.5 million, from prior year's $717.3 million. Analysts expected the company to generate revenues of $881.21 million.

Looking forward, the company said it revised its full-year outlook, and expects sales to be in the range between $3.793 billion to $3.824 billion.

Excluding acquisition-related costs and the bargain purchase accounting gain, earnings per share are now expected to be $0.90 to $0.93 per share, compared with the previous guidance of $0.92 to $0.98. Analysts expect the company to report revenues of $3.80 billion and earnings of $0.97 per share.