Wednesday 29 May 2024
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Farmer Bros reports FY sales of $469.2M, up 18%

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TME - Cialdy Evo

NORTHLAKE, Texas, USA – Farmer Bros. Co. reported on September 1st, 2022, financial results for its fourth quarter and fiscal year ended June 30, 2022 (“fiscal 2022”). Net sales for 4Q were $123.0 million, an increase of $20.1 million, or 20%, from the prior year period due to notable improvement in the direct-store-delivery (“DSD”) and Direct Ship channels.

Gross margin increased to 28.4% from 27.6% in the prior year period. Net loss was $3.8 million compared to $4.0 million in the prior year period. Adjusted EBITDA was $6.1 million compared to $3.4 million in the prior year period*

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As of June 30, 2022, total debt outstanding was $108.6 million and cash and cash equivalents was $9.8 million

Farmer Bros Co.: Fiscal 2022 Highlights:

  • Net sales were $469.2 million, an increase of $71.3 million, or 18%, from the prior year due to continued improvement in DSD and Direct Ship channels
  • Gross margin expanded to 29.2% showing marked improvement from 25.4% in the prior year
  • Net loss was $15.7 million compared to a net loss of $41.7 million in the prior year
  • Adjusted EBITDA was $19.1 million compared to $16.6 million in the prior year*
  • Successfully completed key initiatives within the Company’s optimization strategy, including:
    • Increased production and packaging capacity at the Northlake, Texas facility;
    • Efficiently served our West Coast network from the newly opened Rialto, California distribution center;
    • Optimized DSD network for revenue growth and distribution optimization; and
    • Launched Revive Service and Restoration for service excellence in commercial brewing equipment (“CBE”)

(*Adjusted EBITDA, a non-GAAP financial measure, is reconciled to its corresponding GAAP measure at the end of this press release.)


Deverl Maserang, Chief Executive Officer, commented, “Our fourth quarter and fiscal year-end marks the beginning of our inflection from business recovery to renewed growth.

Q4 sales grew 20%, gross margin expanded by 80 basis points, and Adjusted EBITDA increased 79% over the prior year Q4, as our optimized platform began demonstrating the operating leverage we’ve built into the business.

Though economic uncertainty remains a modest near-term restraint on our progress, we believe we’re now turning the corner and moving into a more normalized business environment. Sales are gaining momentum, and we are executing new growth opportunities to expand our platform in multiple directions.

Overall, we are excited to see that many of our optimization initiatives have materialized as our current growth-facing initiatives begin to take hold. We remain optimistic about where we can take Farmer Brothers in our fiscal 2023 year and the years to come.”


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