THOMASVILLE, Ga. — Flowers Foods' first-quarter net income more than doubled thanks to a large gain related to its acquisition of the Sara Lee business in California.
The baked goods company, which is best known for its Tastykake products and is pursuing some of Hostess' major bread brands, earned $113.3 million, or 81 cents per share, for the period ended April 20. That's up sharply from $37.9 million, or 28 cents per share, a year ago.
Flowers Foods closed on its acquisition of the Sara Lee and Earthgrains brands for sliced breads, buns and rolls in California from BBU Inc. in February.
Removing 37 cents per share tied to the Sara Lee/California acquisition and other items, earnings were 46 cents per share. Analyst polled by FactSet predicted earnings of 43 cents per share.
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