Coffee Service

Coffee Holding lifts Q3 2022 sales, earnings

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September 15, 2022

Coffee Holding Co. Inc., a wholesale coffee roaster and dealer, improved its sales and earnings for Q3 2022 over the prior year period, according to an earnings report.

Net sales rose 24.8% from $13.6 million in Q3 2021 to $17 million for the three months ending July 31, 2022 due to an increase of sales to the company's legacy customers along with incremental sales to several new customers in the quarter.

Net loss improved from $127,051, a 2-cent loss per share basic and diluted, to a $132,381 gain and a 2-cent gain per share basic and diluted in the comparative quarters.

Shares traded at $2.47 Wednesday against a 52-week range of $2.31-$5.26.

"A combination of increased sales of our branded products, most notably our Latin espressos, Café Caribe and Café Supremo, along with sales to new customers were responsible for the increase," Andrew Gordon, president and CEO, said in the press release. "The increase in sales occurred despite a decrease in revenues of approximately $660,000 at our Generations/Steep and Brew subsidiary over the first six months of fiscal 2022 as compared to 2021, and a decrease in sales at Generations/Steep and Brew of approximately $5.5 million over the first nine months of fiscal 2022 as compared to 2021."