US packaged food manufacturer Flowers Foods has cut its fourth-quarter outlook, citing slow sales and higher costs at its Mrs Smith’s Bakeries unit.
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The company is now expecting earnings in the fourth quarter of the fiscal year of 12 cents to 17 cents a share, well below the Thomson First Call consensus estimate of 27 cents a share, reported Reuters.
Flowers Foods is also expecting a previously announced non-cash charge of US$20m to $30m in the fourth quarter, related to goodwill.
