Flowers Foods, Inc. Reports Third Quarter 2020 Results

THOMASVILLE, Ga., Nov. 5, 2020 /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO), producer of Nature's Own, Dave's Killer Bread, Wonder, Tastykake, and other bakery foods, today reported financial results for the company's 12-week third quarter ended October 3, 2020.

Third Quarter Summary:

Compared to the prior year third quarter where applicable

  • Sales increased 2.4% to $989.7 million.
  • Net income increased 2.3% to $44.3 million. Adjusted net income increased 36.3% to $62.4 million.
  • Adjusted EBITDA(1) increased 22.4% to $116.4 million, representing 11.8% of sales, a 200-basis point increase.
  • Diluted EPS increased $0.01 to $0.21. Adjusted diluted EPS(1) increased $0.07 to $0.29.

(1)  Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release.

CEO's Remarks:

"Our record third quarter reflects a favorable operating environment for our branded retail business and our continued focus on achieving our strategic priorities," said Ryals McMullian, Flowers Foods' president and CEO. "The impact of the COVID-19 pandemic persisted in the third quarter, though at more moderate levels than in the second quarter. Our team continues to perform exceptionally well in this unprecedented environment and I am proud of their resiliency as they continue to serve our markets."

"We are capitalizing on the increased frequency of in-home eating, which has driven elevated trial of our market-leading products, by executing on our portfolio strategy and supply chain optimization initiatives," he continued. "We expect the demand environment to continue to moderate, but we believe our focus on product quality, innovation, and marketing will allow us to retain many of these new consumers and drive improved sales growth and margin expansion in support of our long-term growth targets."

McMullian added, "We remain confident in our ability to deliver at least $20 million of cost savings this year and are working tirelessly to drive even more efficiencies. With our organizational restructuring and portfolio and supply chain optimization initiatives, we are becoming a more branded-focused company, which will ultimately boost our ability to drive shareholder value."

For the 53-week Fiscal 2020, the Company Expects:

  • Sales in the range of approximately $4.350 billion to $4.370 billion, representing growth of approximately 5.5% to 6.0%.
  • Diluted EPS in the range of approximately $0.65 to $0.70.
  • Adjusted diluted EPS in the range of approximately $1.23 to $1.28, adjusted for items affecting comparability, representing annual growth of approximately 28.1% to 33.3%.

The company's outlook includes the following assumptions:

  • Portfolio and supply chain optimization benefit in excess of $20 million
  • Depreciation and amortization in the range of $140 million to $145 million
  • Net interest expense of approximately $11 million
  • An effective tax rate of approximately 24.0% to 24.5%
  • Weighted average diluted share count for the year of approximately 212.5 million shares
  • Capital expenditures for the year in the range of $85 million to $95 million

Matters Affecting Comparability:

 Reconciliation of Earnings per Share to Adjusted Earnings per Share 






 For the 12 Weeks Ended 


 Oct. 3, 2020 


 Oct. 5, 2019 





Net income per diluted common share

$            0.21


$            0.20

Restructuring and related impairment charges

0.07


0.01

Project Centennial consulting costs

0.02


-

ERP road mapping consulting costs

0.01


-

Legal settlements 

0.01


-

Pension plan settlement gain

(0.03)


-

Adjusted net income per diluted common share

$            0.29


$            0.22





Certain amounts may not compute due to rounding.

Consolidated Third Quarter Operating Highlights
Compared to the prior year third quarter where applicable

