THOMASVILLE, Ga. (AP) -- Flowers Foods Inc. reported Thursday that its fiscal first-quarter profit fell as its costs rose for flour, oil and sugar and for selling its goods. But the food maker's sales grew more than anticipated during the period and its shares jumped in trading Thursday.
The company, based in Thomasville, Ga., makes Nature's Own bread, Tastykake treats and other baked goods.
Flowers Foods earned $37.9 million, or 28 cents per share, for the 16-week quarter that ended April 21. That's down from $41.2 million, or 30 cents per share, in the same quarter last year.
Revenue grew 12 percent to $898.2 million from $801.8 million, as it expanded to new markets and benefited from the acquisition of Tastykake.
Food makers, including Flowers, are struggling with higher ingredient and packaging costs.
Flowers Foods said it was facing double-digit increases in the cost of flour and smaller increases for shortening and sugar.
Despite that pressure on its profitability, the company's earnings met the average forecast from analysts for adjusted earnings of 28 cents per share. Its revenue exceeded analysts' forecast for $892.2 million.
The company expects to its earnings per share in fiscal 2012 to be 3.5 percent to 8 percent higher than in the prior year. That's roughly 99 cents to $1.04 per share. Analysts are expecting Flower Foods to earn 96 cents per share in fiscal 2012.
Flower Foods' shares rose $1.11, OR 5.7 percent, to $20.70 by midday. That's near the middle of their 52-week range from $17.79 to $23.13.
