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Flowers Foods (NYSE: FLO) announced an increase in its quarterly dividend to $0.24 per share, marking a 4.3% rise over the same quarter last year. This is the 87th consecutive quarterly dividend, payable on June 20, 2024, to shareholders of record on June 6, 2024. The annualized dividend rate has been elevated to $0.96 per share from $0.92. CEO Ryals McMullian emphasized the company's commitment to delivering earnings growth and enhancing shareholder returns, underpinned by a robust balance sheet and strong cash flow. Flowers Foods, a major U.S. bakery producer, reported $5.1 billion in sales for 2023.
Flowers Foods (NYSE: FLO) reported a robust first quarter for 2024. Sales increased by 2.8% to $1.577 billion, setting a new first-quarter record. Net income rose 3.3% to $73 million, driven by lower input costs and prior-year price increases, offset by higher selling, distribution, and administrative expenses.
Adjusted net income fell by 0.8% to $80.3 million, while adjusted EBITDA grew by 5.5% to $159.4 million, representing 10.1% of sales. Diluted EPS increased by $0.01 to $0.34, with adjusted diluted EPS steady at $0.38.
Chairman and CEO Ryals McMullian highlighted the successful execution of their portfolio strategy and marketing investments, noting gains in market share and improved branded retail volumes. Flowers Foods maintains its 2024 outlook, expecting sales between $5.091 billion and $5.172 billion, adjusted EBITDA between $524 million and $553 million, and adjusted diluted EPS between $1.20 and $1.30.
Flowers Foods, Inc. (NYSE: FLO) is set to release its first quarter 2024 financial results on May 16, 2024. The company will host a live webcast for Q&A at 5:00 p.m. Eastern. Flowers Foods is a leading producer of packaged bakery foods in the U.S., boasting strong brands like Nature's Own and Dave's Killer Bread.
Tastykake® announces a collaboration with The Garfield Movie™, offering -edition snacks and packaging. The promotion features a line of Garfield-themed treats like Cat Nap Cupcakes and a national sweepstakes with grand prizes. The collaboration aims to bring joy, humor, and delicious treats to fans of both brands.