  • Sales increased 2.4% to $989.7 million.
  • Percentage point change in sales attributed to:
    • Pricing/mix: 8.1%, primarily driven by mix
    • Volume: -5.7%
  • Branded retail sales increased $71.2 million or 12.2% to $657.1 million, store branded retail sales decreased $14.4 million or 9.5% to $136.6 million, while non-retail and other sales decreased $33.7 million or 14.7% to $196.0 million.
    • Branded retail sales increased due to the impact of the COVID-19 pandemic, new product introductions, lower promotional activity, and a reduction in product returns.
    • Store branded retail sales decreased primarily due to volume declines as consumer purchasing shifted to branded retail products, partly offset by improved price/mix.
    • Non-retail and other sales declined primarily due to the impact of the pandemic on foodservice customers.
  • Net income increased 2.3% to $44.3 million. Adjusted net income increased 36.3% to $62.4 million.
  • Adjusted EBITDA increased 22.4% to $116.4 million, representing 11.8% of sales, a 200-basis point increase.
  • Materials, supplies, labor and other production costs (exclusive of depreciation and amortization) were 50.3% of sales, a 240-basis point decrease. These costs were lower as a percentage of sales due to positive shifts in mix from non-retail and store branded retail products to branded retail products. Ingredient and packaging costs declined due to the mix shift and lower product returns.
  • Selling, distribution and administrative (SD&A) expenses were 39.1% of sales, a 160-basis point increase. Excluding matters affecting comparability, adjusted SD&A expenses were 38.0% of sales, a 50-basis point increase. Higher employee incentive costs and an increase in distributor distribution fees due to a shift in product mix were the primary drivers of the increased costs. Partially offsetting the higher costs were lower logistics expenses related to the product mix shift, lower fuel costs, and the benefit of supply chain optimization projects.
  • Depreciation and amortization (D&A) expenses were $32.2 million, or 3.2% of sales, a 20-basis point decrease.

Cash Flow, Capital Allocation, and Capital Return
Year-to-date, through the third quarter of fiscal 2020, cash flow from operating activities increased by $86.3 million to $364.4 million, capital expenditures decreased $2.3 million to $68.3 million, and dividends paid increased $5.1 million to $124.9 million. There were no debt borrowings or repayments in the quarter. Cash and cash equivalents were $325.8 million at quarter-end.

There are 6.2 million shares authorized for repurchase under the company's current share repurchase plan. The company expects to continue to make opportunistic share repurchases from time to time under this plan.

Pre-Recorded Management Remarks and Question and Answer Webcast
In conjunction with this release, Flowers Foods will post pre-recorded management remarks and a supporting slide presentation to its website. The company will host a live question and answer webcast at 8:30 a.m. (Eastern) on November 6, 2020. The pre-recorded remarks and the webcast can be accessed at flowersfoods.com/investors and will be archived on the company's website.

About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of packaged bakery foods in the United States with 2019 sales of $4.1 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own, Dave's Killer Bread, Wonder, and Tastykake. Learn more at www.flowersfoods.com.

FLO-CORP FLO-IR

Forward-Looking Statements
Statements contained in this press release that are not historical facts are forward-looking statements. Forward-looking statements relate to current expectations regarding our future financial condition, performance and results of operations and the ultimate impact of the novel strain of coronavirus (COVID-19) pandemic on our business, results of operations and financial condition, planned capital expenditures, long-term objectives of management, supply and demand, pricing trends and market forces, and integration plans and expected benefits of transactions and are often identified by the use of words and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "would," "is likely to," "is expected to" or "will continue," or the negative of these terms or other comparable terminology. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Other factors that may cause actual results to differ from the forward-looking statements contained in this release and that may affect the company's prospects in general include, but are not limited to, (a) the ultimate impact of the COVID-19 pandemic and measures taken in response thereto, including, among other things, temporary or ongoing bakery closures, on our business, results of operations and financial condition, which are highly uncertain and are difficult to predict, (b) general economic and business conditions and the competitive conditions in the baked foods industry, including promotional and price competition, (c) changes in consumer demand for our products, including changes in consumer behavior, trends and preferences, including health and whole grain trends, and the movement toward more inexpensive store-branded products, (d) the success of productivity improvements and new product introductions, (e) a significant reduction in business with any of our major customers including a reduction from adverse developments in any of our customer's business, (f) fluctuations in commodity pricing, (g) energy and raw material costs and availability and hedging and counterparty risk, (h) our ability to fully integrate recent acquisitions into our business, (i) our ability to achieve cash flow from capital expenditures and acquisitions and the availability of new acquisitions that build shareholder value, (j) our ability to successfully implement our business strategies, including those strategies the company has initiated under Project Centennial, which may involve, among other things, the deployment of new systems and technology and an enhanced organizational structure; (k) our ability to integrate recent acquisitions or the acquisition or disposition of assets at presently targeted values, (l) consolidation within the baking industry and related industries, (m) disruptions in our direct-store delivery system, including litigation or an adverse ruling from a court or regulatory or government body that could affect the independent contractor classification of our independent distributors, (n) increasing legal complexity and legal proceedings that we are or may become subject to, (o) product recalls or safety concerns related to our products, and (p) the failure of our information technology systems to perform adequately, including any interruptions, intrusions or security breaches of such systems or risks associated with the planned implementation of a new enterprise resource planning system. The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other public disclosures made by the company, including the risk factors included in our most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and disclosures made in other filings with the SEC and company press releases, for other factors that may cause actual results to differ materially from those projected by the company. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or update such statements, except as required by law.

