Business
Farmer Bros. Co. Reports Fiscal Second Quarter 2023 Financial Results and Publishes Inaugural Quarterly Shareholder Letter
Fiscal Q2 2023 Net Sales Increased 12% year-over-year to $132.7 million Sequential Gross Margin Improved in Fiscal Q2 2023 NORTHLAKE, Texas, Feb. 08, 2023
About this update from Farmer Brothers Company
[{"type":"text","content":"Fiscal Q2 2023 Net Sales Increased 12% year-over-year to $132.7 million Sequential Gross Margin Improved in Fiscal Q2 2023 NORTHLAKE, Texas, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its second fiscal quarter ended December 31, 2022. The Company published its inaugural quarterly shareholder letter, which contains a discussion on the quarterly results and more details on the financial results and can be found on the Company’s website at www.farmerbros.com under “Investor Relations.” Deverl Maserang, Chief Executive Officer, commented, “We made solid progress in the quarter, delivering continued double-digit sales growth and a slight increase in our gross margin. We also saw improved Adjusted EBITDA as we held operating costs in check despite the inflationary environment.” “While our turnaround strategy has begun to yield improved financial results, there have been several factors that have impacted the business, including coffee pricing dynamics, customer inventory, and purchasing adjustments. Despite these headwinds, we're encouraged by our progress and are optimistic. Our underlying cost structure has fundamentally improved, as has our balance sheet, and we have seen continued sales growth momentum as we build new revenue streams. We believe that the expected favorable pricing environment in the coming quarters will lead to meaningful improvement in our results. The strategy is in place, and we are determined to show the benefits of our hard work as we move through fiscal 2023 and into the next fiscal year.” Investor Conference Call The Company will host an audio-only investor conference call today, February 8, 2023, at 5:00 p.m. Eastern time (4:00 p.m. Central time) to briefly discuss the Company’s financial results for the second fiscal quarter ended December 31, 2022. The Company’s stockholder letter will be available on the Company’s website at www.farmerbros.com under “Investor Relations” and filed with the Securities and Exchange Commission. The call will be open to all interested investors through a live audio web broadcast via the Internet at https://edge.media-server.com/mmc/p/ab6mt6ci and at the Company’s website www.farmerbros.com under “Investor Relations.” The call also will be available by phone to investors and analysts through pre-regis...