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Farmer Brothers tapers Q2 2022 loss on double digit sales gain

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February 4, 2022

Farmer Brothers improved its loss on a 13.3% sales increase for Q2 2022 over Q2 2021, according to an earnings release.

Company sales increased from $104.5 million in Q2 2021 to $118.4 million for the quarter ending Dec. 31, 2021 on improved direct-store-delivery driven by continued recovery from COVID-19 as local governments eased retrictions.

Net loss improved from $17.1 million to $5.4 million.

Diluted earnings to common shareholders improved from a $1.02 loss to a 31-cent loss.

The direct ship channel sales fell 6.8% due to accounts the company exited that were suffering on account of COVID-19.

The $118.4 quarterly revenue beat analyst expectations by $2.6 million while the GAAP EPS of a 31-cent loss missed expectations by 4 cents, according to Seeking Alpha.

Shares traded today at $6.08 against a 52-week range of $5.96-$13.08.

"Our second fiscal quarter marked the sixth quarter of sequential improvement in our DSD sales, and we ended the quarter with average weekly DSD sales down 17% compared to pre-COVID levels, representing improvement from down 25% in the prior period and down 40% from one year ago," CEO Deverl Maserang said in the press release.

For an update on how the coronavirus pandemic is affecting convenience services, click here.