Flowers Foods (FLO) FY2018 results: revenue $4.0 billion, up 0.8% on the year
Flowers Foods Inc. (FLO) reported revenue of $4.0 billion for fiscal 2018, the year ended 29 December 2018, up 0.8% on the year before. Net income was $157 million, up 4.7%, and diluted earnings per share $0.74. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$4.0 billion
+0.8% on the year
FY2011FY2018
Operating margin
5.4%
4.1% a year earlier
FY2011FY2018
Net income
$157 million
+4.7% on the year
FY2011FY2018
Diluted EPS
$0.74
+4.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,952
3,921
3,927
+0.8%
Cost of revenue
2,067
2,009
n/a
+2.9%
Gross profit
1,885
1,911
n/a
-1.4%
Gross margin
47.7%
48.7%
n/a
Research and development
4.9
2.4
3.0
+104.2%
Selling, general and administrative
1,507
1,510
1,469
-0.2%
Operating income
212
161
265
+31.9%
Operating margin
5.4%
4.1%
6.7%
Interest expense
35.7
36.6
34.9
-2.4%
Pre-tax income
197
149
250
+32.1%
Income tax
40.0
-0.8
85.8
Effective tax rate
20.3%
-0.6%
34.4%
Net income
157
150
164
+4.7%
Net margin
4.0%
3.8%
4.2%
Diluted EPS
$0.74
$0.71
$0.78
+4.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
296
297
357
-0.5%
Capital expenditure
99.4
75.2
102
+32.2%
Free cash flow
196
222
255
-11.6%
Free cash flow margin
5.0%
5.7%
6.5%
Cash from investing
-302
-35.4
-76.7
Cash from financing
26.1
-263
-288
Depreciation and amortisation
144
147
141
-1.8%
Share-based compensation
8.1
16.1
18.8
-49.4%
Buybacks
2.5
2.7
126
-6.8%
Dividends paid
150
141
131
+6.5%
Dividend per share
$0.71
$0.67
$0.62
+6.0%
Diluted shares, weighted
212m
210m
210m
+0.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,258
1,251
1,210
+0.6%
Debt
980
805
958
+21.7%
Other liabilities
608
604
593
+0.6%
Total liabilities and equity
2,846
2,660
2,761
+7.0%
Fixed assets
744
732
781
+1.6%
Goodwill
545
465
466
+17.3%
Intangible assets
795
742
836
+7.1%
Cash and equivalents
25.3
5.1
6.4
+393.4%
Inventory
123
111
111
+10.4%
Other assets
613
604
561
+1.5%
Total assets
2,846
2,660
2,761
+7.0%
10-K for the year ended 29 December 2018, filed 19 February 2020: the filing.