Flowers Foods, Inc. (NYSE: FLO) today reported financial results for the company's 12-week fourth quarter and 52-week fiscal year ended December 28, 2024.
The Thomasville, Ga.-based company reported fourth-quarter net sales decreased 1.6% to $1.111 billion as positive pricing/mix was more than offset by volume declines.
Net income increased 20.9% to $43.1 million, representing 3.9% of sales, a 70-basis point increase, primarily due to higher operating income resulting from moderating ingredient costs, optimization of our non-retail business, cost savings initiatives, and a decrease in impairment of assets, partially offset by reduced sales. Adjusted net income increased 8.7% to $46.4 million.
Adjusted EBITDA increased 6.3% to $102.4 million, representing 9.2% of net sales, a 70-basis point increase.
Diluted EPS increased $0.03 to $0.20. Adjusted diluted EPS increased $0.02 to $0.22.
Full-year net sales increased 0.2% to $5.103 billion as positive pricing/mix and the Papa Pita acquisition more than offset volume declines.
Net income increased 101% to $248.1 million, representing 4.9% of sales, a 250-basis point increase, primarily due to higher operating income resulting from a decrease in legal settlements and related costs and moderating ingredient costs, and, to a lesser extent, benefits of optimization and cost savings initiatives. Increased workforce-related costs and a higher effective income tax rate partially offset the improvement.
Adjusted net income increased 6.0% to $271.6 million.
Adjusted EBITDA increased 7.3% to $538.5 million, representing 10.6% of net sales, a 70-basis point increase.
Diluted EPS increased $0.59 to $1.17. Adjusted diluted EPS increased $0.08 to $1.28.
FLO shares nicked up two cents Friday to $19.34
