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Flowers Foods provides upbeat profit and sales growth outlook, has cut 250 jobs in reorganization
Shares of Wonder bread and Nature's Own brands parent Flowers Foods Inc. rose 1.9% in premarket trading Monday, after the company provided an upbeat outlook for its second-quarter, and announced the consolidation of its fresh packaged bread business. The company said it expects adjusted earnings per share of 30 cents to 33 cents a share, compared with the FactSet consensus of 23 cents. Sales for the quarter are expected to rise 4.5% to 5.0% from a year ago, while the FactSet sales consensus of $1.02 billion implies 3.7% growth. Flowers also announced an organizational realignment, including the consolidation of its packaged bread and specialty snacking business units. Among other restructuring actions, the company said it has cut 250 jobs across different departments, representing about 2.6% of its workforce. "While we regret losing these team members, this move directly supports our strategic priorities to reduce the complexity of our business, improve our margins, and ensure we have the right resources in place to sustain long-term growth," said Chief Executive Ryals McMullian. The stock has gained 0.7% year to date through Friday, while the S&P 500 has eased 0.2%.
https://finance.yahoo.com/m/4fb2dd0.../flowers-foods-provides-upbeat.html?.tsrc=rss
Shares of Wonder bread and Nature's Own brands parent Flowers Foods Inc. rose 1.9% in premarket trading Monday, after the company provided an upbeat outlook for its second-quarter, and announced the consolidation of its fresh packaged bread business. The company said it expects adjusted earnings per share of 30 cents to 33 cents a share, compared with the FactSet consensus of 23 cents. Sales for the quarter are expected to rise 4.5% to 5.0% from a year ago, while the FactSet sales consensus of $1.02 billion implies 3.7% growth. Flowers also announced an organizational realignment, including the consolidation of its packaged bread and specialty snacking business units. Among other restructuring actions, the company said it has cut 250 jobs across different departments, representing about 2.6% of its workforce. "While we regret losing these team members, this move directly supports our strategic priorities to reduce the complexity of our business, improve our margins, and ensure we have the right resources in place to sustain long-term growth," said Chief Executive Ryals McMullian. The stock has gained 0.7% year to date through Friday, while the S&P 500 has eased 0.2%.
https://finance.yahoo.com/m/4fb2dd0.../flowers-foods-provides-upbeat.html?.tsrc=rss
