Flowers Foods, Inc. (FLO) posted first-quarter net income of $37.9 million, a decline from $41.2 million earned a year earlier. Earnings per share dropped to $0.28 from $0.30 in the prior year.
Quarterly sales rose 12% to $898.2 million from $801.8 million in the previous year. The company stated that the increase was attributable to favorable net price/mix of 2.4%, contributions from the Tasty acquisition of 7.9% and volume increases of 1.7%.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share on revenues of $889.74 million for the quarter. Analysts' estimates typically exclude special items.
Looking forward to 2012, based on an increase in interest expense as a result of the recent bond issuance, earnings per share is now expected to increase 3.5% to 8.0% over the 2011 adjusted earnings per share of $0.96. Analysts expect the company to earn $1.04 per share for the year.
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