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00:02Flowers Foods shares fell more than 9% in pre-market trading Friday
00:07after the company reported disappointing third-quarter results
00:10and lowered its full-year outlook.
00:12The company produces packaged bakery products under brands including
00:16Nature's Own, Dave's Killer Bread, Wonder, and Tasty Cake.
00:20Adjusted earnings of $0.10 per share missed expectations of $0.15.
00:25Revenue declined nearly 5% to $1.169 billion, below estimates of $1.18 billion.
00:34Sales volumes fell 7% as price-sensitive consumers shifted towards smaller loaves
00:39and alternative products.
00:41CEO Riles McMullion cited pressure on household budgets,
00:45changing consumer behavior, and increased promotional activity.
00:49Flowers Foods lowered its full-year revenue forecast to between $5.016 billion,
00:55and $5.063 billion.
00:58The company also cut its adjusted earnings outlook to between $0.63 and $0.68 per share.
01:05Management expects challenging market conditions to continue.
01:08Shares were down 9.15% at $5.46 during pre-market trading on Friday,
01:15according to Benzinga ProData.
01:17For all things money, visit Benzinga.com.
