Shares of Flowers Foods Inc. (NYSE: FLO) are soaring in pre-market trading on Wednesday, up over 5% after the packaged bakery foods company reported better-than-expected earnings for the third quarter of fiscal 2024.
Flowers Foods posted adjusted earnings per share of $0.33 for Q3, beating the consensus estimate of $0.29. Net sales declined slightly to $1.19 billion, just shy of the $1.20 billion analysts were expecting.
The company attributed the earnings beat to strong performance from its leading brands and successful execution of cost initiatives and portfolio strategy. Despite headwinds from a pressured consumer environment, Flowers Foods was able to grow sales in its key branded retail bread segment.
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