Flowers Foods, Inc. (NYSE:FLO) Q1 2019 Earnings Conference Call Transcript

May 16, 2019 • 08:30 am ET


Flowers Foods, Inc. (NYSE:FLO) Q1 2019 Earnings Conference Call Transcript


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Welcome to the Flowers Foods' First Quarter 2019 Earnings Conference Call and Webcast. My name is Paulette and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions) Please note that this conference is being recorded.

I will now turn the call over to J.T. Rieck, Treasurer and Vice President of Investor Relations. You may begin.

J.T. Rieck

Thank you, and good morning, everyone. Our first quarter results were released yesterday evening. The earnings release and our updated investor presentation is posted in the Investors section of the Flowers Foods website. Our 10-Q was filed with the SEC yesterday evening.

Before we begin, please be aware that our presentation today may include forward-looking statements about our Company's performance. Although we believe those statements to be reasonable, they are subject to risks and uncertainties that could cause actual results to differ materially. In addition to matters, we'll discuss during the call, important factors relating to Flowers Foods' business are fully detailed in our SEC filings.

With that, I'll make some introductions. Participating on the call today we have Allen Shiver, Flower Foods' President and Chief Executive Officer; Steve Kinsey, our Executive Vice President and Chief Financial Officer; and Ryals McMullian, our Chief Operating Officer.

Allen, I will turn the call over to you.

Allen L. Shiver

Thanks, J.T. and good morning. Before getting into the quarterly review, I want to comment about our CEO transition that is set to occur at our shareholder meeting next week. As announced in February, I'm retiring after 41 years with the Company and Ryals McMullian will become Flowers' next CEO.

Over the past four decades, I have come to deeply appreciate the talent and the dedication of the Flowers' team, and it has been a great honor to work with them. Our team has grown this Company from original baker to a national powerhouse with leading brands, strong customer relationships and a valuable partnership with our independent distributors. I believe Flowers has never been in a better position for the future.

Since launching Project Centennial in 2017, our Company has restructured into a more brand and consumer-focused organization, and we continue to take actions to improve efficiencies and enhance profitability. With our transformation well underway and solid momentum in our business, it's the right time for this leadership transition. Ryals and I have worked closely together for many years, and I know that, I'm leaving the Company in very capable hands.

Ryals has been a driving force behind the efforts to extend the Company into growing segments within our category. As Chief Operating Officer, he has done an outstanding job aligning the team behind our strategic goals and in driving operational improvements. Ryals has been working closely with me to prepare for this transition. I am confident, he is the right choice to take the helm at this exciting and important time in our Company's history.

I will now turn the call over to