Farmer Bros. Co. increases gross margins and adjusted EBITDA profitability in fiscal year 2024

From GlobeNewswire: 2024-09-12 16:05:00

Farmer Bros. Co. reported a gross margin increase of 560 basis points to 39.3% in fiscal year 2024. Despite a net loss of $3.9 million, adjusted EBITDA rose to $558,000. Net sales reached $341.1 million for the fiscal year. The company made strategic decisions to enhance profitability and operational efficiency, focusing on direct store delivery and streamlining operations.

In the fourth quarter of fiscal 2024, net sales were $84.4 million, a slight decrease from the previous year. Gross profit improved to $32.8 million, resulting in a net loss of $4.6 million. Adjusted EBITDA was a loss of $1.6 million, showing improvement compared to the same period in 2023. The company highlighted key financial metrics and operational achievements throughout the year.

For the full fiscal year 2024, net sales increased to $341.1 million, with gross profit reaching $133.9 million and a gross margin of 39.3%. Despite a net loss of $3.9 million, adjusted EBITDA grew to $558,000 compared to the previous fiscal year. Farmer Bros. Co. maintained strong liquidity with unrestricted cash and cash equivalents of $5.8 million.

Farmer Bros. Co. released its financial results for fiscal year 2024, showcasing increased gross margins and adjusted EBITDA profitability. The company implemented strategic changes, such as restructuring operations and upgrading technology infrastructure, to drive sustainable growth. Net sales for the year totaled $341.1 million, reflecting a solid performance amidst changing market conditions.



Read more at GlobeNewswire:: Farmer Brothers reports fourth quarter and full year fiscal