Farmer Brothers reports first quarter fiscal 2024 financial results and publishes quarterly shareholder letter

Fiscal Q1 2024 net sales of $81.9 million

Gross margin increase of 380 basis points year-over-year to 37.6%

Progress on key business transition initiatives and reorganization efforts position company for long-term growth and profitability

NORTHLAKE, Texas, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Farmer Brothers (NASDAQ: FARM) today reported its first quarter fiscal 2024 financial results for the period ended Sept. 30, 2023. The company filed its 10-Q and published its quarterly shareholder letter, which contains additional details regarding the results. Both of those documents can be found on the investor relations section of the company’s website.

“Farmer Brothers executed well in the fiscal first quarter as we continue to transition our focus solely to our largest and most profitable business – direct store delivery,” said Farmer Brothers Interim Chief Executive Officer John Moore. “We are taking the internal steps necessary to strengthen our balance sheet, reduce our overall cost structure and increase our gross margins. We were pleased to begin to see positive results thanks to these efforts during the first quarter.

“Supported by favorable coffee pricing trends, we expect we will continue to see momentum and improving results throughout the fiscal year. We believe we are on track to achieve our goal of positive free cash flow in early fiscal 2025, setting the stage for a revitalized Farmer Brothers and creating long-term shareholder value.”

Investor Conference Call
The company will host an audio-only investor conference call today, Thursday, Nov. 9, 2023, at 5 p.m. Eastern to review its financial results for the fiscal first quarter.

Interested parties may access the webcast via the Investor Relations section of the Farmer Brothers’ website. Participants who pre-register will receive an email with dial-in information, which will allow them to bypass the live operator. A replay of the webcast will be available shortly after and for at least 30 days on the Investor Relations section of the Farmer Brothers’ website.

A copy of the company’s 10-Q and corresponding materials are available on the Investor Relations section of the company’s website, as well as the SEC website.

About Farmer Brothers
Founded in 1912, Farmer Brothers is a national coffee roaster, wholesaler, equipment servicer and distributor of coffee, tea and culinary products. The company’s product lines, include organic, Direct Trade and sustainably produced coffee. With a robust line of coffee, hot and iced teas, cappuccino mixes, spices and baking/biscuit mixes, Farmer Brothers delivers extensive beverage planning services and culinary products to its U.S.-based customers. It serves a wide variety of customers, from small independent restaurants and foodservice operators to large institutional buyers, such as restaurant, department and convenience store chains, hotels, casinos, healthcare facilities and gourmet coffee houses, as well as grocery chains with private brand coffee and consumer branded coffee and tea products, and foodservice distributors.