US baker Flowers Foods recorded an increase in earnings in the first quarter driven by gains from a recent acquisition.

In the 16 weeks ended 20 April, the US bread maker booked earnings of US$113.3m. This compared to a profit of $37.9m last year. Flowers said the company recorded a benefit of $51.3m in the period, reflecting a bargain purchase accounting gain related to a deal last autumn.

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In October last year, the company acquired the licence to the Earthgrains and Sara Lee brands in California from Grupo Bimbo.

EBIT in the period amounted to $151.2m versus $59.2m last year, while net sales reached $1.13bn from $898.2m in 2012. Sales benefited from increased volumes of 19.3% and contributions from the Sara Lee/California acquisition and the purchase of Lepage Bakeries last May.

CFO Steve Kinsey said the company continues to be “very optimistic” about the outlook for fiscal 2013 and, in the second quarter, is continuing to see “very good” sales growth.

However, Kinsey Flowers was delaying publishing its full-year 2013 guidance as its acquisition of Hostess Brands’ bread brands is under regulatory review.

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Earlier this year, Flowers Foods won through in its bid to acquire the majority of Hostess Brands’ bread units, including Wonder, Nature’s Pride and Merita.

Flower said today that the bid has been approved by the bankruptcy court but is being looked at by the regulators. The company is expecting the process to be completed in the second half.