Coffee Service

Farmer Brothers lifts Q2 2024 results on pricing

Image: Farmer Brothers

February 14, 2024

Farmer Brothers lifted its Q2 2024 results over the prior year period, driven by higher pricing, according to an earnings release.

Highlights include:

• Net sales rose from $88.9 million in Q2 2023 to $89.5 million in the quarter ending Dec. 31, 2023, positively impacted by higher pricing compared to prior periods, but were offset by a decrease in coffee and allied products volume.
• Net income improved from a $13.6 million loss to a $2.7 million gain in the comparative quarters.
• Net income per common share improved from a 73-cent loss to a 13-cent gain on both a basic and diluted basis.

Shares traded at $3.37 Tuesday against a 52-week range of $1.75 to $4.79.

The $89.5 million in quarterly revenue beat analyst expectations by $1 million and the GAAP EPS of 13 cents beat expectations by 34 cents, according to Seeking Alpha.

"As we continue to transition our company to focus solely on what we have always done best — direct store delivery, we are pleased to see early momentum in several of our operational and financial metrics," John Moore, CEO and president, said in the press release.