Flowers Foods (FLO) FY2019 results: revenue $4.1 billion, up 4.4% on the year
Flowers Foods Inc. (FLO) reported revenue of $4.1 billion for fiscal 2019, the year ended 28 December 2019, up 4.4% on the year before. Net income was $165 million, up 4.7%, and diluted earnings per share $0.78. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$4.1 billion
+4.4% on the year
FY2012FY2019
Operating margin
5.5%
5.4% a year earlier
FY2012FY2019
Net income
$165 million
+4.7% on the year
FY2012FY2019
Diluted EPS
$0.78
+5.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,124
3,952
3,921
+4.4%
Cost of revenue
2,156
2,067
2,009
+4.3%
Gross profit
1,968
1,885
1,911
+4.4%
Gross margin
47.7%
47.7%
48.7%
Research and development
4.3
4.9
2.4
-12.2%
Selling, general and administrative
1,575
1,507
1,510
+4.5%
Operating income
225
212
161
+6.2%
Operating margin
5.5%
5.4%
4.1%
Interest expense
38.8
35.7
36.6
+8.9%
Pre-tax income
212
197
149
+7.6%
Income tax
47.5
40.0
-0.8
+18.9%
Effective tax rate
22.4%
20.3%
-0.6%
Net income
165
157
150
+4.7%
Net margin
4.0%
4.0%
3.8%
Diluted EPS
$0.78
$0.74
$0.71
+5.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
367
296
297
+24.0%
Capital expenditure
104
99.4
75.2
+4.3%
Free cash flow
263
196
222
+34.0%
Free cash flow margin
6.4%
5.0%
5.7%
Cash from investing
-97.1
-302
-35.4
Cash from financing
-284
26.1
-263
Depreciation and amortisation
144
144
147
+0.1%
Share-based compensation
7.4
8.1
16.1
-8.8%
Buybacks
7.1
2.5
2.7
+183.4%
Dividends paid
160
150
141
+6.5%
Dividend per share
$0.75
$0.71
$0.67
+5.6%
Diluted shares, weighted
212m
212m
210m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,263
1,258
1,251
+0.4%
Debt
1,210
980
805
+23.5%
Operating lease liabilities
324
n/a
n/a
Finance lease liabilities
19.4
n/a
n/a
Other liabilities
361
608
604
-40.6%
Total liabilities and equity
3,178
2,846
2,660
+11.7%
Fixed assets
718
744
732
-3.5%
Goodwill
545
545
465
-0.0%
Intangible assets
750
795
742
-5.6%
Cash and equivalents
11.0
25.3
5.1
-56.4%
Inventory
127
123
111
+3.6%
Other assets
1,026
613
604
+67.3%
Total assets
3,178
2,846
2,660
+11.7%
10-K for the year ended 28 December 2019, filed 19 February 2020: the filing.