Business
Westrock Coffee Company Reports Second Quarter 2024 Results
Updates 2024 and Reaffirms 2025 Guidance LITTLE ROCK, Ark., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Westrock Coffee Company (Nasdaq: WEST) (“Westrock Coffee” or the
About this update from Westrock Coffee Company
[{"type":"text","content":"Updates 2024 and Reaffirms 2025 Guidance\nLITTLE ROCK, Ark., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Westrock Coffee Company (Nasdaq: WEST) (“Westrock Coffee” or the “Company”) today reported financial results for the second quarter ended June 30, 2024. Second Quarter Highlights Consolidated Results Net sales were $208.4 million for the second quarter of 2024, a decrease of $16.3 million, or 7.3%, compared to the second quarter of 2023.Gross profit for the second quarter of 2024 was $41.4 million and included $1.5 million of non-cash mark-to-market gains, compared to gross profit of $35.7 million for the second quarter of 2023, which included $1.0 million of non-cash mark-to-market gains.Net loss for the period was $17.8 million, compared to a net loss of $26.8 million for the second quarter of 2023. The $17.8 million net loss for the second quarter of 2024 included $4.4 million of transaction, restructuring and integration expense, $13.6 million of start-up costs related to our Conway, Arkansas extract and ready-to-drink facility, and $1.6 million of non-cash gains from the change in fair value of warrant liabilities. The $26.8 million net loss for the second quarter of 2023 included $2.9 million of transaction, restructuring and integration expense, $1.7 million of start-up costs related to our Conway, Arkansas extract and ready-to-drink facility, and $11.8 million of non-cash charges from the change in fair value of warrant liabilities.Adjusted EBITDA was $13.7 million for the second quarter of 2024, an increase of $2.4 million, or 20.8%, compared to the second quarter of 2023. Segment Results Beverage Solutions segment contributed $163.3 million of net sales and $13.2 million of Adjusted EBITDA for the second quarter of 2024, compared to $189.7 million and $11.7 million, respectively, for the second quarter of 2023.SS&T segment, net of intersegment revenues, contributed $45.1 million of net sales and $0.4 million of Adjusted EBITDA for the second quarter of 2024, compared to $35.0 million and ($0.4 million), respectively, for the second quarter of 2023. Scott T. Ford, CEO and Co-founder stated, “The second quarter of 2024 was an important quarter at Westrock Coffee for several reasons. First, it represents our second consecutive quarter of year-over-year growth in Adjusted EBITDA – up 31.8% in the first quarter and now up 20.8% in...