Flowers Foods to Report Second Quarter 2024 Results

Increased Quarterly Dividend and Financial Performance Update

August 10, 2023 - Flowers Foods, Inc. (NYSE: FLO) today announced that its Board of Directors has approved an increase in the company's quarterly cash dividend. The new quarterly dividend rate will be $0.23 per share, an increase of 6.5% from the previous rate of $0.215 per share. The increased dividend will be payable on September 15, 2023, to shareholders of record as of the close of business on August 31, 2023.

Financial Performance Update

In addition, the company provided an update on its financial performance for the second quarter of 2023. For the quarter, the company expects to report net sales of approximately $1.3 billion, an increase of approximately 5% compared to the same period last year. Adjusted net income is expected to be approximately $65 million, an increase of approximately 6.5% compared to the same period last year.

The company's strong financial performance is being driven by continued growth in its core bread and bakery products business, as well as contributions from its recent acquisitions. The company's focus on innovation and new product development is also helping to drive growth.

"We are pleased with our financial performance in the second quarter," said Ryals McMullian, Flowers Foods' President and Chief Executive Officer. "Our core business continues to perform well, and our recent acquisitions are contributing to our growth. We remain focused on executing our strategic plan and driving long-term value for our shareholders."

Flowers Foods will report its second quarter 2023 financial results on Friday, August 16, 2023, at 7:00 a.m. ET. The company will host a live webcast to discuss the results at 8:00 a.m. ET. To access the webcast, please visit the company's website at www.flowersfoods.com.

About Flowers Foods

Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of packaged bakery products in the United States with annual sales of approximately $4.1 billion. Flowers Foods produces a wide range of bakery products, including breads, buns, rolls, tortillas, and pastries. The company's products are sold through supermarkets, convenience stores, and other retail outlets. Flowers Foods has over 50 bakeries located in the United States and employs approximately 18,000 associates.