THOMASVILLE, GA. — The board of directors for Flowers Foods, Inc. on May 23 declared a quarterly dividend of 24¢ per share, an increase of 4.3% over the same quarter last year, payable to shareholders of record on June 6. The action increases the annualized dividend to 96¢ per share from 92¢ per share at this time last year and marks the 87th consecutive quarterly dividend paid by Flowers Foods.
“The board is pleased to reward shareholders with a dividend increase, reflecting our confidence in Flowers’ ability to deliver earnings growth in line with our long-term financial targets,” said A. Ryals McMullian, chairman and chief executive officer of Flowers Foods. “The dividend is an important part of our mission to allocate capital to enhance shareholder returns. Our strong balance sheet and solid cash flow generation provide a competitive advantage and enable investments in future growth as well as an increasing dividend.”
Flowers Foods’ net income in the 16 weeks ended April 20 was $73.04 million, equal to 34¢ per share on the common stock and up 3.3% from $70.71 million, or 33¢ per share, in the same period the year before. Net sales increased 2.8% to $1.58 billion from $1.53 billion.