Wednesday, February 10, 2016

Cost of ingredients lowers Flowers Foods' Q2 profits

The Georgia company that bought Tasty Baking earlier this year said its net income fell by 17 percent and it lowered its full-year EPS estimate.

Cost of ingredients lowers Flowers Foods' Q2 profits

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Tasty Baking's parent company got socked by high ingredient costs and reported Q2 net income down by 17 percent.

Flowers Foods, of Thomasville, Ga., also lowered its estimate on full-year earnings per share to flat to up 5 percent. That's down from an expected 5 to 10 percent increase.

Revenue did rise 6 percent for Flowers to $642.6M, thanks in part to its April acquisition of the baker of Tastykakes.

Think Verizon is close to dialing up a solution to its 11-day strike? Nope. The communications company is telling the 45,000 workers on strike that it will suspend benefits, including health insurance, at the end of the month if they haven't returned to work. One union official told Bloomberg News it was a "scare" tactic.

As for what so many experts dub a lackluster retail environment, there sure are a lot of retailers reporting financial results that are better than last year. Target, Staples and the "Jersey Shore's" fav, Abercrombie & Fitch, all reported increases in net income.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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