Flowers Foods(US:FLO)2022-05-20 10:03Financial Performance - Net sales increased by 103% year-over-year, reaching $1436 billion, driven by a 135% increase in price/mix, offset by a 32% decrease in volume[8] - Adjusted EBITDA increased by 24% year-over-year to $1655 million, representing 115% of sales, a decrease of 90 bps, as inflation-driven pricing actions offset significant input and logistics cost increases[8] - GAAP diluted EPS increased by $006 year-over-year to $040, while adjusted diluted EPS increased by $003 year-over-year to $044[8] Fiscal Year 2022 Guidance - The company projects sales growth of 100% to 120%[9] - Adjusted EPS is expected to be in the range of $120 to $130[9] - Capital expenditures are projected to be between $150 million and $160 million, with $60 million to $70 million related to an ERP upgrade[9] Market Share and Category Review - Flowers' bread share was 180% in Q1 2022[14] - Flowers' cake share was 76% in Q1 2022[14] - Dollar sales for Flowers fresh packaged breads increased by 213% in Q1 2022 compared to Q1 2020[17] Long-Term Growth Targets - The company's long-term sales target is 1-2%, with FY'22 reaching 52%[10] - The long-term adjusted EPS target is 7-9%, with FY'22 reaching 92% based on guidance midpoint[10]