Flowers Foods (FLO) FY2020 results: revenue $4.4 billion, up 6.4% on the year
Flowers Foods Inc. (FLO) reported revenue of $4.4 billion for fiscal 2020, the year ended 2 January 2021, up 6.4% on the year before. Net income was $152 million, down 7.4%, and diluted earnings per share $0.72. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$4.4 billion
+6.4% on the year
FY2013FY2020
Operating margin
7.3%
5.5% a year earlier
FY2013FY2020
Net income
$152 million
-7.4% on the year
FY2013FY2020
Diluted EPS
$0.72
-7.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,388
4,124
3,952
+6.4%
Cost of revenue
2,196
2,156
2,067
+1.9%
Gross profit
2,192
1,968
1,885
+11.4%
Gross margin
50.0%
47.7%
47.7%
Research and development
4.0
4.3
4.9
-7.0%
Selling, general and administrative
1,693
1,575
1,507
+7.5%
Operating income
321
225
212
+42.6%
Operating margin
7.3%
5.5%
5.4%
Interest expense
38.8
38.8
35.7
-0.1%
Pre-tax income
201
212
197
-5.4%
Income tax
48.4
47.5
40.0
+1.8%
Effective tax rate
24.1%
22.4%
20.3%
Net income
152
165
157
-7.4%
Net margin
3.5%
4.0%
4.0%
Diluted EPS
$0.72
$0.78
$0.74
-7.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
454
367
296
+23.8%
Capital expenditure
97.9
104
99.4
-5.6%
Free cash flow
357
263
196
+35.4%
Free cash flow margin
8.1%
6.4%
5.0%
Cash from investing
-74.0
-97.1
-302
Cash from financing
-84.0
-284
26.1
Depreciation and amortisation
141
144
144
-2.0%
Share-based compensation
12.9
7.4
8.1
+73.0%
Buybacks
0.8
7.1
2.5
-88.9%
Dividends paid
167
160
150
+4.6%
Dividend per share
$0.79
$0.75
$0.71
+5.3%
Diluted shares, weighted
212m
212m
212m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,373
1,263
1,258
+8.7%
Debt
1,254
1,210
980
+3.6%
Operating lease liabilities
290
324
n/a
-10.4%
Finance lease liabilities
3.6
19.4
n/a
-81.5%
Other liabilities
402
361
608
+11.5%
Total liabilities and equity
3,323
3,178
2,846
+4.6%
Fixed assets
699
718
744
-2.6%
Goodwill
545
545
545
0.0%
Intangible assets
715
750
795
-4.7%
Cash and equivalents
307
11.0
25.3
+2,684.1%
Inventory
125
127
123
-1.4%
Other assets
931
1,026
613
-9.3%
Total assets
3,323
3,178
2,846
+4.6%
10-K for the year ended 2 January 2021, filed 24 February 2021: the filing.