Aug 13 Flowers Foods Inc, the No. 2 U.S.
baking company, reported better-than-expected second-quarter
results, driven by its recent acquisitions of Lepage Bakeries
and some of Sara Lee's bread brands in California.
The company, which also acquired certain bread brands from
bankrupt Hostess Brands, forecast 2013 profit of 92-98 cents per
share. Analysts on average had expected a profit of 97 cents per
share, according to Thomson Reuters I/B/E/S.
The Tastykakes snacks maker said it expects 2013 sales of
$3.79-$3.82 billion, above market estimates of $3.70 billion.
Flowers purchased most of Hostess' bread business, including
its Wonder and Nature's Pride brands for $360 million in July to
grab a bigger slice of the fast-consolidating bread industry.
The company's net income rose to $46.5 million in the
second-quarter, or 22 cents per share, from $28.4 million, or 14
cents per share, a year earlier.
On an adjusted basis, Flowers Foods earned 24 cents per
share, beating analysts' estimates of 23 cents per share.
Sales rose 32 percent to $898.2 million in the quarter ended
July 13, above market estimates of $859.39 million.
Shares of Thomasville, Georgia-based Flowers Foods closed at
$23.52 on the New York Stock Exchange on Monday.