Mixed bag for Flowers Foods in first-quarter financial results

摘要

Higher volume and sharply higher sales stood as bright spots in first-quarter financials for Flowers Foods, Inc. in a quarter that also featured a decline in net income and a decision by the company to lower earnings guidance for 2012. Net income of Flowers Foods in the first quarter ended April 21 was $37,943,000, equal to 28c per share on the common stock, down 8% from $41,161,000, or 30c per share, in the first quarter of 2011. Adjusted for onetime charges in 2011, earnings were down 15% Quarterlysales were $898,206,000, up 12% from $801,825,000. Offering revised guidance for 2012, Flowers said it expects 3.5% to 8% growth from adjusted fiscal 2011 earnings per share of 96c. A quarter ago, the company had projected earnings growth in 2012 ranging from 7% to 12%. The company attributed the change to "an increase in interest expense as a result of the recent bond issuance."