US-based baking company Flowers Foods has reported that its net earnings for the second-quarter of 2013 increased 64% to $46.5m, compared with $28.4m for the same period in 2012 driven by acquisitions.
For the quarter ended 13 July, net revenues increased 32% to $898.2m, compared with $681.6m a year ago. The increase can be attributed to increased volumes of 22% and contributions from the Lepage Bakeries and Sara Lee/California acquisitions of 10.9%, partially offset by unfavorable net price/mix of 0.9%.
Flowers Foods president and CEO Allen Shiver said that margins improved due to higher volume and capacity utilization.
"It is gratifying that our long-term investments in our bakeries, distribution systems, and our team positioned us to take advantage of growth opportunities available in the marketplace," Shiver added.
"The integration of our recent acquisitions -- Lepage Bakeries in New England and Sara Lee in California -- remains on pace. Both of these businesses have significant growth potential as Nature's Own, Tastykake, and other Flowers brands gain more acceptance in these markets."
For the full-year, the company expects sales of $3.7bn to $3.8bn, an increase of 24.5% to 25.5% over 2012. Earnings per share are now forecast to be $0.92 to $0.98, excluding acquisition-related costs, an increase of 34.2% to 43% over the 2012 adjusted earnings per share of $0.69.