Information Regarding Non-GAAP Financial Measures
The company prepares its consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, from time to time, the company may present in its public statements, press releases and SEC filings, non-GAAP financial measures such as, EBITDA, adjusted EBITDA, adjusted EBIT, EBITDA margin, adjusted EBITDA margin, adjusted net income, adjusted operating income, adjusted EPS, adjusted income tax expense, adjusted selling, distribution and administrative expenses (SD&A), gross margin excluding depreciation and amortization, free cash flow, and the ratio of net debt to adjusted EBITDA. The reconciliations attached provide reconciliations of the non-GAAP measures used in this presentation or release to the most comparable GAAP financial measure. The company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

The company defines EBITDA earnings before interest, taxes, depreciation and amortization. The company defines free cash flow as operating cash flow minus capital expenditures. The company believes that free cash flow provides investors a better understanding of the company's liquidity position. The company believes that EBITDA is a useful tool for managing the operations of its business and is an indicator of the company's ability to incur and service indebtedness and generate free cash flow. EBITDA is used as the primary performance measure in the company's 2014 Omnibus Equity and Incentive Compensation Plan. Furthermore, pursuant to the terms of our credit facility, EBITDA is used to determine the company's compliance with certain financial covenants. The company also believes that EBITDA measures are commonly reported and widely used by investors and other interested parties as measures of a company's operating performance and debt servicing ability because EBITDA measures assist in comparing performance on a consistent basis without regard to depreciation or amortization, which can vary significantly depending upon accounting methods and non-operating factors (such as historical cost). EBITDA is also a widely-accepted financial indicator of a company's ability to incur and service indebtedness.

EBITDA should not be considered an alternative to (a) income from operations or net income (loss) as a measure of operating performance; (b) cash flows provided by operating, investing and financing activities (as determined in accordance with GAAP) as a measure of the company's ability to meet its cash needs; or (c) any other indicator of performance or liquidity that has been determined in accordance with GAAP.

The company defines adjusted EBITDA, adjusted EBIT, EBITDA margin, adjusted EBITDA margin, adjusted net income, adjusted operating income, adjusted EPS, adjusted income tax expense, adjusted SD&A, respectively, excluding the impact of asset impairment charges, Project Centennial consulting costs, lease terminations and legal settlements, acquisition-related costs, and pension plan settlements. Adjusted income tax expense also excludes the impact of tax reform. The company believes that these measures, when considered together with its GAAP financial results, provides management and investors with a more complete understanding of its business operating results, including underlying trends, by excluding the effects of certain charges.

The company defines net debt as total debt less cash and cash equivalents. Net debt to EBITDA is used as a measure of financial leverage employed by the company. Gross margin excluding depreciation and amortization is used as a performance measure to provide additional transparent information regarding our results of operations on a consolidated and segment basis. Changes in depreciation and amortization are separately discussed and include depreciation and amortization for materials, supplies, labor and other production costs and operating activities.

Presentation of gross margin includes depreciation and amortization in the materials, supplies, labor and other production costs according to GAAP. Our method of presenting gross margin excludes the depreciation and amortization components, as discussed above.

The reconciliations attached provide reconciliations of the non-GAAP measures used in this presentation or release to the most comparable GAAP financial measure.

Flowers Foods, Inc.

Condensed Consolidated Balance Sheets

(000's omitted)

























October 3, 2020



December 28, 2019

Assets







     Cash and Cash Equivalents


$

325,831


$

11,044








     Other Current Assets



512,521



515,165








     Property, Plant & Equipment, net



694,450



717,822








     Right-of-Use Leases, net



353,400



399,302








     Distributor Notes Receivable (1) 



210,352



226,348








     Other Assets



20,676



12,644








     Cost in Excess of Net Tangible Assets, net



1,268,238



1,295,451








     Total Assets


$

3,385,468


$

3,177,776








Liabilities and Stockholders' Equity







     Current Liabilities


$

459,107


$

463,431








     Long-term Debt (2)



1,009,839



866,508








     Right-of-Use Lease Liabilities (3)



372,364



404,503








     Other Liabilities



192,672



179,904








     Stockholders' Equity



1,351,486



1,263,430








     Total Liabilities and Stockholders' Equity


$

3,385,468


$

3,177,776















(1) Includes current portion of $28,291 and $27,709, respectively.

