Welcome to our dedicated page for Westrock Coffee Company news (Ticker: WEST), a resource for investors and traders seeking the latest updates and insights on Westrock Coffee Company stock.
Westrock Coffee Company (NASDAQ: WEST) is a leading integrated provider of coffee, tea, flavors, extracts, and ingredients solutions in the United States. Headquartered in Little Rock, Arkansas, Westrock Coffee is dedicated to creating sustainable economic opportunities for communities deeply mired in poverty through competitive trade. The company prides itself on its end goal of sustainability and not just having it as a separate program.
Westrock Coffee operates through two main segments: Beverage Solutions and Sustainable Sourcing and Traceability. The Beverage Solutions segment is the primary revenue generator, offering comprehensive services such as coffee sourcing, supply chain management, product development, roasting, packaging, and distribution. Their products cater to retail, foodservice, restaurant, convenience store, non-commercial accounts, consumer packaged goods (CPG), and hospitality industries worldwide.
One of the company's recent achievements includes the closing of a $118.8 million equity raise, which aims to fully fund the expanded capabilities of their Conway, Arkansas-based extract and ready-to-drink (RTD) facility. They currently have customer commitments for 100% of the capacity available in their high-speed can and glass bottle lines and are working towards expanding this capacity further. Their team of quality experts, graders, and coffee cuppers work closely with roasters to create unique roast calculations for each coffee varietal, ensuring consistency and quality in every cup.
The company is also expanding its facility to enhance its extract and concentration capabilities and to include cold-chain capacity for multi-serve bottles. In addition, Westrock Coffee has entered into a non-binding letter of intent with Select Milk Producers to establish a joint venture aimed at building and operating an extended shelf life and aseptic, multi-serve bottle facility in Littlefield, Texas.
Financially, Westrock Coffee has recently issued $72 million aggregate principal amount of convertible senior unsecured notes due 2029 to fund their ongoing projects, including the joint venture and Conway facility expansion. The company has also amended its existing credit agreement to increase its leverage financial covenant compliance levels and decrease its minimum interest coverage ratio compliance level through the first quarter of 2026.
For the fiscal year 2023, Westrock Coffee expects its Adjusted EBITDA to fall near the low end of its guidance range of $45 million to $50 million. For 2024, the company projects consolidated Adjusted EBITDA to be between $60 million and $80 million, reflecting the commencement of operations at the Conway, Arkansas facility and the commercialization of customers at that location.
Through partnerships with global retailers including Kroger, Harps, Bi-Lo, Winn-Dixie, Food Lion, and Hannaford, as well as online sales, Westrock Coffee ensures that its high-quality products are accessible to a wide range of consumers. The company's commitment to sustainability, quality, and economic empowerment makes it a significant player in the global coffee industry.
Westrock Coffee Company (NASDAQ: WEST) has announced its participation in the upcoming Stephens Annual Investment Conference, scheduled for November 19-21, 2024, at the Grand Hyatt Nashville. The company's CFO, Chris Pledger, will engage in a fireside chat on November 19 at 11:00 a.m. CT. Investors can access the live webcast through Westrock's Investor Relations website, with a recording available after the event.
Westrock Coffee Company (WEST) reported Q3 2024 financial results with net sales of $220.9 million, a 0.6% increase year-over-year. The company posted a net loss of $14.3 million, compared to net income of $16.6 million in Q3 2023. Consolidated Adjusted EBITDA was $10.3 million, including $4.0 million in Conway Facility scale-up costs. The company updated its 2024 guidance, expecting $50.0 million in Consolidated Adjusted EBITDA, and projects 2025 Consolidated Adjusted EBITDA between $80.0-$100.0 million. The Conway extract and ready-to-drink facility is expected to begin generating substantial revenue in early 2025.
Westrock Coffee Company (NASDAQ: WEST) has scheduled its third quarter 2024 financial results announcement for Thursday, November 7, 2024, after market close. The company will host a live earnings conference call at 4:30 p.m. ET on the same day. Interested participants can register for the call to receive dial-in information. A live audio webcast will be available on the company's Investor Relations website, with an archived replay accessible after the event.
Westrock Coffee Company (Nasdaq: WEST) has launched a redesigned website at westrockcoffee.com, showcasing its expanded capabilities and commitment to sustainability. The new site features a modern interface designed for business partners across various industries, highlighting proprietary platforms like Farmer Direct Verified® and the Raíz Sustainability™ program.
