Flowers Foods falls after Q1 revenue miss; lowers 2023 outlook

Flowers Foods

19/05/2023 13:53

** Shares of bakery foods producer Flowers Foods  FLO.N  
fall 3.3% to $27.88 premarket
    ** Q1 revenue misses estimates & FLO reports adj EPS in line
with analysts' estimates, per Refinitiv data
    ** Lowers fiscal 2023 sales outlook to a range of ~$5.09
billion-$5.14 billion vs prior outlook of ~$5.18 billion-$5.24
billion
    ** Co now expects to report adj EPS in the range of
~$1.15-$1.25 vs prior expectation of ~$1.20-$1.30
    ** "Adjusting fiscal 2023 outlook to account for slow start
to the year & lower-than-expected branded retail sales due to
softer category demand" - FLO
    ** Analysts expected 2023 revenue of $5.18 billion & EPS of
$1.25
    ** Up to last close, stock had risen 0.35% YTD

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))