(2) Includes current portion of $0 and $3,730, respectively.

(3) Includes current portion of $57,176 and $60,982, respectively.

 

Flowers Foods, Inc.

Consolidated Statement of Operations

(000's omitted, except per share data)





























For the 12 Week
Period Ended


For the 12 Week
Period Ended



For the 40 Week
Period Ended


For the 40 Week
Period Ended





October 3, 2020


October 5, 2019



October 3, 2020


October 5, 2019

Sales

$

989,650

$

966,561


$

3,364,955

$

3,206,215

Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately below)


497,659


509,056



1,674,565


1,669,749

Selling, distribution and administrative expenses


386,739


362,380



1,305,678


1,197,926

Recovery on inferior ingredients


-


-



-


(413)

Restructuring and related impairment charges


20,100


3,277



30,635


6,042

Depreciation and amortization expense


32,162


33,196



110,005


111,344

Income from operations 


52,990


58,652



244,072


221,567

Other pension (benefit) cost 


(72)


518



(1)


1,729

Pension plan settlement and curtailment (gain) loss


(7,153)


-



109,054


-

Interest expense, net


2,755


2,334



8,938


8,927

Income before income taxes 


57,460


55,800



126,081


210,911

Income tax expense 


13,113


12,442



29,587


48,592

Net income 

$

44,347

$

43,358


$

96,494

$

162,319













Net income per diluted common share

$

0.21

$

0.20


$

0.45

$

0.77













Diluted weighted average shares outstanding


212,458


212,014



212,270


211,956

 

Flowers Foods, Inc.

Condensed Consolidated Statement of Cash Flows

(000's omitted)


























For the 12 Week
Period Ended


For the 12 Week
Period Ended



For the 40 Week
Period Ended


For the 40 Week
Period Ended




October 3, 2020


October 5, 2019



October 3, 2020


October 5, 2019

Cash flows from operating activities:










Net income 

$

44,347

$

43,358


$

96,494

$

162,319

Adjustments to reconcile net income to net cash










  from operating activities:











Total non-cash adjustments


40,622


42,449



234,135


140,018


Changes in assets and liabilities and pension contributions

3,673


(15,764)



33,807


(24,237)

Net cash provided by operating activities


88,642


70,043



364,436


278,100

Cash flows from investing activities:











Purchase of property, plant and equipment 


(21,676)


(23,198)



(68,270)


(70,610)


Proceeds from sale of property, plant and equipment 


248


2,005



1,700


2,548


Other


4,620


1,831



13,983


2,956

Net cash disbursed for investing activities


(16,808)


(19,362)



(52,587)


(65,106)

Cash flows from financing activities:











Dividends paid


(42,320)


(40,189)



(124,948)


(119,799)


Payment of contingent consideration


-


-



(4,700)


-


Stock repurchases


-


-



(783)


(7,054)


Net change in debt borrowings


-


(15,750)



142,500


(102,500)


Payments on financing leases


(2,593)


(1,682)



(6,493)


(4,985)


Other


(652)


4,139



(2,638)


3,006

Net cash (disbursed for) provided by financing activities


(45,565)


(53,482)



2,938


(231,332)

Net increase (decrease) in cash and cash equivalents


26,269


(2,801)



314,787


(18,338)

Cash and cash equivalents at beginning of period


299,562


9,769



11,044


25,306

Cash and cash equivalents at end of period

$

325,831

$

6,968


$

325,831

$

6,968

 

Flowers Foods, Inc.

