Flowers Foods Increases Quarterly Dividend

Rhea-AI Summary

Flowers Foods, Inc. (NYSE: FLO) has declared a quarterly dividend of $0.21 per share, marking a 5.0% increase from the previous year. This dividend, representing the 75th consecutive quarterly payout, will be distributed on June 24, 2021, to shareholders of record as of June 10, 2021. The annualized dividend rate rises to $0.84 per share. CEO Ryals McMullian expressed confidence that the company's brands will ensure growth, supporting ongoing shareholder rewards.

Positive

• Quarterly dividend increased by 5.0% to $0.21 per share.
• 75th consecutive quarterly dividend paid, reflecting consistent performance.
• Increased annualized dividend rate from $0.80 to $0.84 per share.

Negative

• None.

THOMASVILLE, Ga., May 27, 2021 /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO), producer of Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, Tastykake, and other bakery foods, today announced that its board of directors has declared a quarterly dividend of $0.21 per share, an increase of 5.0% over the same quarter last year. This is the 75th consecutive quarterly dividend paid by the company and is payable on June 24, 2021 to shareholders of record on June 10, 2021. This action increases the annualized dividend rate to $0.84 per share from $0.80 per share at this time last year.

"The board is confident that the company's leading brands will drive growth in-line with our long-term financial targets," said Ryals McMullian, Flowers Foods president and CEO. "That expected growth and our strong cash flow enables the company to invest strategically and enhance our business while also continuing our long history of rewarding shareholders with a growing dividend."

Annual Meeting of Shareholders
Flowers' annual meeting of shareholders will be held today at 11:00 a.m. Eastern. Shareholders of record at the close of business on March 23, 2021 are eligible to attend the webcast and vote at www.virtualshareholdermeeting.com/FLO2021. To attend, shareholders must enter the 16-digit control number found on their proxy card, voting instruction form, or notice of internet availability of proxy materials. Pre-registration is not required for the virtual meeting.

About Flowers Foods

Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of packaged bakery foods in the United States with 2020 sales of $4.4 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own, Dave's Killer Bread, Wonder, Canyon Bakehouse, and Tastykake. Learn more at www.flowersfoods.com.

FLO-DIV FLO-IR FLO-CORP

Forward-Looking Statements

Statements contained in this filing and certain other written or oral statements made from time to time by Flowers Foods, Inc. (the "company", "Flowers Foods", "Flowers", "us", "we", or "our") and its representatives that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to current expectations regarding our future financial condition and results of operations and the ultimate impact of the novel strain of coronavirus ("COVID-19") on our business, results of operations and financial condition and are often identified by the use of words and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "would," "is likely to," "is expected to" or "will continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based upon assumptions we believe are reasonable. Forward-looking statements are based on current information and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. Certain factors that may cause actual results, performance, liquidity, and achievements to differ materially from those projected are discussed in this Annual Report on Form 10-K (the "Form 10-K") and may include, but are not limited to, (a) unexpected changes in any of the following: (1) general economic and business conditions; (2) the competitive setting in which we operate, including advertising or promotional strategies by us or our competitors, as well as changes in consumer demand; (3) interest rates and other terms available to us on our borrowings; (4) energy and raw materials costs and availability and hedging counter-party risks; (5) relationships with or increased costs related to our employees and third-party service providers; (6) laws and regulations (including environmental and health-related issues); and (7) accounting standards or tax rates in the markets in which we operate, (b) the ultimate impact of the COVID-19 outbreak and measures taken in response thereto on our business, results of operations and financial condition, which are highly uncertain and are difficult to predict, (c) the loss or financial instability of any significant customer(s), including as a result of product recalls or safety concerns related to our products, (d) changes in consumer behavior, trends and preferences, including health and whole grain trends, and the movement toward more inexpensive store branded products, (e) the level of success we achieve in developing and introducing new products and entering new markets, (f) our ability to implement new technology and customer requirements as required, (g) our ability to operate existing, and any new, manufacturing lines according to schedule, (h) our ability to execute our business strategies which may involve, among other things, (1) the integration of acquisitions or the acquisition or disposition of assets at presently targeted values, (2) the deployment of new systems and technology, and (3) an enhanced organizational structure, (i) consolidation within the baking industry and related industries, (j) changes in pricing, customer and consumer reaction to pricing actions, and the pricing environment among competitors within the industry, (k) disruptions in our direct-store-delivery distribution model, including litigation or an adverse ruling by a court or regulatory or governmental body, or other regulatory developments, that could affect the independent contractor classifications of the independent distributors, (l) increasing legal complexity and legal proceedings that we are or may become subject to, (m) increases in employee and employee-related costs, (n) the credit, business, and legal risks associated with independent distributors and customers, which operate in the highly competitive retail food and foodservice industries, (o) any business disruptions due to political instability, pandemics, armed hostilities, incidents of terrorism, natural disasters, labor strikes or work stoppages, technological breakdowns, product contamination, product recalls or safety concerns related to our products, or the responses to or repercussions from any of these or similar events or conditions and our ability to insure against such events, (p) the failure of our information technology systems to perform adequately, including any interruptions, intrusions or security breaches of such systems or risks associated with the planned implementation of a new enterprise resource planning ("ERP") system; and (q) regulation and legislation related to climate change that could affect our ability to procure our commodity needs or that necessitate additional unplanned capital expenditures. The foregoing list of important factors does not include all such factors, nor necessarily present them in order of importance. In addition, you should consult other disclosures made by the company (such as in our other filings with the Securities and Exchange Commission ("SEC") or in company press releases) for other factors that may cause actual results to differ materially from those projected by the company. Refer to Part I, Item 1A., Risk Factors, of the Form 10-K and Part II, Item 1A., Risk Factors of the Form 10-Q for the quarter ended April 24, 2021 for additional information regarding factors that could affect the company's results of operations, financial condition and liquidity. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or update such statements, except as required by law. You are advised, however, to consult any further public disclosures by the company (such as in our filings with the SEC or in company press releases) on related subjects.

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SOURCE Flowers Foods, Inc.

FAQ

What is the quarterly dividend declared by Flowers Foods (FLO)?

Flowers Foods has declared a quarterly dividend of $0.21 per share.

When is the dividend payable for Flowers Foods (FLO)?

The dividend is payable on June 24, 2021, to shareholders of record on June 10, 2021.

How much has Flowers Foods (FLO) increased its dividend by?

Flowers Foods has increased its dividend by 5.0% compared to the same quarter last year.

What is the current annualized dividend rate for Flowers Foods (FLO)?

The annualized dividend rate is now $0.84 per share.

How many consecutive quarters has Flowers Foods (FLO) paid dividends?

Flowers Foods has paid dividends for 75 consecutive quarters.