Flowers Foods Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 2 amounted to 15 cents per share, compared with the S&P Capital IQ consensus estimate of 21 cents per share.
EPS fell 15.0% year over year from 18 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $32.9 million, a decrease of 14.4% from $38.5 million in the year-earlier period.
The normalized profit margin dropped to 3.8% from 4.4% in the year-earlier period.
Total revenue decreased on an annual basis to $858.4 million from $877.3 million, and total operating expenses declined from the prior-year period to $804.1 million from $814.7 million.
Reported net income increased 16.4% on an annual basis to $32.3 million, or 15 cents per share, from $27.8 million, or 13 cents per share.
For the year, the company's normalized net income totaled 89 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 98 cents.
EPS rose from 86 cents in the prior year.
Normalized net income was $189.4 million, a gain from $183.6 million in the prior year.
Full-year total revenue totaled $3.78 billion, compared with $3.75 billion in the prior year, and total operating expenses totaled $3.47 billion, compared with $3.45 billion in the prior-year period.
The company said reported net income rose 8.7% on an annual basis to $189.9 million, or 89 cents per share, in the full year, from $174.7 million, or 82 cents per share.