India, Nov. 12 -- Flowers Foods, Inc. (FLO), a packaged bakery foods company, on Thursday reported a sharp drop in profit for the third quarter, as declining sales volumes, higher marketing investment and increased logistics costs hurt its bottom line. The company also lowered its full-year financial outlook.
Third-quarter net income fell 63.6% to $14.4 million, or $0.07 per share, from $39.5 million, or $0.19 per share, a year earlier. Net sales declined 4.7% to $1.169 billion from $1.227 billion.
Adjusted net income decreased 56% to $21.4 million, while adjusted earnings per share slipped to $0.10 from $0.23.
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