Flowers Foods (FLO) FY2023 results: revenue $5.1 billion, up 5.9% on the year

Flowers Foods Inc. (FLO) reported revenue of $5.1 billion for fiscal 2023, the year ended 30 December 2023, up 5.9% on the year before. Net income was $123 million, down 46.0%, and diluted earnings per share $0.58. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$5.1 billion

+5.9% on the year

FY2016FY2023

Operating margin

3.4%

6.3% a year earlier

FY2016FY2023

Net income

$123 million

-46.0% on the year

FY2016FY2023

Diluted EPS

$0.58

-45.8% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	5,091	4,806	4,331	+5.9%
Cost of revenue	2,632	2,502	2,175	+5.2%
Gross profit	2,459	2,304	2,156	+6.7%
Gross margin	48.3%	47.9%	49.8%
Research and development	5.9	6.1	5.6	-3.3%
Selling, general and administrative	2,120	1,851	1,720	+14.5%
Operating income	173	303	295	-43.0%
Operating margin	3.4%	6.3%	6.8%
Interest expense	36.6	28.9	31.5	+26.6%
Pre-tax income	157	299	271	-47.4%
Income tax	33.7	70.3	64.6	-52.1%
Effective tax rate	21.4%	23.5%	23.9%
Net income	123	228	206	-46.0%
Net margin	2.4%	4.8%	4.8%
Diluted EPS	$0.58	$1.07	$0.97	-45.8%

$ million except per share.

Free 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	349	361	345	-3.2%
Capital expenditure	129	169	136	-23.7%
Free cash flow	220	192	209	+14.8%
Free cash flow margin	4.3%	4.0%	4.8%
Cash from investing	-404	-151	-191
Cash from financing	-88.1	-222	-275
Depreciation and amortisation	152	142	137	+6.9%
Share-based compensation	26.9	25.8	21.3	+4.3%
Buybacks	45.8	34.6	9.5	+32.4%
Dividends paid	195	187	176	+4.7%
Dividend per share	$0.91	$0.87	$0.83	+4.6%
Diluted shares, weighted	213m	213m	213m	+0.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,352	1,443	1,411	-6.3%
Debt	1,285	1,129	1,143	+13.8%
Operating lease liabilities	237	237	251	-0.0%
Finance lease liabilities	0.0	0.1	1.9	-80.2%
Other liabilities	553	504	446	+9.8%
Total liabilities and equity	3,427	3,313	3,253	+3.4%
Fixed assets	963	849	799	+13.4%
Goodwill	678	545	545	+24.3%
Intangible assets	658	664	695	-1.0%
Cash and equivalents	22.5	165	186	-86.4%
Inventory	184	169	135	+9.4%
Other assets	921	920	893	+0.1%
Total assets	3,427	3,313	3,253	+3.4%

10-K for the year ended 30 December 2023, filed 21 February 2024: the filing.