09:58 AM EDT, 08/16/2024 (MT Newswires) -- Flowers Foods' ( FLO ) on Friday reported higher-than-expected fiscal second-quarter earnings while the packaged bakery food producer's revenue missed analysts' estimates amid volume declines.

Adjusted earnings came in at $0.36 per share in the three-month period ended July 13, up from last year's $0.33, which was also the Capital IQ-polled consensus for the most recent quarter.

Sales in the quarter slipped to $1.225 billion from $1.228 billion last year, missing consensus views indicating $1.24 billion. Overall volume declined 1.2%. Flowers Foods' ( FLO ) brands include Dave's Killer Bread and Canyon Bakehouse.

Branded retail sales inched 0.3% higher year over year to $789.5 million aided by a shift to premium-priced products. Revenue in the other segment fell 1.2% to $435.5 million amid volume declines due to lower margin foodservice business the company exited in the second half of fiscal 2023.

Flowers Foods ( FLO ) continues to expect 2024 revenue of $5.09 billion to $5.17 billion, while adjusted EPS is expected to be between $1.20 to $1.30. Analysts polled by Capital IQ expect $1.22 in EPS and $5.15 billion in revenue during the year.

"We are maintaining our 2024 financial outlook, which incorporates continued strong operational performance balanced with the potential impact on consumer and promotional behavior from an uncertain economic environment," Chief Executive Ryals McMullian said in a statement. "We also expect full year results to benefit from new business wins and additional cost savings."

Selling, distribution, and administrative expenses fell to $471.4 million in the quarter from $475.9 million in the prior-year period.

Price: 22.70, Change: +0.04, Percent Change: +0.18