Flowers Foods (FLO) FY2013 results: revenue $3.7 billion, up 23.1% on the year
Flowers Foods Inc. (FLO) reported revenue of $3.7 billion for fiscal 2013, the year ended 28 December 2013, up 23.1% on the year before. Net income was $231 million, up 69.6%, and diluted earnings per share $1.09. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2014.
Revenue
$3.7 billion
+23.1% on the year
FY2008FY2013
Operating margin
9.0%
7.2% a year earlier
FY2008FY2013
Net income
$231 million
+69.6% on the year
FY2008FY2013
Diluted EPS
$1.09
+66.8% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,733
3,031
2,773
+23.1%
Research and development
2.6
n/a
n/a
Selling, general and administrative
1,357
1,092
1,016
+24.2%
Operating income
335
219
189
+53.4%
Operating margin
9.0%
7.2%
6.8%
Interest expense
28.9
23.4
10.2
+23.3%
Pre-tax income
322
209
192
+54.4%
Income tax
91.5
72.7
68.5
+25.9%
Effective tax rate
28.4%
34.8%
35.7%
Net income
231
136
123
+69.6%
Net margin
6.2%
4.5%
4.5%
Diluted EPS
$1.09
$0.65
$0.60
+66.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
270
217
134
+24.7%
Capital expenditure
99.2
67.3
79.2
+47.5%
Free cash flow
171
150
55.1
+14.5%
Free cash flow margin
4.6%
4.9%
2.0%
Cash from investing
n/a
-385
-238
Cash from financing
n/a
174
105
Depreciation and amortisation
118
103
94.6
+15.4%
Share-based compensation
15.9
10.1
13.6
+57.6%
Buybacks
8.8
18.7
26.6
-52.9%
Dividends paid
92.8
86.5
79.1
+7.3%
Dividend per share
$0.44
$0.42
$0.39
+5.7%
Diluted shares, weighted
212m
208m
205m
+2.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,076
859
759
+25.3%
Debt
927
610
326
+52.0%
Other liabilities
500
527
469
-5.1%
Total liabilities and equity
2,504
1,996
1,554
+25.5%
Fixed assets
867
726
685
+19.4%
Goodwill
282
270
220
+4.6%
Intangible assets
657
388
141
+69.1%
Cash and equivalents
8.5
13.3
7.8
-35.7%
Inventory
101
91.0
74.1
+10.8%
Other assets
589
507
426
+16.0%
Total assets
2,504
1,996
1,554
+25.5%
10-K for the year ended 28 December 2013, filed 19 February 2014: the filing.