Farmer Bros Co Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results
Intellectia.AI2024-09-13
Farmer Bros. Co. Reports Fourth Quarter and Full Year Fiscal 2024 Financial Results
Overview: Farmer Bros. Co. (NASDAQ: FARM), a national coffee roaster and distributor, announced its financial results for the fourth quarter and full fiscal year 2024, ending June 30, 2024.
Key Financial Metrics:
| Metric | Q4 FY2024 | Q4 FY2023 | YoY Change | FY2024 | FY2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|---|---|---|
| Total Revenue (Net Sales) | $84.4M | $85.5M | -1% | $341.1M | $340M | +0.3% | $338.52M |
| Gross Profit | $32.8M | $27.8M | +18% | $133.9M | $114.6M | +16.8% | |
| Gross Margin | 38.8% | 32.5% | +6.3pp | 39.3% | 33.7% | +5.6pp | |
| Net Loss | $4.6M | $16.9M | N/A | $3.9M | $34M | N/A | |
| Adjusted EBITDA | $(1.6)M | $(7.2)M | +$5.6M | $558K | $(14.1)M | +$14.7M |
Interpretation: Farmer Bros. demonstrated an improved financial performance despite a slight decrease in quarterly revenue. Year-over-year gross profit and margin improved significantly, signaling more efficient operations. The company's notable reduction in net loss and positive Adjusted EBITDA for the fiscal year indicate progress towards profitability.
Key Developments and Operational Highlights: - Strengthened executive leadership with the appointments of John Moore as CEO and Vance Fisher as CFO. - Transitioned focus to Direct Store Delivery (DSD) by concluding a co-manufacturing agreement with TreeHouse Foods. - Restructured sales organization, streamlined production in Portland, Oregon, and improved technology infrastructure to enhance service delivery and inventory management.
Comments from Company Officers: CEO John Moore highlighted the transformative year marked by strategic divestments and operational efficiency improvements. Moore underscored initiatives around SKU rationalization and brand optimization as pivotal in enhancing gross margins and driving long-term growth.
Stock Price Movement: Following the earnings release, Farmer Bros. Co. saw its stock price increase by approximately 3.41%.
Note: The percentages and financial figures in the summary assume accuracy directly from the provided information without independent verification.
Removed Sections: - Revenue Performance by Segment: No specific segment performance details were provided. - Dividends or Share Repurchase Program: No information was available. - Forward Guidance: No specific forward guidance was mentioned.
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