Flowers Foods Reports 'Record' Second Quarter, Issues Revised 2020 Guidance
Flowers Foods (NYSE: FLO) reported a positive second quarter of 2020 yesterday, beating analyst forecasts and posting a year-over-year profit despite the coronavirus pandemic. The bread and baked goods company, which owns brands such as Wonder, beat consensus earnings per share (EPS) estimates by $0.02 with the $0.33 it generated, while it also posted a $1.026 billion revenue figure, surpassing forecasts by $10 million.
Net sales for the quarter increased 5.1% over 2019, while adjusted EPS was $0.08 higher than last year's figure. The coronavirus gave Flowers Foods a strong boost.
"I am pleased to report a record quarter in which we executed well and capitalized on the strong demand for our leading brands," CEO Ryals McMullian said in a statement. He added, "a key driver of our strong performance was the mix shift to branded retail products, which allowed us to leverage costs and increase margins."
Source Fool.com
