Flowers Foods reports Q4 adjusted EPS 23c, consensus 23c

Reports Q4 revenue $1.08B, consensus $1.1B. "Our record fourth quarter and fiscal year 2022 sales highlight the flexibility of our business model and strong execution by our Flowers team," said CEO Ryals McMullian. "We have taken steps to adapt and respond to the inflationary environment by implementing price increases, improving the profitability of our lower-margin products, and increasing the attractiveness of our branded portfolio through innovation. We have also entered into an agreement to acquire Papa Pita Bakery, which we expect to provide additional capacity for our growth products and expand our geographic reach. Building off our achievements in 2022, we are investing in continued growth for this year and beyond. As part of these efforts, we are increasing marketing to support the nationwide launch of our Dave’s Killer Bread snack bars, implementing our enterprise resource planning project, and continuing to improve operational efficiency. Our 2023 outlook reflects the impact of these investments, which, in combination with our portfolio strategy, we expect to drive sustainable growth over time in line with our long-term financial targets."