Northlake / TX. (fbc) Farmer Bros. Company reported its fiscal fourth quarter and full year 2023 financial results for the period ended June 30, 2023. «Farmer Brothers ended a challenging fiscal 2023 on a strong note, including the strategic divestiture of our direct ship customers and early signs of improved pricing and margins late in the fourth quarter,» said Farmer Brothers Chief Executive Officer Deverl Maserang.
«The company enters fiscal 2024 with our full focus on a revitalized direct store delivery (DSD) business, a stronger balance sheet and a favorable coffee pricing environment. Adding to our confidence are the early results of our new AI-driven pricing engine, which is delivering early, demonstrable margin improvement and solid initial traction with key future growth initiatives. While transitional impacts from the divestiture and our DSD reorganization will impact the first quarter of fiscal 2024 profitability, we are making steady progress toward an inflection to positive free cash flow in the coming quarters.»
Consolidated statements of operations (unaudited)
USD in thousands, except share and per share data.