Farmer Brothers reports fiscal third quarter 2023 financial results and publishes quarterly shareholder letter
Fiscal Q3 2023 net sales increased year-over-year to
Sequential gross margin improved in fiscal Q3 2023
Significant progress in optimizing customer pricing structure and production operations
NORTHLAKE,
"Our third quarter performance demonstrated our dedication to driving long-term growth and reflected sales and gross margin progress, which was offset by short-term impacts from the implementation of systems enhancements and optimized customer pricing structures. We are already seeing the initial operational and financial benefits of these enhancements, which are helping to drive momentum as we head into the end of fiscal 2023,” said
Investor conference call
The company will host an audio-only investor conference call today, May 10, 2023, at 8:30 a.m. Eastern to review its financial results for the third fiscal quarter ended March 31, 2023.
Interested parties may access the webcast via the Investor Relations section of the Farmer Brothers’ website. Participants who pre-register will receive an email with dial-in information, which will allow them to bypass the live operator. A replay of the webcast will be available shortly after and for at least 30 days on the Investor Relations section of the Farmer Brothers’ website.
A copy of the company’s 10-Q and corresponding shareholder letter will also be available on the Investor Relations section of the company’s website, as well as the Securities and Exchange Commission’s website at sec.gov.
About
Founded in 1912,
Headquartered in Northlake,
Forward-looking statements
This letter and other documents we file with the
Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, severe weather, levels of consumer confidence in national and local economic business conditions, the impact of labor shortages, the increase of costs due to inflation, an economic downturn caused by any pandemic, epidemic or other disease outbreak, comparable or similar to COVID-19, the success of our turnaround strategy, the impact of capital improvement projects, the adequacy and availability of capital resources to fund our existing and planned business operations and our capital expenditure requirements, the relative effectiveness of compensation-based employee incentives in causing improvements in our performance, the capacity to meet the demands of our large national account customers, the extent of execution of plans for the growth of our business and achievement of financial metrics related to those plans, our success in retaining and/or attracting qualified employees, our success in adapting to technology and new commerce channels, the effect of the capital markets as well as other external factors on shareholder value, fluctuations in availability and cost of green coffee, competition, organizational changes, the effectiveness of our hedging strategies in reducing price and interest rate risk, changes in consumer preferences, our ability to provide sustainability in ways that do not materially impair profitability, changes in the strength of the economy, including any effects from inflation, business conditions in the coffee industry and food industry in general, our continued success in attracting new customers, variances from budgeted sales mix and growth rates, weather and special or unusual events, as well as other risks, uncertainties and assumptions described from time to time in our filings with the
Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results. Any or all of the forward-looking statements contained in this letter and any other public statement made by us, including by our management, may turn out to be incorrect. We are including this cautionary note to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required under federal securities laws and the rules and regulations of the
Investor relations contact
Ellipsis
Investor.relations@farmerbros.com
646-776-0886
Media contact
Director of Communications
405-885-5176
bwessel@farmerbros.com
Source: Farmer Bros. Co.