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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 Bros. Co. (NASDAQ: FARM) reported a 12% year-over-year increase in net sales for the second fiscal quarter of 2023, reaching $132.7 million. The company noted an improvement in gross margin and adjusted EBITDA despite inflationary pressures. CEO Deverl Maserang highlighted a positive turnaround strategy but acknowledged challenges related to coffee pricing and customer inventory adjustments. The company aims to leverage expected favorable pricing trends moving forward. An investor conference call is scheduled for February 8, 2023, to discuss these results further.
Farmer Bros. Co. (NASDAQ: FARM) has appointed Tom Bauer as the new Vice President of its Direct Store Delivery (DSD) segment, tasked with enhancing growth and efficiency. Bauer, previously with DS Services and Emerald Brand, brings extensive experience in sales and operations. Alongside this, the company issued 9,980 restricted stock units to Bauer, vesting over three years, as an employment incentive under the 2020 Inducement Incentive Plan. Founded in 1912, Farmer Bros. Co. specializes in coffee and culinary products, generating $469.2 million in net sales for fiscal 2022.
Farmer Bros. Co. (NASDAQ: FARM) announced it will release its 2023 fiscal second quarter financial results on February 8, 2023. The results will be shared through a quarterly shareholder letter on the company's investor relations website. An investor conference call will follow at 5:00 p.m. ET to discuss these outcomes. Founded in 1912, Farmer Bros. operates as a national coffee roaster and distributor, generating net sales of $469.2 million in fiscal 2022. The company provides a range of coffee and culinary products to diverse customers, including restaurants, hotels, and grocery chains.
Farmer Bros. Co. (NASDAQ:FARM) announced the issuance of 10,845 restricted stock units to Gregory Newham, its new Vice President of Planning and Procurement, under the 2020 Inducement Incentive Plan. This award will vest over three years, contingent on Mr. Newham's employment status. The Inducement Plan is designed to attract new employees with equity awards, complying with Nasdaq Listing Rules. Farmer Bros., founded in 1912, specializes in coffee roasting and distribution, providing a diverse range of products to various customer segments across the U.S.
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