What: Shares of Flowers Foods (NYSE: FLO) were down 11.5% as of 12:30 p.m. Thursday after the bakery foods specialist reported mixed third-quarter 2015 results.

So what: Quarterly revenue climbed 4.8% year over year to $885 million, with three quarters of that growth driven by increased volumes, and the remainder attributable to Flowers Foods' recent acquisition of organic bread company Daves Killer Bread (DKB). Expansion markets contributed about 1.2% to the overall sales increase during the quarter, and Flowers Foods now reaches around 83% of the U.S. population through direct-store delivery.

Meanwhile, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 6.1% to $105 million, while adjusted net income rose 8.3% to $48 million. Helped in part by share repurchases over the past year (none of which occurred in Q3), adjusted net income per diluted share increased 9.5% year over year to $0.23.

Analysts, on average, were anticipating lower revenue of $873.3 million, but higher earnings of $0.25 per diluted share.

Now what: For the full fiscal year 2015, Flowers Foods now anticipates revenue of $3.818 billion to $3.842 billion (narrowed from its previous outlook for $3.786 billion to $3.861 billion), and adjusted net income per diluted share of $0.96 to $0.98 (a $0.03-per-share reduction from the top end of its previous range).

By comparison, analysts were modeling higher fiscal 2015 earnings of $1.00 per share, and revenue near the low end of Flower Foods' new range.

Flowers Foods CEO Allen Shiver explained,

This year, we've opened a new bakery in Lenexa, Kan., introduced new products under our existing brands, and completed acquisitions to support future growth. Considering all factors, it was necessary to narrow our outlook for 2015. Even so, as we look ahead to 2016, we are committed to capitalizing on the opportunities provided by our strategic acquisitions and building on our strong foundation.

That's fair enough. As Flowers Foods also noted in its guidance, acquisitions are expected to contribute roughly $50 million to $55 million to this year's sales, but at the same time will be neutral to earnings per share. As the company works to integrate these acquisitions before they become accretive to earnings, it's not entirely surprising that Flowers Foods is falling short of expectations on the bottom line and coming in heavy on the top. For now, considering Flowers Foods is making these moves with a long-term mind-set, I don't think patient investors should be worried.

Steve Symington has no position in any stocks mentioned. The Motley Fool recommends Flowers Foods. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.