Stock Monitor: Coffee Holding Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 13, 2018 / If you want access to our free earnings report on Flowers Foods, Inc. (NYSE: FLO), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FLO. The Company reported its financial results on May 16, 2018, for the 16-week first quarter ended April 21, 2018. The Company achieved record sales in the first quarter of 2018, and made important progress on its strategic priorities. Flower Foods' earnings matched analysts' consensus estimates, while its revenues exceeded forecasts for Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For Q1 FY18, Flower Foods' total revenues reached $1.21 billion, reflecting an increase of 1.58% from $1.19 billion in Q1 FY17, driven by the continued strength of Dave's Killer Bread and the solid performance of its Nature's Own and Wonder brands. The Company's revenue numbers exceeded analysts' consensus estimates of $1.20 billion. Excluding a divestiture of a mix manufacturing business in 2017, the Company's sales increased 1.70% on a y-o-y basis in Q1 FY18.
On a consolidated basis, Flower Foods' branded retail sales increased 2.40% to $711.20 million on a y-o-y basis; its store branded retail sales increased 0.20% to $172.60 million on a y-o-y basis; and its non-retail and other sales increased 0.60% to $322.70 million in the quarter under review.
During Q1 FY18, Flower Foods incurred materials, supplies, labor, and other production costs of $625.12 million, 2.80% higher than $608.07 million in Q1 FY17. Besides, the Company had selling, distribution, and administrative expenses of $454.46 million in the reported quarter, down 1.86% from $463.07 million in the year ago same quarter. Flower Foods had an income from operations of $76.62 million in Q1 FY18, decreasing 21.98% from $98.20 million in Q1 FY17. However, the Company had adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $132.90 million in Q1 FY18, up 0.07% from $132.82 million in Q1 FY17.
Flower Foods reported a net income of $51.25 million in the quarter ended April 21, 2018, 15.18% lower than $60.42 million in the comparable period of the previous year. The Company's diluted earnings per share (EPS) also fell 17.24% to $0.24 in the reported quarter from $0.29 in Q1 FY17. The Company's reported earnings included project centennial consulting costs, lease terminations and legal settlement costs, pension plan settlement loss, and multi-employer pension plan withdrawal costs. Flower Foods' adjusted diluted EPS, excluding these non-recurring items, were $0.30 in Q1 FY18, up 20% from $0.25 in Q1 FY17, and in-line with analysts' consensus estimates for the reported quarter.
During Q1 FY18, Flower Foods' direct-store-delivery sales were $1.02 billion, up 1.56% on a y-o-y basis. The segment had an adjusted EBITDA of $126.90 million in Q1 FY18 compared to $127.43 million in Q1 FY17; reflecting a decrease of 0.41%.
Flower Foods' Warehouse Delivery segment reported revenues of $190.97 million in Q1 FY18, an increment of 1.69% from Q1 FY17. The segment's adjusted EBITDA were $21.21 million in the quarter under review, reflecting a decline of 4.14% from $22.13 million in the previous year's corresponding quarter.
Flower Foods had cash and cash equivalents of $34.22 million, and a long-term debt and capital leases of $829.95 million as on April 21, 2018.
Flower Foods' net cash flow from operating activities was $97.11 million in the 16-week period ended April 21, 2018, 18.54% higher than $81.92 million in the same period of last year.
Flower Foods spent $26.55 million on purchases of property, plant, and equipment in Q1 FY18, up 52.02% from $17.47 million in Q1 FY17.
Flower Foods' paid dividends of $36.24 million in Q1 FY18, 6.96% higher than $33.89 million in Q1 FY17. The Company spent $2.49 million in common stock repurchases in the reported quarter, 15.71% higher than $2.15 million in the comparable period of last year. At the end of Q1 FY18, the Company had 6.5 million shares remaining on its current share repurchase authorization.
For the full fiscal year 2018, Flower Foods expects diluted net income per share to be in the range of $0.95 to $1.06. The Company expects adjusted diluted EPS of $1.04 to $1.16 for FY18. The Company anticipates its sales to be in the band of $3.92 billion to $3.98 billion for FY18, representing a growth of approximately 0.0% to 1.6%.
On May 24, 2018, Flower Foods' Board of Directors declared a quarterly dividend of $0.18 per share, an increase of 5.90% compared to the corresponding quarter of last year, payable on June 21, 2018, to shareholders of record as on June 07, 2018.
Stock Performance Snapshot
June 12, 2018 - At Tuesday's closing bell, Flowers Foods' stock marginally rose 0.57%, ending the trading session at $21.09.
Volume traded for the day: 921.79 thousand shares.
Stock performance in the previous six-month period – up 4.10%; past twelve-month period – up 15.31%; and year-to-date – up 9.22%
After yesterday's close, Flowers Foods' market cap was at $4.31 billion.
Price to Earnings (P/E) ratio was at 48.04.
The stock has a dividend yield of 3.22%.
The stock is part of the Consumer Goods sector, categorized under the Processed & Packaged Goods industry. This sector was up 0.1% at the end of the session.
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