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Flowers Foods Q4 profit falls YOY

Flowers Foods Inc. said its fourth-quarter normalized net income was 15 cents per share, compared with the S&P Capital IQ consensus estimate of 16 cents per share.

In the prior-year period, the per-share result was a profit of 15 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $32.3 million, a decline from $32.9 million in the fourth quarter ended Jan. 2, 2016.

The normalized profit margin increased to 4.2% from 3.8% in the year-earlier period.

Total revenue rose year over year to $868.7 million from $858.4 million, and total operating expenses rose year over year to $813.2 million from $804.1 million.

Reported net income decreased 61.4% on an annual basis to $12.5 million, or 6 cents per share, from $32.3 million, or 15 cents per share.

For the year, the company's normalized net income totaled 87 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 90 cents.

EPS declined from 89 cents in the prior year.

Normalized net income was $182.3 million, a fall from $189.4 million in the prior year.

Full-year total revenue rose from the prior-year period to $3.93 billion from $3.78 billion, and total operating expenses grew year over year to $3.62 billion from $3.47 billion.

The company said reported net income declined 13.6% on an annual basis to $164.1 million, or 78 cents per share, in the full year, from $189.9 million, or 89 cents per share.