Packaged bakery food company Flowers Foods (NYSE: FLO) will be announcing earnings results this Thursday after the bell. Here’s what to expect.
Flowers Foods missed analysts’ revenue expectations last quarter, reporting revenues of $1.19 billion, down 4% year on year. It was a sluggish quarter for the company, with a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.
Is Flowers Foods a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Flowers Foods’s revenue to decline 4.2% year on year, a reversal from the 3% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Flowers Foods has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Flowers Foods’s peers in the perishable food segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Freshpet delivered year-on-year revenue growth of 10%, beating analysts’ expectations by 1.3%, and Beyond Meat reported a revenue decline of 8.1%, topping estimates by 0.8%. Freshpet traded down 6.9% following the results while Beyond Meat was also down 15.2%.
Read our full analysis of Freshpet’s results here and Beyond Meat’s results here.
There has been positive sentiment among investors in the perishable food segment, with share prices up 7.5% on average over the last month. Flowers Foods is up 7.4% during the same time and is heading into earnings with an average analyst price target of $7.30 (compared to the current share price of $6.49).
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