Key features include a Comprehensive Solutions Hub for accessing innovative beverage programs, a focus on sustainability with the goal of 100% responsibly sourced coffee and tea by 2025, insights into global facilities and sourcing capabilities, and a Thought Leadership Center for industry insights and case studies.
Elizabeth McLaughlin, Executive VP of Sales, emphasized that the website reflects Westrock's unique approach to business and its position as an industry pioneer in innovation, sustainability, and transparency in the global beverage market.
Westrock Coffee Company (NASDAQ: WEST) announced the expiration and results of its exchange offer and consent solicitation for outstanding public and private placement warrants. As of September 26, 2024, approximately 97.42% of public warrants and 100% of private placement warrants were validly tendered. The company expects to accept all validly tendered warrants for exchange and settlement around September 30, 2024.
The consent solicitation received approval from warrant holders to amend the Warrant Agreement, allowing Westrock Coffee to require conversion of remaining warrants into 0.261 common shares, a ratio 10% less than the exchange offer. The company plans to exercise this right, resulting in no warrants remaining outstanding after the exchange.
Westrock Coffee Company (NASDAQ: WEST) has initiated an exchange offer and consent solicitation for its outstanding public and private placement warrants. The company is offering 0.290 common shares for each warrant tendered, with a total of up to 5,551,792 common shares available for exchange. Concurrently, Westrock is seeking consent to amend the warrant agreement, allowing it to require remaining warrants to be exchanged at a 10% lower ratio of 0.261 common shares per warrant. The offer aims to simplify the company's capital structure and increase the number of common shares available for trading. The offering period ends on September 26, 2024, unless extended. If all warrants are exchanged, Westrock expects to issue up to 5,551,792 common shares, resulting in approximately 93,997,942 shares outstanding, a 6% increase.
Westrock Coffee Company (WEST) reported Q2 2024 financial results, with net sales of $208.4 million, a 7.3% decrease from Q2 2023. The company's net loss narrowed to $17.8 million from $26.8 million in the same quarter last year. Adjusted EBITDA increased by 20.8% to $13.7 million.
Key highlights include:
- First commercial sale of multi-serve bottles and production of cans from Conway facility
- Beverage Solutions segment: $163.3 million in net sales, $13.2 million Adjusted EBITDA
- SS&T segment: $45.1 million in net sales, $0.4 million Adjusted EBITDA
Westrock Coffee updated its 2024 Adjusted EBITDA guidance to $60-$65 million and reaffirmed 2025 guidance of $115 million.
Westrock Coffee Company (NASDAQ: WEST) has announced that it will release its second quarter 2024 financial results on Thursday, August 8, 2024, after the market closes. The company will host a live earnings conference call at 4:30 p.m. ET on the same day to discuss the results.
Interested parties can participate in the call by registering through a provided link, after which they will receive dial-in information. Additionally, a live audio webcast of the call will be accessible on the company's Investor Relations website. An archived replay of the webcast will be made available shortly after the event concludes.
Westrock Coffee Company (Nasdaq: WEST) has launched the largest roast to ready-to-drink (RTD) manufacturing facility in North America, located in Conway, Arkansas. The 570,000-square-foot facility represents a $315 million investment and includes advanced production capabilities, end-to-end automation, and a comprehensive beverage development lab. The opening positions Westrock Coffee as a leader in beverage innovation and production. Additionally, a nearby 530,000-square-foot warehousing and distribution center ensures efficient distribution and reduced transportation times. The facility highlights Westrock Coffee's commitment to sustainability, quality, and rapid scalability to meet industry demands.
Westrock Coffee Company reported financial results for the first quarter of 2024, with net sales at $192.5 million, a 6.3% decrease year-over-year, and a net loss of $23.7 million, including expenses related to a new facility in Conway, AR. However, the company's Adjusted EBITDA increased by 31.8% to $11.1 million. The Beverage Solutions segment saw a decrease in net sales, while the SS&T segment showed growth. CEO Scott T. Ford expressed optimism, reaffirming the 2024 Adjusted EBITDA guidance of $60-$80 million and introducing a preliminary 2025 guidance of over $115 million.
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