Flowers Foods (FLO) Stock Slides on Q2 Profit Miss

Flower Foods (NYSE:FLO) reported its latest quarterly earnings results late in the day Wednesday, which sent its shares sliding after the bell as the baked goods company’s earnings were below what Wall Street was calling for in its consensus estimate.

Flowers Foods (FLO)The Thomasville, Georgia-based packaged bakery foods manufacturer said that for its second quarter of fiscal 2018, it garnered net income of about $45.4 million, or 21 cents per share. On an adjusted basis when considering non-recurring costs, the company brought in earnings of 25 cents per share.

Flower Foods’ results were below what analysts were forecasting in their outlook as the Zacks Investment Research survey was looking for adjusted earnings of 28 cents per share, according to data amassed from a poll of three analysts.

The company added that for its second quarter, sales tallied up to $941.3 million, which was stronger than the Wall Street guidance. Analysts were projecting Flower Foods to rake in revenue of $937.1 million, according to the same Zacks survey.

For its fiscal 2018, the company sees its earnings as being in the range of about $1 to $1.07 per share. Plus, the company forecasts that its revenue will be in the range of $3.92 billion to $3.98 billion.

FLO stock fell about 3.4% after the bell following the company’s quarterly earnings results, which were below analysts’ expectations. Shares were down about 3% during regular trading hours Wednesday in anticipation of its results.


Article printed from InvestorPlace Media, https://investorplace.com/2018/08/flowers-foods-flo/.

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