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Omar Venerio
Omar Venerio
Articles (1573) 

Wall Street Green on Thursday

Flowers Foods advances on strong earnings

U.S. stocks were in positive territory on Thursday. The Dow Jones Industrial Average gained 0.91% to 25,877, the S&P 500 index advanced 0.95% to 2,878 and the Nasdaq Composite Index rose 1.01% to 7,901.

Shares of Flowers Foods Inc. (NYSE:FLO) gained more than 6% on Thursday after the company announced first-quarter results. Revenue grew 4.1% from the prior-year quarter to $1.26 billion, beating expectations by $30 million. Earnings of 32 cents per share topped estimates by 2 cents.

"In our core business, we benefited from pricing actions taken to mitigate inflationary headwinds as well as continued growth from key brands including Dave's Killer Bread, Nature's Own, and Wonder," President and CEO Allen Shiver said. "The recently acquired Canyon Bakehouse also drove top-line growth, and we remain on-track with the rollout of the brand across our distribution network."

On a consolidated basis, branded retail sales grew 6.2% to $755.6 million, store branded retail sales climbed 12.4% to $193.1 million and non-retail and other sales declined 2.4% to $315.1 million.

During the quarter, the operating income increased 18.2% to $90.6 million and adjusted operating income grew 5% to $92.4 million. Adjusted earnings before interest, taxes, depreciation and amortization rose 3.8% to $137.2 million.

Gainers

Losers

Global markets

The main European stock markets traded higher. The U.K.'s FTSE 100 gained 0.78%, France's CAC 40 climbed 1.37%, Germany's Dax advanced 1.74% and Spain's IBEX 35 jumped 1.39%.

In Asia, Japan's Nikkei 225 fell 0.59%, India’s BSE Sensex rose 0.75%, Hong Kong's Hang Seng swelled 0.02% and China's Shanghai Composite inched up 0.58%.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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