Flowers Foods Updates FY17 Guidance - Quick Facts

(RTTNews) - Flowers Foods, Inc. (FLO) announced its fiscal 2017 adjusted EPS is now expected to be in the range of $0.85 to $0.90, excluding the gain on the sale of the Cedar Rapids, Iowa mix plant of $0.09 per share, costs associated with the closing of the Winston-Salem bakery of approximately $0.01 to $0.02 per share, and consulting costs associated with Project Centennial of approximately $0.11 to $0.12 per share. The company now expects sales to be in the range of $3.888 billion to $3.927 billion, a year-over-year change of between approximately down 1.0% to flat.

To improve the profitability of its Warehouse segment, the company will close a snack cake bakery in Winston-Salem, North Carolina in early October. Sweet baked goods production will shift to more efficient Flowers' snack cake bakeries. Employees affected by the closure will be offered a severance package.