Flowers Foods (NYSE: FLO) reported Q1 EPS of $0.30, $0.01 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $1.21 billion versus the consensus estimate of $1.2 billion.

First Quarter Summary:Compared to the prior year first quarter where applicable

• Sales increased 1.6% to $1.206 billion. Excluding a 2017 divestiture of a mix manufacturing business, sales increased 1.7%.
• Diluted EPS decreased $0.05 to $0.24.
• Adjusted diluted EPS(1) increased $0.05 to $0.30.
• Net income decreased 15.2% to $51.2 million.
• Adjusted net income increased 20.1% to $63.2 million
• Adjusted EBITDA(2) increased 0.1% to $132.9 million.

Reaffirmed Outlook for Fiscal 2018:

• Expected sales in the range of approximately $3.921 billion to $3.982 billion, representing growth of approximately 0.0% to 1.6%.
• Expected adjusted diluted EPS in the range of approximately $1.04 to $1.16, representing growth of approximately 16.9% to 30.3%.
  • Adjusted EPS guidance includes approximately $0.14 to $0.16 related to the impact of the lower effective tax rate, and excludes consulting and restructuring costs associated with Project Centennial expected to be in the range of $13 million to $16 million. Previously, the company estimated the effect of the lower tax rate to be approximately $0.15 to $0.17 and costs associated with Project Centennial to be $12 to $15 million.
  • This quarter included an additional $2.3 million revision to the multi-employer pension plan (MEPP) withdrawal liability, a pension settlement loss of $4.7 million, and a legal settlement of $1.4 million. These items are also excluded from adjusted EPS guidance for fiscal 2018.

GUIDANCE:

Flowers Foods sees FY2018 revenue of $3.921-3.982 billion, versus the consensus of $3.93 billion.

For earnings history and earnings-related data on Flowers Foods (FLO) click here.