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UPDATE: Flowers Foods Reports 16% Drop In Q2 Earnings, Lowers FY11 Earnings Forecast

By Insider Scoop
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Courtesy of Benzinga.

Flowers Foods Inc (NYSE: FLO) reported a 16% decline in its second-quarter earnings and lowered its full-year earnings forecast. It also lifted its sales forecast for the full year.

Flowers Foods reported its quarterly profit at $28.2 million, or $0.21 per share, down from $33.8 million, or $0.24 per share, in the year-ago period. Excluding Tasty acquisition costs, Flowers Foods’ earnings came in at $0.23 per share. Its sales climbed 5.7% to $642.6 million. However, analysts were expecting earnings of $0.26 per share on sales of $637 million.

Flowers Foods shares dropped 5.63% to $20.11 in pre-market trading.

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