NORTHLAKE, Texas, USA – Farmer Bros. Co. 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.”
Farmer Bros. Co.: Investor Conference Call
The Company hosted 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 audio-only webcast will be archived for at least 30 days on the Investor Relations section of the Farmer Bros. Co. website and will be available approximately two hours after the end of the live webcast.