Sales by Sales Class and Sales Bridge

(000's omitted)







Sales by Sales Class

For the 12 Week
Period Ended

For the 12 Week
Period Ended





October 3, 2020

October 5, 2019

$ Change

% Change








Branded Retail

$                    657,050

$                   585,844

$              71,206

12.2%


Store Branded Retail

136,639

151,057

(14,418)

-9.5%


Non-Retail and Other

195,961

229,660

(33,699)

-14.7%


Total Sales

$                    989,650

$                   966,561

$              23,089

2.4%














Sales by Sales Class

For the 40 Week
Period Ended

For the 40 Week
Period Ended





October 3, 2020

October 5, 2019

$ Change

% Change








Branded Retail

$                2,236,301

$                1,928,500

$            307,801

16.0%


Store Branded Retail

472,238

505,388

(33,150)

-6.6%


Non-Retail and Other

656,416

772,327

(115,911)

-15.0%


Total Sales

$                3,364,955

$                3,206,215

$            158,740

5.0%














Sales Bridge








Net

Total



For the 12 Week Period Ended October 3, 2020

Volume

Price/Mix

Sales Change









Flowers Foods

-5.7%

8.1%

2.4%















Sales Bridge








Net

Total



For the 40 Week Period Ended October 3, 2020

Volume

Price/Mix

Sales Change









Flowers Foods

-2.5%

7.5%

5.0%









 

Flowers Foods, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(000's omitted, except per share data)














Reconciliation of Earnings per Share to Adjusted Earnings per Share




For the 12 Week Period Ended


For the 12 Week Period Ended


For the 40 Week Period Ended


For the 40 Week Period Ended




October 3, 2020


October 5, 2019


October 3, 2020


October 5, 2019











Net income per diluted common share


$                    0.21


$                    0.20


$                    0.45


$                   0.77

Recovery on inferior ingredients


-


-


-


 NM 

Restructuring and related impairment charges


0.07


0.01


0.11


0.02

Project Centennial consulting costs


0.02


-


0.05


-

ERP road mapping consulting costs


0.01


-


0.01


-

Legal settlements (recovery)


0.01


-


0.02


 NM 

Executive retirement agreement


-


-


-


 NM 

Canyon acquisition costs


-


-


-


 NM 

Pension plan settlement and curtailment (gain) loss


(0.03)


-


0.39


-

Other pension plan termination costs


-


-


 NM 


-

Adjusted net income per diluted common share


$                    0.29


$                    0.22


$                    1.03


$                   0.78

NM - not meaningful.









Certain amounts may not add due to rounding.






















Reconciliation of Gross Margin




For the 12 Week Period Ended


For the 12 Week Period Ended


For the 40 Week Period Ended


For the 40 Week Period Ended




October 3, 2020


October 5, 2019


October 3, 2020


October 5, 2019

Sales


$             989,650


$             966,561


$         3,364,955


$        3,206,215

Materials, supplies, labor and other production costs (exclusive of depreciation and amortization)


497,659


509,056


1,674,565


1,669,749

Gross Margin excluding depreciation and amortization


491,991


457,505


1,690,390


1,536,466

Less depreciation and amortization for production activities


17,443


18,454


59,814


62,022

Gross Margin


$             474,548


$             439,051


$         1,630,576


$        1,474,444











Depreciation and amortization for production activities


$               17,443


$               18,454


$               59,814


$              62,022

Depreciation and amortization for selling, distribution and administrative activities


14,719


14,742


50,191


49,322

Total depreciation and amortization


$               32,162


$               33,196


$             110,005


$            111,344














Reconciliation of Selling, Distribution and Administrative Expenses to Adjusted SD&A




For the 12 Week Period Ended


For the 12 Week Period Ended


For the 40 Week Period Ended


For the 40 Week Period Ended




October 3, 2020


October 5, 2019


October 3, 2020


October 5, 2019

Selling, distribution and administrative expenses (SD&A)


$             386,739


$             362,380


$         1,305,678


$        1,197,926

Project Centennial consulting costs


(5,068)


-


(14,044)


-

ERP road mapping consulting costs


(3,079)


-


(3,079)


-

Legal (settlements) recovery


(3,011)


-


(6,231)


1,136

Executive retirement agreement


-


-


-


(763)

Canyon acquisition costs


-


-


-


(22)

Other pension plan termination costs


-


-


(133)


