Flowers Foods, Inc. (NYSE:FLO) stock fell 7.90% (As on November 11, 11:18:40 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22. Flowers Foods ended the reported quarter with cash and cash equivalents of $172.7 million and long-term debt of $891.5 million. Stockholders’ equity amounted to $1,434.8 million. Year to date, through the end of the third quarter of 2022, FLO’s cash flow from operating activities amounted to $291.5 million, while capital expenditures were $128.4 million. Flowers Foods paid out dividends worth $140.1 million during this period. Adjusted net income decreased 0.4% to $64.6 million. Further, the company is taking initiative to expand the revenue streams beyond the traditional bread aisle. The nationwide launch of Dave’s Killer Bread snack bars in 2023 is just the first step in this process.

FLO in the third quarter of FY 22 has reported the adjusted earnings per share of 30 cents, beating the analysts’ estimates for the adjusted earnings per share of 28 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 12.7 percent to $1.16 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $1.14 billion. Adjusted EBITDA advanced 1.6% to $120.4 million. The adjusted EBITDA margin was 10.4%, which contracted 110 bps.

Moreover, Branded retail sales grew 8.6% to $748.4 million, mainly on improved prices undertaken to counter inflationary pressures and enhanced promotional efficiency. These were somewhat offset by volume declines. Store-branded retail sales surged 31.5% to $163.9 million on favorable prices. Increased volumes, net of planned sales rationalization, were also an upside. Non-retail and other sales jumped 14.8% to $245.8 million, mainly driven by increased pricing. This was somewhat offset by soft foodservice volumes stemming from planned sales rationalization and production limitations due to supply-chain hurdles.

Additionally, in the second quarter of fiscal 2022, the company increased its share repurchase authorization by 20 million shares. Year to date, it repurchased $34.6 million shares. The company has 24.4 million shares remaining under its repurchase plan.

Meanwhile, capital expenditures are projected in the range of $150-$160 million for fiscal 2022. For fiscal 2022, the adjusted EPS is envisioned in the range of $1.25-$1.30.

For fiscal 2022, the company now expects sales in the range of $4.807-$4.850 billion, suggesting a rise of 11-12% year over year. Earlier, the company projected sales in the band of $4.764-$4.850 billion, indicating an increase of around 10-12% year over year.