Farmer Bros. Q2 FY2024: Gross margin tops 40% for first time in a year; net income swings to $2.7M from loss

FARMER BROTHERS CO

2024-Q2 EPS reported $0.07 revenue$171,340,000

Net sales $89.5M (+$0.6M YoY); gross margin 40.4% (+550 bps YoY).
Net income from continuing ops $2.7M vs loss $8.7M YoY; adj. EBITDA $2.3M vs loss $2.2M.
Capex $3.3M in Q2; FY2024 capex guidance $12-15M; expects FCF positive by early fiscal 2025.
Cash $6.9M; debt $23.3M; $24.5M availability under credit facility.
Transition to DSD focus; reducing SKU redundancies; investing in tech (Project Symphony, CRM).

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 second quarter fiscal 2024 results: revenue $89.5 million, net income $2.7 million.

Period: second quarter fiscal 2024
Revenue: $89.5 million
Net income: $2.7 million
Result: reported results

Exact text from the filing

Farmer Brothers reports second quarter fiscal 2024 financial results and publishes quarterly shareholder letter Fiscal Q2 2024 net sales of $89.5 million

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Source: SEC EDGAR

accession 0000034563-24-000020

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