Flowers Foods Q2 Profit Climbs - Quick Facts

(RTTNews) - Packaged bakery products maker Flowers Foods, Inc. (FLO) posted higher second-quarter 2013 net income of $46.5 million, $0.22 per share, versus $28.4 million, or $0.14 per share, last year. During the latest quarter, the firm said it incurred acquisition-related costs of $3.7 million, net of tax, or $0.02 per share.

Excluding acquisition-related costs, adjusted net income stood at $50.1 million, or $0.24 per share in the quarter. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.23 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly sales went up 31.8% year-over-year to $898.2 million, from $681.6 million, due to increased volumes of 21.8% and contributions from the Lepage Bakeries and Sara Lee/California acquisitions of 10.9%, partially offset by unfavorable net price/mix of 0.9%. Analysts estimated revenues of $860.56 million for the quarter. Dollar sales and volume rose across all channels.

For 2013, the company expects sales of $3.79 billion - $3.82 billion, an increase of 24.5% to 25.5% over 2012. The Lepage and Sara Lee/California acquisitions are likely to contribute about 7.0% of the sales increase. Including the impact of financing and carrying costs of the acquired assets, earnings per share are now forecast to be $0.92 - $0.98, excluding acquisition-related costs.