Flowers Foods (FLO) Increases Share Buyback Plan by Additional 20M Shares, Hikes Dividend to $0.22

May 26, 2022 9:01 AM EDT

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Flowers Foods, Inc. (NYSE: FLO), producer of Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, Tastykake, and other bakery foods, today announced that its board of directors has declared a quarterly dividend of $ 0.22 per share, an increase of 4.8% over the same quarter last year. This is the 79th consecutive quarterly dividend paid by the company and is payable on June 23, 2022, to shareholders of record on June 9, 2022. This action increases the annualized dividend rate to $0.88 per share from $0.84 per share at this time last year.

In other actions, the board increased the company's share repurchase authorization by 20 million shares. At the close of the company's first quarter on April 23, 2022, 5.4 million shares remained under the existing authorization. With the board's action today, the current authorization increases to 25.4 million shares, affording ample repurchase capacity as the company continues to execute its growth plan and maintain balance sheet discipline.

"I am pleased to announce the board's decision to increase the dividend and share repurchase authorization, which reflects our confidence in Flowers' growth prospects and balance sheet strength," said Ryals McMullian, Flowers Foods president and CEO. "The fundamentals of our business remain strong, and we are working steadfastly to enhance our prospects. Our strong cash flow enables continued investment in our leading brands, while enhancing shareholder return via a growing dividend and opportunistic share repurchases."

The Board's authorization permits the Company to make purchases of its Common Stock from time to time in the open market or through privately negotiated transactions, subject to market and other conditions, up to the aggregate amount authorized by the Board. The Board's authorization has no expiration date.



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