Flowers Foods (NYSE:FLO) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Flowers Foods (NYSE:FLO - Get Free Report) released its quarterly earnings results on Friday. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03, Briefing.com reports. Flowers Foods had a net margin of 2.45% and a return on equity of 18.35%. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the firm earned $0.33 EPS. Flowers Foods's revenue for the quarter was down .3% on a year-over-year basis. Flowers Foods updated its FY24 guidance to $1.20-$1.30 EPS and its FY 2024 guidance to 1.200-1.300 EPS.

Flowers Foods Price Performance

Shares of NYSE FLO traded up $0.05 during midday trading on Friday, hitting $22.71. The company had a trading volume of 1,827,934 shares, compared to its average volume of 1,228,019. The company has a quick ratio of 0.82, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Flowers Foods has a twelve month low of $19.64 and a twelve month high of $26.12. The business has a 50-day simple moving average of $22.33 and a two-hundred day simple moving average of $23.08. The firm has a market capitalization of $4.80 billion, a price-to-earnings ratio of 38.49, a price-to-earnings-growth ratio of 5.84 and a beta of 0.36.

Flowers Foods Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, June 6th were paid a $0.24 dividend. This is a boost from Flowers Foods's previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Thursday, June 6th. This represents a $0.96 annualized dividend and a dividend yield of 4.23%. Flowers Foods's dividend payout ratio (DPR) is 162.71%.

Analyst Ratings Changes

Several analysts recently commented on FLO shares. Deutsche Bank Aktiengesellschaft upped their price target on shares of Flowers Foods from $22.00 to $23.00 and gave the company a "hold" rating in a research report on Thursday, May 9th. BNP Paribas initiated coverage on shares of Flowers Foods in a research report on Wednesday, July 10th. They set an "underperform" rating and a $20.00 price objective for the company. StockNews.com upgraded shares of Flowers Foods from a "hold" rating to a "buy" rating in a research note on Saturday, May 25th. Finally, DA Davidson raised their target price on shares of Flowers Foods from $24.00 to $25.00 and gave the stock a "neutral" rating in a research note on Friday, May 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $22.75.

Flowers Foods Company Profile

Flowers Foods, Inc produces and markets packaged bakery food products in the United States. Its principal products include fresh breads, buns, rolls, snack items, bagels, English muffins, and tortillas, as well as frozen breads and rolls under the Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, Mrs.