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Farmer Brothers Company (NASDAQ:FARM) reported fourth-quarter FY23 sales growth of 1% year-on-year to $85.496 million, beating the analyst consensus of $85.20 million.
Revenue was virtually flat on a quarter-over-quarter basis, reflecting significant increases in realized price largely offset by lower pound volumes.
Gross profit for the quarter decreased 22.7% to $27.8 million with a margin of 32.5%.
General and administrative expenses fell 9.3% to $10.3 million. The operating loss for the quarter expanded to $(10.1) million from $(705,000) last year.
The adjusted EBITDA loss was $(7.2) million compared to an income of $7.1 million last year.
The company held $5.4 million in cash and equivalents as of June 30, 2023.
EPS of $(0.84) missed the consensus estimate of $(0.61).
The company said it is adequately capitalized to finance operations in fiscal 2024 as it progress toward the target of positive free cash flow by the fiscal year-end. The company also continues to evaluate strategic opportunities to improve its liquidity position.
Recently, Farmer Brothers has commenced a transition of the chief executive officer role. The board of directors and Chief Executive Officer Deverl Maserang have mutually agreed his employment with Farmer Brothers will conclude on Sept. 30, and he will complete his current term as a member of the board, unless his permanent successor is identified before the end of his term. Farmer Brothers' current Head of Coffee John Moore will assume the role of interim CEO starting Oct. 1.
Farmer Brothers Chief Executive Officer Deverl Maserang said, "While transitional impacts from the divestiture and our DSD reorganization will impact the first quarter of fiscal 2024 profitability, we are making steady progress toward an inflection to positive free cash flow in the coming quarters."
Price Action: FARM shares closed lower by 6.67% at $1.82 on Tuesday.
Posted In: FARM
