Coffee Service

Westrock Coffee lifts Q2 2022 sales, expects to complete merger with Riverview

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August 19, 2022

Westrock Coffee lifted its Q2 2022 sales against the prior year period and made a slight improvement in its quarterly loss, according to an earnings report.

The company also announced it expects to complete the previously announced merger with Riverview Acquisition Corp. on or about Aug. 26 and expects that shares of common stock will begin trading on Nasdaq under the symbol "WEST" on Aug. 29.

Highlights include:

• Consolidated net sales increased 31% from $171.1 million in Q2 2021 to $223.4 million in Q2 2022.
• Net loss dipped 4% from $6.1 million to $5.8 million in the comparative quarters.
• Loss per common unit remained at 4 cents on both a basic and diluted basis.
• The beverage solutions segment rose from $134.4 million to $170.9 million, representing year-over-year net sales growth of 27%, driven by a 57% increase in single-serve cup and a 20% increase in flavors, extracts and ingredients volumes.
• The sustainable sourcing and traceability segment grew from $36.7 million to $52.5 million, driven by a 53% increase in average green coffee prices during the comparative quarters.

Shares traded at $43.82 Thursday against a 52-week range of $38.28-$54.78.

"In the second quarter, we continued to see year-over-year growth in our single-serve cup and extract product lines which reinforces the mix shift we are seeing across our industry and allowed us to achieve first half 2022 adjusted EBITDA growth of 27%, compared to the first half of 2021," Scott Ford, CEO and co-founder, said in the press release.

Westrock Coffee acquired S&D Coffee & Tea from Cott Corp. in 2020.