Shares in Flowers Foods slipped in early trading in the US today (6 February) after the US bakery giant’s fourth-quarter earnings – and its guidance for 2014 – were under Wall Street forecasts.
Flowers reported a 0.5% increase in adjusted net income to US$38.8m for the 12 weeks to 28 December. Adjusted net income per diluted share was $0.18, matching last year’s level.
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According to Janney Montgomery Scott analyst Jonathan Feeney, the consensus forecast among Wall Street was for $0.19 a share.
Looking ahead to 2014, Flowers has forecast earnings per share of $0.98 to $1.05. Feeney said Wall Street had estimated $1.07 a share.
Shares in Flowers were down 1.47% at $19.50 at 11:02 ET.
Fourth-quarter adjusted EBIT was down 4.4% at $57.6m thanks to costs linked to acquisitions.
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By GlobalDataNet sales were up 12.6% at $843.6m. Acquisitions contributed 2.7 percentage points of the growth, price/mix 3.6 points and volumes 6.3 points.
Annual net income jumped 35.1% to $192.3m. Adjusted EBIT grew 32.8% to $228.1m. Annual sales were up 23.1% at $3.75bn.
Flowers has forecast sales of $3.98-4.13bn for 2014, an increase of 6-10%.
