Flowers Foods, Inc. announced consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's sales were $868,717,000 compared with $858,363,000 a year ago. Income from operations was $21,168,000 compared with $51,549,000 a year ago. Income before income taxes was $17,286,000 compared with $50,021,000 a year ago. Net income was $13,042,000 or $0.06 per diluted share compared with $32,246,000 or $0.15 per diluted share a year ago. EBITDA was $53,442,000 compared with $84,020,000 a year ago. Net cash provided by operating activities was $62,787,000 against $40,869,000 a year ago. Purchase of property, plant and equipment was $34,327,000. Adjusted net income per diluted common share was $0.16 compared with $0.16 a year ago. Adjusted EBITDA was $87,742,000 compared with $86,712,000 a year ago. Adjusted net income was $34,136,000 compared with $33,977,000 a year ago. The decline in net income was driven primarily by higher asset impairments, a legal settlement, and higher workforce-related and consulting costs, partially offset by lower input costs, income taxes, and the absence of acquisition-related costs.

For the year, the company's sales were $3,926,885,000 compared with $3,778,505,000 a year ago. Income from operations was $263,890,000 compared with $297,879,000 a year ago. Income before income taxes was $249,537,000 compared with $293,031,000 a year ago. Net income was $163,776,000 or $0.78 per diluted share compared with $189,191,000 or $0.89 per diluted share a year ago. EBITDA was $404,759,000 compared with $430,054,000 a year ago. Net cash provided by operating activities was $346,044,000 against $318,301,000 a year ago. Purchase of property, plant and equipment was $101,727,000. Adjusted net income per diluted common share was $0.91 compared with $0.92 a year ago. Adjusted EBITDA was $446,782,000 compared with $440,748,000 a year ago. Adjusted net income was $190,788,000 compared with $196,710,000 a year ago.

The company announced impairment of assets of $24,877,000 for the fourth quarter ended December 31, 2016.

The company provided earnings guidance for the full year of fiscal 2017. For the year, the company expects net income per diluted common share in the range of $0.87 to $0.96, adjusted net income per diluted common share of $0.85 to $0.95. It anticipates sales to be flat to up 2%. The company expects depreciation and amortization to be in the range of approximately $145 million to $150 million and net interest expense of roughly $17 million to $18 million. The company continues to expect solid cash flows in 2017, with capital expenditures forecasted to be in the range of $95 million to $105 million. The company expects sales in the range of $3.927 billion to $4.006 billion, representing growth of approximately 0.0% to 2.0%. The company forecasts its tax rate to be approximately 35.5%.

The company anticipates its tax rate in the first quarter of fiscal 2017 to be approximately 39.5%.