Farmer Bros. Co. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023
February 08, 2024 at 04:10 pm EST
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Farmer Bros. Co. reported earnings results for the second quarter and six months ended December 31, 2023. For the second quarter, the company reported sales was USD 89.45 million compared to USD 88.92 million a year ago. Net income was USD 2.7 million compared to net loss of USD 13.61 million a year ago. Basic earnings per share from continuing operations was USD 0.13 compared to basic loss per share from continuing operations of USD 0.47 a year ago. Diluted earnings per share from continuing operations was USD 0.13 compared to diluted loss per share from continuing operations of USD 0.47 a year ago. Basic earnings per share was USD 0.13 compared to basic loss per share of USD 0.73 a year ago. Diluted earnings per share was USD 0.13 compared to diluted loss per share of USD 0.73 a year ago.
For the six months, sales was USD 171.34 million compared to USD 168.75 million a year ago. Net income was USD 1.4 million compared to net loss of USD 20.98 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to basic loss per share from continuing operations of USD 0.53 a year ago. Diluted earnings per share from continuing operations was USD 0.07 compared to diluted loss per share from continuing operations of USD 0.53 a year ago. Basic earnings per share was USD 0.07 compared to basic loss per share of USD 1.09 a year ago. Diluted earnings per share was USD 0.07 compared to diluted loss per share of USD 1.09 a year ago.
Farmer Bros. Co. is a coffee roaster, wholesaler and distributor of coffee, tea and culinary products. It serves a range of customers, including small independent restaurants, foodservice operators and large institutional buyers, such as restaurants, department and convenience store chains, hotels, casinos, healthcare facilities and gourmet coffee houses, as well as grocery chains with private brand and consumer-branded coffee and tea products, and foodservice distributors. It offers a robust product line, including organic, Direct Trade, Project D.I.R.E.C.T. and other sustainably produced coffees, iced and hot teas, cappuccino, spices, and baking/biscuit mixes, among others. It also offers value-added services, such as market insight, beverage planning, and equipment placement and service. Its owned brand products are sold primarily into the foodservice channel. Its brands include Farmer Brothers, Artisan Collection by Farmer Brothers, Superior, Metropolitan, China Mist and Boyds.
FARMER BROS. CO. 
