Farmer Bros reports FY2023 net loss of $34M, Q4 adj EBITDA loss $7.2M; debt reduced via $100M divestiture

FARMER BROTHERS CO

FY2023 net sales $340M (+8% YoY); gross margin fell to 34% from 43% due to higher coffee costs and hedging losses.
Q4 net sales $85.5M (flat QoQ), gross margin 32.5%, net loss $16.9M, adjusted EBITDA loss $7.2M.
Completed sale of direct ship customers and Northlake facility to TreeHouse for ~$100M; proceeds used to pay down $45M term loan and reduce ABL debt.
New AI-backed pricing engine implemented May 2023 driving three-to-four times more margin impact than prior methods; price concessions down ~80%.
CEO expects Q1 FY2024 profitability impacted by transition, but positive free cash flow inflection in coming quarters.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FARMER BROTHERS CO reported financial results for fourth fiscal quarter ended June 30, 2023.

Period: fourth fiscal quarter ended June 30, 2023
Result: reported results

Exact text from the filing

On September 12, 2023 , Farmer Bros. Co., a Delaware corporation (the "Company"), issued a press release announcing its financial results for its fourth fiscal quarter ended June 30, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FARMER BROTHERS CO reported fiscal year 2023 results: revenue Fiscal year 2023 net sales from continuing operations of $340 million.

Period: fiscal year 2023
Revenue: Fiscal year 2023 net sales from continuing operations of $340 million
Result: reported results

Exact text from the filing

Farmer Brothers reports fourth quarter and fiscal 2023 financial results and publishes quarterly shareholder letter Fiscal year 2023 net sales from continuing operations of $340 million

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FARMER BROTHERS CO filing history →

Source: SEC EDGAR

accession 0000034563-23-000065

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