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Farmer Bros Co. (NASDAQ: FARM) is a leading national coffee roaster, wholesaler, and distributor of coffee, tea, and culinary products. Founded in 1912 and headquartered in Northlake, Texas, the company serves over 65,000 customers across the United States, including restaurants, hotels, casinos, offices, quick-service restaurants (QSRs), convenience stores, and healthcare facilities.
Farmer Brothers offers a comprehensive range of products, encompassing organic, fair trade, and sustainably produced coffee beans. Its product portfolio includes well-known brands such as Artisan Collection™, Metropolitan™, Superior®, Cain’s™, and McGarvey®. Alongside coffee, the company provides a full line of hot and iced teas, spices, mixes, and coffee/tea brewing equipment, delivering extensive beverage planning services to its clients.
In recent years, Farmer Brothers has shifted its focus to direct store delivery (DSD), a strategy that has shown early signs of success. The company reported a notable increase in gross margins and adjusted EBITDA, reflecting its efforts to streamline operations and strengthen financial performance. The company aims to achieve positive free cash flow by early fiscal 2025.
Farmer Brothers has also made strategic moves, including selling its Northlake headquarters and centralizing roasting operations in Portland, Oregon. This transition is expected to optimize operations and support future growth. The company continues to innovate and expand its product offerings while maintaining a strong commitment to sustainability and quality.
Under the leadership of CEO John Moore, who brings over 30 years of experience in the coffee industry, Farmer Brothers is well-positioned to leverage its DSD network and drive long-term growth. The company remains focused on delivering high-quality products and exceptional customer service, building on its century-long legacy in the beverage industry.
Farmer Brothers reported third quarter fiscal 2024 financial results with net sales of $85.4 million and a 660 basis points gross margin increase to 40.1% year-over-year. Despite a slight decrease in net sales due to lower unit sales, gross profit rose by $5.5 million. Operating expenses decreased slightly, leading to a net income improvement of $6.2 million compared to the prior year. Adjusted EBITDA remained positive at $0.3 million. The company believes it has adequate capital and aims to achieve positive free cash flow in early fiscal 2025.
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