Northlake / TX. (fbc) Farmer Bros. Company reported its first quarter fiscal 2024 financial results for the period ended September 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 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.»