Flowers Foods reports Q1 adjusted EPS 44c, consensus 39c

Reports Q1 revenue $1.44B, consensus $1.4B. "We delivered another quarter of record results, reflecting outstanding top line growth and disciplined execution on costs," said CEO Ryals McMullian. "Focused implementation of our portfolio strategy drove market share gains for our leading brands, as consumers continued to gravitate to these differentiated products despite widespread inflation. To sustain this robust momentum, we intend to invest in marketing and advertising, introduce new and innovative products, and expand production capacity. We are adjusting our outlook for FY22 to account for improved pricing, higher-than-expected inflation, and supply chain disruptions. To mitigate resource shortages and volatile commodity prices, which increased beyond our initial expectations, we continue to execute on efficiency initiatives and we have implemented a price increase that will become effective in the second quarter. The resulting price lag, combined with the supply chain disruptions, is expected to impact EPS by a total of 5c in Q2 and Q3. We are encouraged by the strong underlying fundamentals of our business, and our industry-leading team remains dedicated to enhancing long-term shareholder value."