-

Adjusted SD&A


$             375,581


$             362,380


$         1,282,191


$        1,198,277














Reconciliation of Net Income to EBITDA and Adjusted EBITDA




For the 12 Week Period Ended


For the 12 Week Period Ended


For the 40 Week Period Ended


For the 40 Week Period Ended




October 3, 2020


October 5, 2019


October 3, 2020


October 5, 2019











Net income 


$               44,347


$               43,358


$               96,494


$            162,319

Income tax expense 


13,113


12,442


29,587


48,592

Interest expense, net


2,755


2,334


8,938


8,927

Depreciation and amortization


32,162


33,196


110,005


111,344

EBITDA


92,377


91,330


245,024


331,182

Other pension (benefit) cost 


(72)


518


(1)


1,729

Pension plan settlement and curtailment (gain) loss


(7,153)


-


109,054


-

Other pension plan termination costs


-


-


133


-

Recovery on inferior ingredients


-


-


-


(413)

Restructuring and related impairment charges


20,100


3,277


30,635


6,042

Project Centennial consulting costs


5,068


-


14,044


-

ERP road mapping consulting costs


3,079


-


3,079


-

Legal settlements (recovery) 


3,011


-


6,231


(1,136)

Executive retirement agreement


-


-


-


763

Canyon acquisition costs


-


-


-


22

Adjusted EBITDA


$             116,410


$               95,125


$             408,199


$            338,189











Sales


$             989,650


$             966,561


$         3,364,955


$        3,206,215

Adjusted EBITDA margin


11.8%


9.8%


12.1%


10.5%

 

Flowers Foods, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(000's omitted, except per share data)
























Reconciliation of Income Tax Expense to Adjusted Income Tax Expense




For the 12 Week
Period Ended


For the 12 Week
Period Ended


For the 40 Week
Period Ended


For the 40 Week
Period Ended




October 3, 2020


October 5, 2019


October 3, 2020


October 5, 2019











Income tax expense


$                    13,113


$                  12,442


$                    29,587


$                  48,592

Tax impact of:










Recovery on inferior ingredients


-


-


-


(104)


Restructuring and related impairment charges


5,025


828


7,659


1,526


Project Centennial consulting costs


1,267


-


3,511


-


ERP road mapping consulting costs


770


-


770


-


Legal settlements (recovery)


753


-


1,558


(287)


Executive retirement agreement


-


-


-


193


Canyon acquisition costs


-


-


-


6


Pension plan settlement and curtailment (gain) loss


(1,788)


-


27,264


-


Other pension plan termination costs


-


-


33


-

Adjusted income tax expense


$                    19,140


$                  13,270


$                    70,382


$                  49,926














Reconciliation of Net Income to Adjusted Net Income




For the 12 Week
Period Ended


For the 12 Week
Period Ended


For the 40 Week
Period Ended


For the 40 Week
Period Ended




October 3, 2020


October 5, 2019


October 3, 2020


October 5, 2019











Net income 


$                    44,347


$                  43,358


$                    96,494


$                162,319

Recovery on inferior ingredients


-


-


-


(309)

Restructuring and related impairment charges


15,075


2,449


22,976


4,516

Project Centennial consulting costs


3,801


-


10,533


-

ERP road mapping consulting costs


2,309


-


2,309


-

Legal settlements (recovery) 


2,258


-


4,673


(849)

Executive retirement agreement


-


-


-


570

Canyon acquisition costs


-


-


-


16

Pension plan settlement and curtailment (gain) loss


(5,365)


-


81,790


-

Other pension plan termination costs


-


-


100


-

Adjusted net income


$                    62,425


$                  45,807


$                  218,875


$                166,263














Reconciliation of Earnings per Share - Full Year
Fiscal 2020 Guidance






Range Estimate











Net income per diluted common share


$                        0.65

to

$                      0.70



Restructuring and related impairment charges


0.11


0.11





Project Centennial consulting costs


0.05


0.05



ERP road mapping consulting costs


0.01


0.01





Legal settlements 


0.02


0.02



Pension plan settlement and curtailment loss


0.39


0.39



Other pension plan termination costs


 NM 


 NM 



Adjusted net income per diluted common share


$                        1.23

to

$                      1.28



Certain amounts may not add due to rounding.









 

 

Cision View original content:http://www.prnewswire.com/news-releases/flowers-foods-inc-reports-third-quarter-2020-results-301167364.html

SOURCE Flowers Foods, Inc.

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