Farmer Bros.: Reports Q3 Fiscal 2022 Financial Results

Northlake / TX. (fbc) Farmer Bros. Company reported financial results for its third fiscal quarter ended March 31, 2022. Highlights:

  • Net sales were USD 119.4 million, an increase of USD 26.2 million, or 28.2 percent, from the prior year period due to continued improvement in direct-store-delivery (“DSD”) and Direct ship channels
  • Gross margin expanded for the seventh consecutive quarter to 29.8 percent, compared to 25.6 percent in the prior year period
  • Net loss improved to USD 4.0 million compared to a net loss of USD 13.7 million in the prior year period
  • Adjusted Ebitda of USD 5.0 million was the highest since the onset of Covid, and compares to a negative Ebitda of USD 0.8 million in the prior year period
  • As of March 31, 2022, total debt outstanding was USD 101.1 million, and cash and equivalents were USD 10.4 million

Deverl Maserang, Chief Executive Officer, commented, «Our 2022 fiscal third quarter performance demonstrated a continuation of strong sequential improvements driven by economic recovery and our business optimization efforts. We delivered our seventh consecutive quarter of gross margin expansion and achieved our highest adjusted Ebitda since the onset of the Covid-19 pandemic, which speaks to the execution against our strategy that we laid out two years ago. These efforts continue to improve the efficiency of our businesses, and despite the significant constraints posed by the pandemic, have put us in position to drive attractive performance gains as business conditions further recover throughout the 2022 calendar year.»