US packaged bakery foods company Flowers Foods has reported net income for the second quarter of 2005 of US$17.7m, an increase of 18% over $15.0m for the second quarter of fiscal 2004.
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Diluted earnings per share were 28 cents for the 12-week second quarter to 16 July, compared to 22 cents per share in the second quarter of fiscal 2004. Sales increased 12.4% to $405.3m from $360.7m a year earlier.
“The 12.4% increase in sales during the quarter shows how well we are capturing growth opportunities resulting from changes in the baking industry’s competitive landscape. As the market continues to change, we anticipate further growth opportunities. For that reason, we are once again increasing our sales guidance for 2005. Our sales growth also requires us to accelerate plans to add new production capacity. While net income in the quarter benefited from the sales growth, we expect further improvements as we more fully integrate the new sales volume into our operations,” said president and chief executive officer George Deese.
The company said fiscal 2005 sales are now expected to be between $1.675bn and $1.70bn, an increase of 8% to 10% over last year, with net income of 3.75% to 4.0% of sales.
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